More on the topic of the CPC looking to sell a big chunk of their downtown holdings, in the form of an interesting financial revelation from Hawes Spencer at The Hook:
In the mid 1990s, says Spencer Connerat, who was a young banker at the time, he was fascinated when Jim Berry and Hovey Dabney– his bosses at Jefferson National Bank (now Wachovia)– began buying CPC shares for themselves. During 1996 and 1997, Berry and Dabney divided up shares as they became available, each purchasing blocks of shares ranging from 1,485 to 29,690 at prices of $1.00 and $1.05 per share.
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According to our calculations, the per-share dividend just on the sale of the Water Street asphalt lot could be nearly $20.
The city sold off its three major parking lots, counting on CPC — masquerading as a non-profit — to provide for its parking needs and all the while CPC’s major stockholders appear to have known that the business was little more than a real estate investment for them, and that eventually that parking would turn into office buildings or condos.
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