1991 Updates : Developers Wrangle Over Marina del Rey
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As the year draws to a close, a bitter battle for control of nearly 20% of Marina del Rey is still raging between developer Abraham M. Lurie and his partner, billionaire Saudi Arabian businessman Abdul Aziz al Ibrahim.
Faced with mounting legal and financial difficulties, Lurie, the marina’s biggest developer, filed for federal bankruptcy protection in June. That action was closely followed in July by the Chapter 11 bankruptcy filing of Lurie and Ibrahim’s partnership, Marina International Properties Ltd.
Together, they control three hotels, two apartment complexes, offices, shops, restaurants, more than 1,100 boat slips and the last undeveloped piece of waterfront property in the marina. All of the businesses operate on long-term leases (generally 60 years) with Los Angeles County, which owns the marina.
Relatives of Saudi King Fahd, who secretly bought a 49.9% stake in the marina partnership in August, 1989, may propose to take over the marina holdings when they file a business reorganization plan with the bankruptcy court in the near future.
Beyond the bankruptcy proceedings, the battle is being waged in the political arena, with both Lurie and representatives of the Saudis lobbying the county Board of Supervisors for support.
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