Well, it looks like U.S. Guarantee Corp. has been involved in the
past with backing strange transactions:
Husband: Misra has $5
billion
Anil Gupta furnishes documents detailing real
estate and precious metal holdings of the
Vikings bidder.
By Matt Jacob
Review-Journal
Upon approaching Shruti Misra's northwest Las
Vegas residence, one expects to see signs of ungodly
wealth.
But they don't exist.
According to documents provided by her husband,
Misra is one of the wealthiest people in the world, with
real estate and precious metal holdings worth more than
$5 billion.
Yet there are no gates here, no security guards, no
multimillion-dollar palace adorned in gold.
There also is no hint of riches inside the
4,000-square foot home, which features unassuming
decor and furnishings.
And one more thing: Misra and her husband, Anil
Gupta, don't even own the place.
Fact is, there's nothing about Misra or her lifestyle
that suggests she's capable of offering $225 million to
purchase the NFL's Minnesota Vikings, as she did last
week.
But the modesty, Misra insists, is by design.
"Everybody's different," Misra said Saturday in her
first comments since her bid for the Vikings was made
public last week. "I guess certain people, the first thing
they want (is) a house and then a car when they own (a
lot of) money. Not me.
"See, I don't want to be known in public."
But that philosophy changed Friday when Misra
read a newspaper article that questioned her financial
background and brought to light several legal disputes
involving her and Gupta.
So despite reservations, Misra agreed to let her
husband show the Review-Journal several personal
records in an attempt to refute reports that she is after
publicity and doesn't have the money to buy the Vikings.
The documents are astonishing: According to
contracts, deeds, maps and notarized statements Gupta
presented, the 31-year-old Misra is a multibillionaire
who owns more than 130,000 acres of land, most of it
in northern Mexico, worth nearly $3 billion. The papers
also showed she owns more than $2.4 billion in precious
metals.
Misra and Gupta said her wealth was acquired
through her father, Chihranjan Misra, who Gupta said
does business in Europe. Gupta said Misra's parents live
in Montreal and India.
Misra and Gupta, who are both of Indian descent,
moved to Las Vegas from Montreal eight years ago.
"We wanted to clear the air, because there's been so
many rumors and people saying all kinds of strange
things," said Gupta, 40. "So we might as well come
forward once and for all so that the media will never
question this again. If we don't clear it up, these rumors
will continue flying forever and ever."
Despite their efforts, though, the rumors aren't going
away.
A member of Las Vegas' Indian community who
requested anonymity said Saturday he was stunned
when he learned Misra was trying to buy the Vikings.
"There is not one person in the India community who
is not completely shocked," said the source, who
stressed he has no hard evidence to contradict Misra's
wealth. "There's very few people in the community who
feel there is any merit to this (proposed) purchase.
"We've never seen any evidence of this kind of
wealth or a lifestyle that would go along with this kind of
wealth."
Gupta shrugged off the comments, suggesting local
Indians are jealous.
"People can say whatever they want to. We're not
here to convince anybody; we're just trying to purchase
a professional sports team," he said. "What people say
in the community is not relevant to us because this
community is extremely envious."
It's easy to see why some would be skeptical of
Misra's wealth.
In addition to her simple lifestyle, there are issues
involving her and Gupta that are cause for speculation.
For instance, it's difficult to confirm Misra's assets
because virtually everything is set up in various trusts.
The trusts don't bear Misra's name, but rather names of
companies and corporations she has established.
"That (setting up trusts) is what we were taught by
some tax experts," said Gupta, who added that it's also
done for privacy and security. "It's not that we're trying
to hide anything."
Trust-building is common among the very rich, but
the Misra family appears savvier at protecting its
privacy.
Forbes Magazine, which publishes an annual list of
the world's wealthiest people, just released its 1998
edition. Despite reportedly being worth more money
than India's two richest men combined, Misra is not
listed. Neither is Chihranjan Misra, nor any other person
with that surname.
But while Misra has been able to keep her business
activities quiet, the same can't be said for her legal
issues.
She is named as a defendant in two lawsuits filed in
Clark County District Court.
According to the suits, Misra took out a loan to
purchase real estate, then sold the property without
repaying the loan.
Gupta, however, said those suits were related to his
bad business dealings and have been resolved.
Gupta last year filed for Chapter 7 bankruptcy, as
his business -- SNN Construction & Development --
folded.
He also was arrested on four counts of theft in 1994
relating to shoddy real estate deals. Gupta pleaded no
contest to conspiracy to commit theft, a gross
misdemeanor, and paid a $2,000 fine and restitution.
While admitting he made past mistakes, Gupta
stressed his wife controls all the assets and is the one
trying to buy the team. Misra concurred.
"His name is not going to be on anything," said
Misra, who did admit she wants to buy the team
because her husband wants it. "This has nothing to do
with him, except he is negotiating on my behalf."
Indeed, Gupta has been in contact the past several
weeks with John W. Mooty, the legal counsel
representing the Vikings' current ownership group.
On Misra's behalf, Gupta first submitted a $180
million bid, but Mooty rejected it on the grounds it was
financially insufficient and the proposal didn't conform to
requirements set forth by the Vikings owners.
After the initial offer was sent back, Gupta restated
Misra's proposal and upped the bid to $225 million,
including $195 million in cash and a $30 million loan
backed by U.S. Guarantee Corp. of Scottsdale, Ariz.
But again Mooty deemed the offer unacceptable,
saying Vikings owners want a buyer who will assume all
debt -- estimated to be $70 million -- and pay $180
million for the team's stock.
Misra and all prospective buyers have until
Wednesday to submit a formal offer, and Gupta said he
will decide by Monday whether to submit a third bid.
If Gupta doesn't, though, he said he's confident
Mooty will seek out Misra, because Gupta doesn't
believe anyone will bid $250 million.
Last month, Vikings owners were prepared to sell
the franchise to a group headed by author Tom Clancy
for $205 million, but Clancy failed to deliver proof of
funds.
"There's no way they're going to get an offer of
$250 million. No way," Gupta said.
Even if Misra's offer is the highest and her wealth is
confirmed through background checks, there's no
guarantee she'll get the team because she has indicated
an interest to move the club, maybe to Las Vegas.
Club owners and the NFL have stated they want a
buyer who will keep the franchise in Minneapolis, where
the Vikings have 14 years remaining on their lease with
the Metrodome.
Also, NFL officials are known to despise Las Vegas
because of its sports gaming.
"When you mention Las Vegas to me, I roll up in a
knot," Jaye Dyer, one of several Vikings co-owners,
told the Minneapolis Star Tribune last week. "I don't like
the town. I don't like what their economy is based on. I
don't like gambling. I'd have to overcome a lot of
prejudices to support that one."
|
