Reno Gazette-Journal from Reno, Nevada on January 11, 1987 · Page 15
Get access to this page with a Free Trial

A Publisher Extra Newspaper

Reno Gazette-Journal from Reno, Nevada · Page 15

Reno, Nevada
Issue Date:
Sunday, January 11, 1987
Page 15
Start Free Trial

Reno Gazette-Journal Sunday, January 11, 1987 15A Saudi billionaire's money woes leave Salt Lake City in lurch By Michael IsikoffWashington Post SALT LAKE CITY - It was only two years ago that Saudi billionaire Adnan Khashoggi flew here and, in his typically flamboyant style, threw a grand party to celebrate his latest vision for the city's downtown. Dignitaries from the governor to the president of the Mormon Church were on hand as Khashoggi boasted of the glittering $600 million downtown complex his U.S. holdine comDanv THaH plans and major business miscal-( culations. Emanuel Floor, who until; recently was executive vice president of Triad America and was a! top company official for more; than 12 years, said it is unfair to' conclude that Khashoggi has "run; out" on Salt Lake City. ; "There were a lot of people here! who wanted to see this community; change they wanted to see more; development and, when things! were going well, they loved it. . . J Now all of a sudden, they're say-, ing, 'He dumped on us.' " He added, "You can't dislike Adnan. He's not mean-spirited . . .' and he's a consummate said Friday that Khashoggi was out of the country and would not be available for an interview for 15 days. KHASHOGGI OPERATES his various overseas investments through a secretive, privately held company called Triad International Corp. and based in the Cayman Islands, making it impossible for outsiders to obtain a clear picture of his finances and worldwide business operations. Nevertheless, court records and former associates here indicate that Khashoggi has experienced severe cash-flow problems over the past two years that have been exacerbated by overly ambitious medical education building but provided $300,000. The financial problems of Triad America have attracted new attention in recent weeks because of disclosures about Khashoggi 's role in providing $31 million in "bridge loans" to help finance the Reagan administration's secret arms shipments to Iran. WHILE PROVIDING no definitive answers, court records and interviews with knowledgeable sources shed some light on the transactions. They indicate that Khashoggi, experiencing personal and corporate financial problems, put up his U.S. corporate assets to raise at least some of the cash for the arms shipments. Moreover, the failure of Khashoggi to earn anticipated profits on the arms sales apparently has contributed to his financial difficulties here. The relationship between Kha-shoggi's arms financing and Triad America's problems in Salt Lake City may become clearer as depositions in one of the lawsuits are taken this week. Lawyers for the Sheraton Corp. have alleged that Khashoggi is "dismembering" his company in part to repay two Canadian investors who helped him finance the arms shipments. While company lawyers have denied the allegations in court, one Triad executive has confirmed that Khashoggi transferred $84 million in Triad America funds out of the country in recent years to support his overseas business ventures. Khashoggi's executive assistant in New York, Robert Shaheen, mostly from creditors demanding more than $100 million in unpaid notes and bills. THESE AND other disclosures have angered many local officials who have accused Khashoggi, who played a key role in helping to finance the secret U.S. shipment of arms to Iran, of, in essence, skipping town without paying his bills. "We've been putting up with this for over a year. And I'm getting a little frustrated," said Salt Lake Mayor Palmer DePaulis, once an avid booster of the company. "I understand he (Khashoggi) is reputed to be the world's richest person. I think the question we have is, here's this guy flying around in a gold-plated plane ... so why can't he make good on his debts?" The list of those who say Triad owes them money includes not only banks, construction firms, insurance companies, architects and office suppliers, but also the LDS Hospital, to whom Khashoggi pledged $1.37 million for a new America Corp., planned to build. It was to be anchored by two gold-colored 43-story office towers that would dwarf the nearby Mormon Church otuce building, the tallest structure in town. Last spring, however, construction on the project suddenly stopped, leaving an unseemly dirt THE WARMEST SEAT IN TOWN! noie iwo uiocks irom me Mormon Tabernacle. Most of Triad America's corporate staff of WE GIVE YOU FREE PLANS FREE ESTIMATES QUALITY MATERIALS 'Expert Craftsmanship and Fair Prices on (.H, nearly 100 has been laid off, chunks of the company's property have been foreclosed, and 47 lawsuits have been filed against it, CUSTOM TAILORED All Home Improvements The Best in Remodeling Since 1966 i inimi ijjBmmvn-i$. jm-irmrr''mvmim'tmm'i wtir ? iqBnay vmsv mr I A GENUINE SHEEPSKIN FREE Installation. MOSAIC SUPERFIT . . . strapless shiftfree comfort for most bucket seats. 6 mo. warranty. , FROM COMMERCIAL 358-5678 RESIDENTIAL LIC. NO. 9260 ASSEENONTVr COVERS in Australian and Domestic skins. 13 colors, stylish luxury specifically designed for your car. Over 1000 patterns available. FROM $149 0 H495 EA Sis MAACO SUPREME ALSO SHEEPSKIN SEAT COVERS PRICED AT: S64.50 EA. 74.50EA. $79.' EA. $94.50EA. PAINTSERVICE William G. Anthony, DDS and J. Michael Lihke, DDS wish to announce the relocation ot their practice to: 3160 N. Truckee Lane Suite 3, Sparks 359-6777 Open Evenings and on Saturday 1 motor Jhccp . V- REG $349-95 THE LARGEST MANUFACTURER OF SHEEPSKIN PRODUCTS SMITHRIDGE CENTER A9 MON-FRI 10-6, SAT 10-5, CLOSED SUNDAY 825-3433 00 nrii That's right...ACT NOW and during MAACO's WINTER SALE we will paint your car with the MAACO SUPREME Paint Service at half its regular price... Act Now...Offer Expires 2-14-87. RENO 2445 E. 2nd St. (across from the Bally Grand Hotel). 322-2144 HOURS: Mon. thru Fri. 8-5:30 p.m., Sat. 8-2 p.m. W.I L U l"JliitJiL2a 'Atarax- U VIM uuw u i Blower Motors Remanutactured. For most domestic vehicles. With exchange. Johnsen's Starting Fluid "NutriSvstem works and I've sot the JOhnsen'S Q rfWilM I I (ftN ft A Special O,det........l0 0FF De-icer fewBriKTBi fu7f II I I I 'I (fe 1 120"3282 WflRJIm VJL VS iPl HeetGasUne 119 m0i moJ)v W Srt II choice m ftsTsm Jp8S rrW iOL fl Snow Brush yCWfw 1 l! i? HEET I Roberk Snow Blades figure to , prove it. Cathy Davis lost 42 lbs on the NutriSystem Program. "How come NUTRISYSTEM works? For me it was the behavior education We've Got Hot Winter Deals On Batteries, Starters, Plus More! Mil 11 V It's Hot Winter Deals On Everything IfiHA From Alarms To Headers. counseling, and the delicious meals that were already prepared for me so I didn't have to sit around and decide what to eat. NUTRISYSTEM is my best friend!" I?1'-"" i VMM Radar Detector Black Jack Headers Triple Guard Alarm M Battel. Bolli ond Iinn collecws included. CD 33 59 By SpatkomatiC Highwayiciry switch, volume control, LSD display, on'ott switch, visor mount 20 99 Spark Plugs Flag-Oil Or Air Filters 187 oi Biiitoi m Each Limit 2 block Chevroleis. 119" system Irom Anes Provides way protection. PRO-900 199.99 10 OFF Special Order '30 Import Starters Starters Remanuractuted Eiceprgeor Master Cylinders Deluxe Truck & Remanutactured Sliding Truck ftemonutactmed Van Mirror Rear Window 1Q88 2988 I Gear Reduction Replacement Gear Reduction Replacement For most Fod, AMC and GM vehicles With exchange. 99 IS" By Roberk Snap'awov 17! Driving Or Fog Light Kits Halogen, bv Blaref Includei two llghli, AnQQ 34 Fof most domestic and Import vehicles. With exchange pivot, mounts left or right For most Chevrolet!, Fords. Dotsuns and Toyotas. covers, wirina Chrysler Starters 27! starters ja qQ Wrineicmno 43.00 24.88 10 OFF Aluminum Body. Witti ichong... Truck Mirror Swmo-away mouol. Cfuofne hmsh 760 and hardware. '10MK. 10VSK Tinted Gloss With hack Frame SowCtOt WOm 49.99 19.99 til . i f ! Cr0r S Lai ' ca. 7 Jr 1986 NutnSystem, Inc. a V" i-v New Import Water Pumps Cl,: ttM Rubber MEGA TORQUE 72 Month Battery r A r r All New Domestic Water Pumps w f v By vmb iiretime waff on ry Ho High performance, 88 mainienance-nee. 18 Window Cranks Or Door Handles Ann By Cal Custom M J 3 Booster Cables required 11.1 88 wcKfanVNo C88 Q88;nc9CI 1 repqiet i.ew j MIIIVIIIIU M WW Mode by Harada m IQO Ct Antenna from After Mognelmounl by 1C DO 2MB Rebate Spamomaiic sa-ios 10.00 delivers 650 cold cranking amps With exchange. Without Fan Clutch WtA,Sl7. 34001 eicnonge .29.88 Choice We Succeed Where Diets Fail You. requnea. With Fan Clutch 4 ' 4. As people vary, so does their rate of weight loss. :wekiht loss centers J. ' m MEGA TORQUE Deep Cycle RV Battery High performance, with exchange. 'GRP24 dexvers 120 minutes of reserve capacity at 25 amp draw Swivel Radiator PI f iTUC linV It's Hot Winter Deals On JT I llC filHA Valvoline, Prestone And STP. W eT TS iuWTTTvri sweTTTUTi KLfss Valvoline Motor Oil I -J L -) mm$S U2'.owo QIC STP Lead QOfi Prestone fPJQq ww jo CI Substitute H H Coolant Tester X" rout Choice M QI tot 'Tm UM Debcne 'AH4208P Miniature Bulbs From SytvantO amber. WW II (J wtffZ delivers Caps 160 minute 88 149 54 ot reserve capacity al 25 omp draw. TYQ-YEAB WE PUT IT IN WRITING! We Guarantee Most Of Out New And Re manufactured farts For Two Full Yeorv. Wrrh No Mileoge Restrictions-And No Strings Attached! All You Need to Do ts Return The Defective Pari Wrrh Proof Ot Purchase And Well Replace It Or Grve You You Money lack. No HassJ. tHAUUREMnn) SALE PRICES EFFECTIVE THROUGH JANUARY 17, 1987 AUTO PARTS Sale prices subject to stocking items and special orders where applicable. It an item is unavailable, a rain check will be issued. We reserve the right to limit quantities. 827-4100 883-2007 280BNSe200 1802NETa9rS:Se200 Reno, Nevaaa Carson City, Nevada Special does not include the cost Oder ot exclusive NutnSystem food. 700 Cntn In Nott Airmen (S 1-17-87 DAILY 8am-9pm SAT. 8am-7pm SUN. 8am-6pm (innriitmnc annlu jl i a. CARSON CITY 2319 N. Carson Rd. Gemco Smlmndge Ptota SPARKS 345 E. Prater Way 331-7550 RENO 5067 S. McCarran 826-9010 L III Denny, j In ' 885-9113 E S McCarran Blvd. weight loss centers MO Iron Hon sitoppmg Cemet Hot Springs R4 h HWV 395 (toMnd Ders) Across From Meodowood Matt In Smttnndge Plata 4-

Get access to

  • The largest online newspaper archive
  • 12,100+ newspapers from the 1700s–2000s
  • Millions of additional pages added every month

Publisher Extra Newspapers

  • Exclusive licensed content from premium publishers like the Reno Gazette-Journal
  • Archives through last month
  • Continually updated

Try it free