Memorandum concerning South African Arrangements as of August 1, 1968
Description:
McCormack details current plans for Gary Player's South African operations. He explains how stocks in Gary Player Enterprises, Gary Player Promotions, Golfex, and Golf Enterprises will be purchased and sold among Player, McCormack, Bill Trollip, and Bellerive Forests. Derrek Cook, Rex Evans' personal accountant, will do cash projections and David Rees will investigate what the shares might be worth when he is in South Africa. Abe Schwartz, of the Johannesburg accounting firm Schwartz, Fine and Kay will handle the overall accounting operation of the South African companies. Together with a lawyer named Charles Freeman, Schwartz, Fine and Kay will represent Player and McCormack on the buyout of Trollip's shares. McCormack notes some problems including the contract of Gary with McBreck Enterprises and Cliffe, Dekker & Todd being involved as a South African law firm. McCormack notes the situation with Bob Witcher and how the Trollips and George Blumberg feel about him being kept on to handle Player's horses and farm. McCormack explains that Rex Evans will operate Gary Player's personal life, farm life and business life because he is the only person who can salvage Player's South African operations. McCormack and Evans have agreed that Evans would participate with McCormack in five non-Gary Player ventures in South Africa (TWI of South Africa, IMI of South Africa, PAE of South Africa, Ohio Promotions of South Africa, and IFM of South Africa). McCormack discusses what David Rees will accomplish when he goes to South Africa, including work with John Brookman, Rex Evans, and Adolph Ettlinger. He will also arrange for the firing of Henry Devine. McCormack ends the memo by mentioning how all of the issues discussed, as well as an analysis of the Safmarine payment adjustment gets tricky since some of the South African monies get paid overseas and it is hard to get everything in the right pocket and the determination of how to handle the Watkins Australis agreement.
Requests to publish, redistribute, or replicate this material should be addressed to Special Collections and University Archives, University of Massachusetts Amherst Libraries.
Contact host institution for more information.
