1
 A consortium of private investors 
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2
operating as LJH Funding Co. 
1
elaboration-object-attribute-e

3
said 
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4
it has made a $409 million cash bid for most of L.J. Hooker Corp. 's real-estate and shopping-center holdings.
5003
span

5
 The $409 million bid includes the assumption of an estimated $300 million in secured liabilities on those properties,
5005
span

6
 according to those 
5006
span

7
making the bid.
6
elaboration-object-attribute-e

8
 The group is led by Jay Shidler, chief executive officer of Shidler Investment Corp. in Honolulu, and A. Boyd Simpson, chief executive of the Atlanta-based Simpson Organization Inc. 
5008
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9
Mr. Shidler's company specializes in commercial real-estate investment 
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List

10
and claims to have $1 billion in assets; 
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List

11
Mr. Simpson is a developer and a former senior executive of L.J. Hooker.
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List

12
 The assets are good,
5013
antithesis

13
 but they require more money and management 
5013
Comparison

14
than can be provided in L.J. Hooker's current situation,
5013
Comparison

15
 said Mr. Simpson in an interview.
5012
attribution

16
 Hooker's philosophy was to build and sell.
5016
Contrast

17
 We want to build and hold.
5016
Contrast

18
 L.J. Hooker, 
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19
based in Atlanta, 
18
elaboration-additional-e

20
is operating with protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code.
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21
 Its parent company, Hooker Corp. of Sydney, Australia, is currently being managed by a court-appointed provisional liquidator.
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elaboration-additional

22
 Sanford Sigoloff, chief executive of L.J. Hooker, said yesterday in a statement 
5023
attribution

23
that he has not yet seen the bid 
5024
antithesis

24
but that he would review it 
5024
Sequence

25
and bring it to the attention of the creditors committee.
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Sequence

26
 The $409 million bid is estimated by Mr. Simpson as representing 75% of the value of all Hooker real-estate holdings in the U.S. 
5026
span

27
Not included in the bid are Bonwit Teller or B. Altman & Co., L.J. Hooker's department-store chains.
26
elaboration-additional

28
 The offer covers the massive 1.8 million-square-foot Forest Fair Mall in Cincinnati, the 800,000 square-foot Richland Fashion Mall in Columbia, S.C., and the 700,000 square-foot Thornton Town Center mall in Thornton, Colo.
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29
 The Thornton mall opened Sept. 19 with a Bigg's hypermarket as its anchor; 
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30
the Columbia mall is expected to open Nov. 15.
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List

31
 Other Hooker properties included are a 20-story office tower in midtown Atlanta,
5031
span

32
 expected to be completed next February; 
31
elaboration-additional-e

33
vacant land sites in Florida and Ohio; L.J. Hooker International, the commercial real-estate brokerage company 
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span

34
that once did business as Merrill Lynch Commercial Real Estate, 
33
elaboration-object-attribute-e

35
plus other shopping centers.
5032
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36
 The consortium was put together by Hoare Govett, the London-based investment banking company 
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37
that is a subsidiary of Security Pacific Corp. 
36
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38
We don't anticipate any problems 
5037
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39
in raising the funding for the bid, 
38
circumstance

40
said Allan Campbell, the head of mergers and acquisitions at Hoare Govett, in an interview.
5037
attribution

41
 Hoare Govett is acting as the consortium's investment bankers.
5036
elaboration-additional

42
 According to people familiar with the consortium,
5042
attribution

43
 the bid was code-named Project Klute, a reference to the film Klute 
5042
span

44
in which a prostitute 
5043
span

45
played by actress Jane Fonda 
44
elaboration-additional-e

46
is saved from a psychotic businessman by a police officer 
5045
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47
named John Klute. 
46
elaboration-object-attribute-e

48
 L.J. Hooker was a small home-building company 
5047
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49
based in Atlanta in 1979
48
elaboration-additional-e

50
 when Mr. Simpson was hired to push it into commercial development.
5047
circumstance

51
 The company grew modestly until 1986, 
5049
Sequence

52
when a majority position in Hooker Corp. was acquired by Australian developer George Herscu, currently Hooker's chairman.
5049
Sequence

53
 Mr. Herscu proceeded to launch an ambitious, but ill-fated, $1 billion acquisition binge 
5050
span

54
that included Bonwit Teller and B. Altman & Co., as well as majority positions in Merksamer Jewelers, a Sacramento chain; Sakowitz Inc., the Houston-based retailer, and Parisian Inc., the Southeast department-store chain.
53
elaboration-part-whole-e

55
 Eventually Mr. Simpson and Mr. Herscu had a falling out over the direction of the company,
5049
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56
 and 
5051
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57
Mr. Simpson said
56
attribution-e

58
 he resigned in 1988.
5049
Sequence

59
 Since then, Hooker Corp. has sold its interest in the Parisian chain back to Parisian's management 
5049
Sequence

60
and is currently attempting to sell the B. Altman & Co. chain.
5053
span

61
 In addition, Robert Sakowitz, chief executive of the Sakowitz chain, is seeking funds 
5054
span

62
to buy out the Hooker interest in his company.
61
purpose

63
 The Merksamer chain is currently being offered for sale by First Boston Corp.
5055
Temporal-Same-Time

64
 Reached in Honolulu,
5058
circumstance

65
 Mr. Shidler said 
5059
attribution

66
that he believes 
67
attribution

67
the various Hooker malls can become profitable with new management.
5059
span

68
 These aren't mature assets, 
5062
antithesis

69
but they have the potential 
5062
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70
to be so, 
69
elaboration-object-attribute-e

71
said Mr. Shidler.
5061
attribution

72
 Managed properly, 
73
condition

73
and with a long-term outlook, these can become investment-grade quality properties.
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