Lord and Madero , a closer look
Mauricio J. Madero O'Brien aka Mauricio Madero
Concord Financial corporation (way before CNDD) (Lord and Madero were officers)
sunbiz.org
Concorde America CNDD (no Madero)
sunbiz.org
Pace American Group (Lord and Madero were officers) of the one in Florida ..............
sunbiz.org
Officers at times
Paul Oppenheimer
Frank Gray
Ronald G Aller
Hartley Lord
Norman Lord
Spencer Kaye
Jonathon Kaye
There must have been a falling out
legalcasedocs.com
corporate-law.widener.edu
Now there is a Pace American Group that was inc in Arizona
sec.gov
I did not think they were related until I saw THIS
Pace American Group Inc., Tucson, Ariz., intends to enter an agreement
with its new chief executive officer under which it will acquire a
Mexican surety company and be infused with $24 million from a private
equity investment. Under the agreement, Grupo Pragma SA de CV, a Mexican
insurer owned by Mauricio Madero, Pace American's new president and
chief executive officer, will purchase 4.8 million shares of Pace
American common stock in a private placement at $5 a share.
mgv.mim.edu.my
The three insurance affiliates of the Pace American Group, Inc. --
American Bonding Company, Tucson, AZ, American Sentinel Insurance
Company, Monterey, CA and Insurance Company of the Americas, Ormond
Beach, FL--had their ratings impacted by operational developments that
occurred in the first three quarters of 1994.
In first quarter 1994, Pace American announced that two Pace American
officers -- president Don H. Pace and chief financial officer Greg S.
Kaplan -- may have received portions of commissions and risk management
fees from two agents that represented American Bonding. The announcement
was followed by a sharp decline in the price of Pace American's stock,
which was publicly traded on the NASDAQ exchange under the symbol PACE.
The allegations were investigated by Pace American's board and the
officers were subsequently terminated from employment.
On June 15, 1994, a majority of Pace American's stockholders voted to
remove the holding company's existing board of directors, in accordance
with a proxy statement filed in April by a group of Pace American
stockholders called the Concerned Stockholders Committee. The vote was
prompted by the Committee's claim that Pace American's stock price was
trading below its book and market value, due to recent actions taken by
the existing board of directors in suspending and terminating two former
officers of the company, issuing shares of the company's stock at less
than book and market values before other financing alternatives were
pursued and failing to actively pursue the acquisition of a Mexican
surety company. On June 27, 1994, Best placed the ratings of the three
Pace American insurance affiliates under review until the change in
control issues were approved by the insurance regulators.
On August 15, 1994, an offer to contribute $24 million of new capital to
Pace American was made by interests associated with Pace American's new
president, Mauricio Madero. The proposed deal would also require Pace
American to acquire a controlling interest in a Mexican surety company
called Afianzadora Mexicana (Afimex), which is currently owned by Mr.
Madero. The proposal was being evaluated by the insurance regulators
Effective August 26, 1994, American Bonding's rating was changed from
B++ (Very Good) to E (Under State Supervision). The revised rating was
based on an order issued by the Arizona Department of Insurance on
August 25, 1994, placing the company under the supervision of the
Director of Insurance. The order mainly reflected the regulator's
concerns about the company's deteriorating financial condition through
June 30, 1994, as well as uncertainties associated with changes in
control of the parent holding company and its subsidiaries.
On September 8, 1994, Mexican regulators reportedly seized Afimex for
allegedly failing to pay assessments on time after it allegedly gave
false information to Mexican regulators. Mexican authorities also issued
warrants for the arrest of Mauricio Madero and his brother, Pablo
Madero. Both men resigned from their respective positions as president
and director of Pace American. A spokesman for the company reported that
Mexican regulators had released Afimex and that Madero had temporarily
withdrawn the change of control forms submitted to Arizona and
California regulators. These developments increased the likelihood that
the proposed deal with Mr. Madero would not be completed and the
anticipated $24 million capital contribution would not be made.
Accordingly, on September 12, 1994, Best reduced the rating of the
American Sentinel to B (Adequate) from B++ (Very Good), as part of the
proposed $24 million capital contribution was intended to additionally
capitalize that insurance subsidiary.
mgv.mim.edu.my |
