MIAMI -- The fate of two more Far & Wide brands, Brian Moore
International Tours (BMIT) and Central Holidays, could be settled
as early as this week if no new bidders emerge for the two firms.
Far & Wide's bankruptcy court already has given interim
control of BMIT to bidder Ronan Ryan, a former owner and president
of the company, and followed a similar arrangement for Joe and Fred
Berardo, former owners of Central Holidays.
A court auction was scheduled for Nov. 19, but Ryan's $75,000
offer for BMIT and the Berardos' $163,000 bid for their former
company will be approved Nov. 12 if no higher bids are
received.
In another development, Europe Express, a $50 million
Seattle-based packager of FITs to Europe, partnered with Ryan in
his bid to acquire BMIT.
That would leave only three Far & Wide units remaining to be
sold: Spanish Heritage Tours, Prism and Intercontinental Travel.
Spanish Heritage Tours acting president Emilio Crespo recently bid
$45,000 for the company.
Meanwhile, testimony at a Nov. 3 bankruptcy court proceeding
disclosed that Far & Wide owed some $800,000 in wages to its
employees when it filed for Chapter 11 on Sept. 24. All but 20
workers were laid off immediately. The company now has a staff of
eight, including four senior officers.
The executives, Phil Bakes, chairman and CEO; Craig Toll, chief
financial officer; George Gremse, chief operating officer; and
Andrew McKey, executive vice president, testified that they remain
heavily involved in the ongoing business of selling company units.
Prior to a 15% salary reduction instituted after 9/11, the
executives' salaries reportedly ranged from $250,000 to
$425,000.
At the hearing, U.S. Bankruptcy Court Chief Judge Robert Mark
approved expenditures of $39,392 for the week beginning Nov. 2;
$28,725 for the week of Nov. 9; and $31,228 for the week of Nov.
16.
Following is a list of the approved transactions so far.
• Grand European Tours, Swain Australia, African Travel and Lion
World were sold to the family of operators that includes Trafalgar
Tours, Insight Vacations and Contiki Holidays.
• Peter Yeung, founder of Pacific Bestour, closed on his $100,000
repurchase of the operator.
• Donald Kendall's $225,000 bid for High Country Passage is
expected to close shortly.
• Adventure Center is to be acquired by First Choice Holdings for
$70,000.
• IST Cultural Tours, Journeys Unlimited and Regina Tours were
purchased by former IST owner Michael Goren for $50,000.
• Tourlite and Zeus went to a company controlled by former Tourlite
owner Nick Athans for $75,000.