Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Businessweek Archives

Irv Jacobs Keeps Minstar Afloat


In Business This Week

IRV JACOBS KEEPS MINSTAR AFLOAT

At the height of the 1980s takeover boom, he was known as "Irv the Liquidator" because of his penchant for buying and then breaking up companies. Today, however, investor Irwin Jacobs is fighting to avoid becoming Irv the Liquidated.

In an audit of Jacobs' closely held Minstar, a boatmaker, Arthur Andersen accountants questioned the company's "ability to continue as a going concern," noting that it was in violation of some loan covenants. To Jacobs, Andersen was overstating the problem. He says that he and investor Carl Pohlad have kicked in $15 million to help solve the company's cash crunch. He has also raised $15 million from two private investors and is close to securing an additional $15 million. Jacobs asks: "Why would I put $15 million in if I didn't know it was good money?"EDITED BY DEIDRE A. DEPKE


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus