2007 YEAR END REPORT
e Current
WATERFRONT LAND FUND MANAGEMENT INVESTORS’ SOURCE FOR NEWS
In the first quarter
of 2008, Waterfront
Land Investments
Fund I purchased
an 805 acre tract of
land in Palacios,
Texas. Palacios is
located on the
Texas Gulf Coast,
overlooking
beautiful Tres
Palacios Bay.
From Soft Spot to the Sweet Spot:
Gary Allen’s patience leads him to the right
time, the right place, and the right price.
BY EVELYN FOSTER
Eighteen to 24 months ago, real
estate prices were at an all time
high.
Opportunities to buy
prime waterfront real estate were
as scarce as most developers
could ever recall. But knowing
the difference between a healthy
real estate boom and overpriced
hype, in 2005, Gary Allen and
John Bennett began raising funds
from investors so they could take
advantage of buying opportunities when the market corrected
itself.
1
While it didn’t take long for deals
on non-waterfront properties to
begin to surface, buying opportunities came more slowly for waterfront properties. Many of these
properties were owned by wealthy
individuals who could afford to
ride out the correction. So 2007
turned into a waiting game for
Gary Allen and investors in Waterfront Land Investments Fund I.
But like a hawk watching his unsuspecting prey, waiting for just
the right time to make a successful
capture, Gary continued to evaluate properties in the company’s
pipeline. He knew when it was
too soon to buy -- just as his experience tells him when it is too late.
Many novice developers on the
heels of a hot real estate market
snatched up second-rate properties at the first sign of a dip. But
Gary waited, embodying the
words of Warren Buffett -- one of
the world’s greatest financiers and
investment businessmen, “The
time to get interested is when no
one else is. You can't buy what is
popular and do well.”
As he waited, the real estate market continued its decline, putting
increasing pressure on already
spooked property owners and
over-leveraged home builders,
many of whom eventually succumbed to the pressure and
made panicked deals. Still, Gary
Allen continued to wait, not because of fear, greed or out of
“paralysis by analysis.” His wait
was born from experience and
wisdom, and the desire to pass on
good deals while waiting for great
ones.
pected, we were
reminded of the
importance of
patience. Anybody can rush
out and buy
something, but
we held firm and
waited for the
right time.”
Buying in the
sweet spot for
Waterfront Land
Fund Management means the
opportunity to
purchase attractive properties
that were nearly
untouchable two
years ago. With
a glut of inventory, shrinking
Gary Allen reviews a potential property for purchase.
sales, and overleveraged propgorda County. Midway between
erty owners, purchase opportuniGalveston and Corpus Christi,
ties have begun to surface at disPalacios boasts a fantastic coastal
counts as much as 40 cents on the
setting, palm-tree lined bayfront,
dollar. According to Jack McCabe
many parks, fishing and boating
of McCabe Research & Consult- activities as well as year-round
ing, a Florida based residential beautiful, mild weather. The secresearch firm, home and condo
ond of three properties
Besides reviewing properties,
Gary spent most of 2007 studying the markets. Reading every
piece of research he could get his
hands on, what he found was not
new. With almost four decades in
the real estate business under his
belt, Gary Allen looked upon the
current market with familiarity,
remembering weathering far
more challenging recessions. He
remembered the recession of
1974 caused by an oil crisis and
higher inflation. He remembered the early 80’s when “The time to get interested is
prime was at 18% and the
1991 recession when one- when no one else is. You
third of the savings and
loans in America went un- can't buy what is popular and
der. For Gary, those were do well.”
tougher times--times that
--Warren Buffett
helped prepare him for today’s market.
builders who bought big tracts at Adjacent
According to Gary
Allen, while most
markets have seen
tremendous market
corrections in the
past 18 months,
Texas remains one
of the stronger
markets in the
country, because it
was never overpriced to begin with.
2
Gary also remembered the opportunities that existed when the
tough times subsided. After waiting patiently, in the fourth quarter of 2007, he finally saw what
he was waiting for: the opening
of the window of opportunity for
buying waterfront real estate, or
what he calls “the sweet spot.”
“We are in a sweet spot for buying,” says Gary. “In the fourth
quarter of 2007, we saw many of
the deals start to surface. While
it has been slower than we ex-
to be purchased for
WLIF I, Palacios is located in the heart of the
Texas Gulf Coast, overlooking beautiful Tres
Palacios Bay which
feeds into the Gulf of
Mexico.
to D.H. Palacios Development’s “Beachside” property,
Palacios is an area Gary knows
well. The development of the
“Beachside” property continues to
prosper with more than one-third
of its 374 lots already sold despite
the market downturn.
While
most markets have seen tremendous market corrections in the
Palacios, Texas, a Sweet Spot past 18 months, Texas remains
Purchase for WLIF I
one of the stronger markets in the
In the fourth quarter of 2007, country right now. “Maybe its
Gary set his sights on an 805 acre resilience is a result of the oil
tract of land in Palacios, Texas, money circulating there,” says
the second largest city in Mata- Gary. “Unlike the west coast of
prices based on the height of the
market are finding themselves
under pressure and are beginning
to look for buyers. “They can't
sleep at night now because they're
going down like the Titanic, so
eventually a loss on a sale doesn't
seem so bad," says McCabe.
the U.S., Texas continues to enjoy growth in all the support
markets that we are looking to
such as Dallas, Houston and Austin.”
In addition to meeting all the
criteria the Fund looks for, Palacios boasts 15,000 feet of waterfront and is located in the path of
a major development. And with
no zoning, water or sewer issues
to be worked out, Gary was confident the Palacios property was
the best fit for the Fund’s second
purchase. He anticipates the
property will be ready for resale
within a year with significant
appreciation. “We told everybody
in the beginning that we were
going to get very good buys and
very handsome returns.” While
Gary’s investments have historically returned a minimum of
20% per annum to investors, his
expectation is that purchasing
properties (such as Palacios), in
the sweet spot may even exceed
targets discussed with investors
early on.
While the Window is Still
Open: Not NOW, but RIGHT
NOW!
As in 1974, 1981, and 1991, Mr.
Allen doesn’t expect the sweet
spot for buying real estate to last
long and it’s an opportunity he
knows not to let pass by. “There’s
stress out there in the marketplace because people have got
their deals leveraged with banks
or in other ways,” he says. “It
presents an opportunity to get
some excellent buys that will have
larger than normal profit margins.” With a growing pipeline of
properties and energized by buying opportunities that are rapidly
surfacing, Waterfront Land Fund
Management will be opening a
new fund in the first quarter of
2008. This Fund, Waterfront
Land Investments Fund II, is
expected to provide what Gary
believes will be some of the best
waterfront real estate buying opportunities in the next decade.
3
But when it’s over, it’s over. “I
think that probably from now
through the winter of 2009 we
will be in the sweet spot for the
buying,” he says. “2008 should be
the best buying time since 1991
and may be the best year for buying in the next decade.”
For Gary, finding buyers will not
be a problem. A developer himself, Gary says, “We will not acquire in a location where we don’t
think we can get a resale in the
timeframe that we want. In some
cases, our development company
will make a bid for the property as
well. So generally, we won’t go
Exit Strategy
into a location where we wouldn’t
For Gary, purchasing in the sweet be willing to buy and we don’t go
spot defines a popular saying of into a location where others aren’t
his that “half the profit is in the willing to buy.”
buying.” For most investors of
any kind, a good buy is one thing. While he is in a unique position,
The challenge after getting a good owning both a land acquisition
deal on the purchase is determin- company and a development
ing when to sell it. Many inves- company, Gary realizes that he is
tors question how soon is too soon one man and that his is not an
and how long is too long? While island. “The general state of afthe Fund will hold all investments fairs in the real estate developfor at least one year for long-term ment world has some bearing on
capital gains treatment on profits, sales. That’s why the fund has a
Gary’s exit strategy is not driven five-year time horizon – because
by fear, greed or market timing, at any point in the last 40 years,
instead it is driven by returns. you could have found a strong
“There is no magic time to sell. market within a five year span.”
Our goal is to achieve the highest In Gary’s case, he continues to try
internal rate of return for the to identify properties that can be
investment group,”
says Gary. “Twenty “We won’t go into a location
percent per annum
is our minimum where we wouldn’t be willing
expectation. But if
to buy and we don’t go into a
you can achieve
30%, the odds are location where others aren’t
probably better to
take the 30% and willing to buy.”
claim the profit as
--Gary Allen
long as it’s a longterm capital gain rather than to turned much quicker than five
gamble on trying to make more.” years for a substantial profit. ReFor Gary, another factor that im- garding the market environment
pacts the sale is having entitle- for selling the investments in
ments in place. Generally, a de- WLIF I, his anticipation is that
veloper wants to have the zoning 2008 will be a slower year for a
issues covered upfront and wants sale, but that 2009 will be a much
to be sure there is no impediment stronger year. “A lot of the turin the settling of water and sewer moil in the market will have
issues. “Once you’ve got water passed by 2009,” he says. “The
and sewer to the property, and market will be on the mend in late
you’ve had your zoning in place 2008 and regaining quite a bit of
to begin with, then you’re in the strength in 2009, so we have
position to sell,” says Gary. plenty of time to find a buyer in
“Then, it’s really just a function of the timeframe that we had
the market having the buyers who planned to sell as defined in our
are interested in moving for- offering memorandum.”
ward.”
THE CURRENT - 2007 YEAR END REPORT
News Travels Fast
From the Southeastern United States to Bahrain and
Dubai: News of Waterfront Investments Travels
BY EVELYN FOSTER
A Visit to Bahrain
Bahrain, an island country located in the Persian
Gulf, is in a prime position to make investments in
the U.S.: petroleum revenues make up about twothirds of the government’s revenue, the price of oil
is at record highs, and the dollar is continuing its
slide against the Bahraini Dinar, which is the third
most valuable currency in the world. Recently, the
Kuwait Finance House-Bahrain, the largest Islamic
investment bank in the Middle East, with more than
$8 billion already invested in the United States, began looking for new investments to add to its portfolio. It is no surprise that the funds offered by Waterfront Land Fund Management, with their short durations and consistent returns of greater than 20%
per annum got their attention.
Known for conceptualizing the development and
introduction of innovative, sharia’a compliant banking and investment products as well as for thinking
innovatively and acting strategically, the leadership
of the Kuwait Finance House-Bahrain invited Gary
Allen and John Bennett to meet with bank executives in Manama, in the Kingdom of Bahrain. As if
the warm reception by the bank’s leadership wasn’t
enough to make Gary and John feel at home, their
days of meetings with bank leadership included the
bank’s General Manager Abdulhakeem Alkhayyat,
Investment Department Senior Manager, Ahmad
Saeed, and KFH’s legal counsel, Sherif Elkhouly, an
attorney who grew up in Gastonia, North Carolina.
John and Gary went to Bahrain to discuss the current Waterfront Development Fund and the upcoming Waterfront Land Investments Fund II. They
returned home with interest in the funds, an invitation to return to Bahrain to further discuss the funds
and a new concept to break through the limitations
Pictured (left to right):
Ahmad Saeed,
Senior Manager,
Investment Dept.
Kuwait Finance
House, John Bennett, Abdulhakeem
Alkhayyat, Kuwait
Finance House
General Manager,
Gary Allen
4
of waterfront development. Waterfront development, until now has been limited to current coastlines, inlets and man made lakes. But Durrat Al
Bahrain, the largest planned luxury mixed-use residential, commercial and resort development in Bahrain, has offered an alternative, in response to Bahrain’s waterfront real estate frenzy. Durrat Al Bahrain, a project launched in early 2005 and in which
the Kuwait Finance House has a 50% stake-features man made islands which have been developed into stunning residential and commercial
properties. During helicopter and Jeep tours of this
development, Gary excitedly took mental notes
about this innovative project. He looks forward to
sharing the details of the project with his U.S. design
team for possible use in the development of U.S.
waterfront properties.
Dubai
Energized by meetings in Bahrain, John saw opportunity knocking and stopped into Dubai, the second
largest of the seven emirates that constitute the
United Arab Emirates. He wanted to better understand the potential that existed for a similar partnership with Dubai regarding the company’s investment
funds. After a single call to Erskine Bowles, president of the University of North Carolina System
and a board member of Morgan Stanley, the ball
began to roll. After Bowles put Bennett in touch
with John Mack of Morgan Stanley & Co., Gary
and John soon found themselves sitting down with
Fahmi Alghussein, Executive Director of Morgan
Stanley & Co. in Dubai to discuss Dubai and potential investors for Waterfront Land Fund Management’s offerings. Alghussein was very encouraging
about the attractiveness of WLFM’s funds to Middle
Eastern investors and invited John and Gary back
for a visit in early 2008 to introduce them to interested Middle Eastern investors.
With invitations to return to Bahrain and Dubai,
John and Gary are optimistic about continuing to
diversify Waterfront Land Fund Management’s
investor base, and remain excited about the continuing investment of its loyal and growing investor
base in the United States. “We are delighted about
the growing interest from abroad,” says Bennett.
“This window of opportunity is so phenomenal.
This fund is designed to deliver exceptional returns
to all investors, individual and institutional, foreign
and domestic.”
THE CURRENT - 2007 YEAR END REPORT
On the Horizon: What’s Next?
BY JOHN BENNETT
After an extensive review of many waterfront properties, our 37th Waterfront Development property is
currently being selected. The due diligence including permits and entitlements is being completed to
ensure that the site meets all the criteria to become
another successful waterfront community development.
Pictured:
John Bennett,
President,
Waterfront
Land Fund
Management
2.
3.
4.
5.
Investors hold the first mortgage on the property.
Loan to value ratio is generally below 35%.
Investors receive priority payments from first
lot sales.
All developments are HUD approved and
bonded.
There is no cross-collateralization with other
properties.
6.
As with the previous 36 waterfront community developments, this 37th development will be financed
by a private placement investment fund. For this These development funds provide high return with
newest development fund, I have incorporated the low risk for our investors. Our 14-year track record
Waterfront Development Fund (WDF) LLC to re- speaks for itself with developments in six states, and
36 successful
ceive private equity inprivate placevestments.
Like previous investment funds, this
ment funds
with all funds
Like all previous funds,
Fund will provide investors the continued returned to
this newest private
investors on
placement will provide opportunity to benefit from a 20% per
terms agreed
investors the continued
upon.
opportunity to benefit annum return on their investment for a
from a 20% per annum
return on their invest- maximum investment hold of 18 months. We are creating a new priment for a maximum
vate equity
investment hold of 18
months. In addition to the short investment period group for the first time in over eight years. This fifth
of 18 months, our funds are structured to provide group will provide new investors with the opportunity to participate in our next development fund as
investors with the following low risk advantages;
well as future funds. In the next few weeks I will be
1. Our development funds are designed so that
sending interested investors a letter of intent that
there is no debt on a property other than pri- will allow recipients the opportunity to reserve an
vate investor debt (no additional leveraging).
investment position. This letter of intent and reservation will precede the private placement memorandum (PPM) and formal subscription agreement
that is being finalized by our securities attorneys.
The PPM will be sent for review to potential investors who indicate an interest by returning the “investment intent” letter. After reviewing the PPM,
investors can confirm their investment interest level
or decline the opportunity to invest. We expect this
newest development fund and private placement
offering to be fully subscribed within the first few
months of 2008; the call on committed capital to
be made in late spring.
I want to thank many of our “Current” readers for
their interest in our next Waterfront Development
Fund offering. We look forward to putting together
this new group of investors for this WDF private
placement over the next few weeks.
5
THE CURRENT - 2007 YEAR END REPORT
A Pipeline to Success
BY EVELYN FOSTER
Nothing gets past McQueen Campbell. Particularly if its waterfront property. As Director of Acquisitions for Waterfront Communities, McQueen is responsible for the company’s pipeline of potential properties and
serves as the eyes and ears of Waterfront’s
real estate interests.
With thousands of miles of coastline and
countless miles of land on waterways and
inlets, honing in on tracts of land appropriate
for a Waterfront Land Fund Management
investment can be overwhelming. And with
very specific purchasing criteria to meet before a property can be considered for any one
of their investment funds, McQueen Campbell handles the property acquisition role in
bite-sized pieces.
Gary Allen CEO of Waterfront Land Fund
Management has focused on nothing but
waterfront properties for almost 15 of his 36
years in the real estate industry. That focus
has made him one of the largest and most
well-respected players in the market. “Because Gary Allen is so well-known in the waterfront development arena, people seek us
out,” says McQueen.
Finding the Needle in the Haystack
McQueen and his team have developed a
recipe for success when it comes to property
acquisitions for Waterfront Land Fund Management. Combining modern technology
with old-fashioned hard work has helped
McQueen build a pipeline of potential properties second to none. His first step is to use
GIS (Geographic Information Systems) which
allows him to view owner information on
properties of interest. When the market was
extremely hot in 2005 and 2006, the acquisitions team mapped and contacted every
owner of every piece of property from Virginia to Florida, and on down to Texas that
touched water and met Waterfront’s initial
criteria to see who had an interest in selling.
Campbell also uses LoopNet® and similar
property marketing sites in his technological
tool belt to constantly monitor online proper-
6
ties coming to the market. His team proactively sends out broadcast emails twice a
month to different segments in specific markets. Additionally, Campbell’s team often
touches base with its large and growing database of approximately 700 commercial brokers that work with major firms specializing in
large residential tracts to check for any properties that may be of interest to Waterfront.
Additionally, he and his team continue to
update its database of people who provide
services for the development business including surveyors, engineers, environmental engineers, landscape architects, etc., “Communication with this segment is key,” says
McQueen. “These people are oftentimes the
first to know about properties before they
come on the market. It is imperative that we
maintain relationships with these people and
be sure they know what our needs are. They
are often working for land owners who are
interested in selling, and when we can get it at
that level, we get a first shot at the properties.”
Once the Needle is Found
After locating potential properties, McQueen
presents Gary Allen with a packet that details
everything he needs to know about the location including: the driving distance to the
airport, aerial photography, wetland maps,
municipality, zoning, water, sewer. etc.,
Combing these metrics determines the property’s viability and the price Waterfront is
willing to offer.
The property detail packets are also reviewed
by Ken Bednar, VP of Sales and Marketing,
and the sales managers in the respective areas. “It’s important to Gary that the sales and
marketing team evaluates the property and
agrees that it’s marketable from their perspective,” says McQueen. “I know if the sales and
marketing team doesn’t like it, it will be an
uphill battle to ask Gary to take a look at it.”
If all checks out, the baton is passed to Randy
Allen, president of R.A. Management Inc.,
who is responsible for taking the property
through the rezoning process, engineering,
surveys, environmental studies, wetland stud-
ies, soil studies, etc.
These steps are
essential to making
sure the property
under consideration is developable.
With McQueen
Campbell directing
acquisitions, Ken
Bednar directing
Sales and MarketD. McQueen Campbell
Director of Acquisitions
ing and Randy
Allen handling all
the testing, zoning
and entitlements, Gary has a team he can
trust. And he puts his own money behind
that trust. “If it’s a property bought for development, we can have anywhere from a
quarter million to a million in earnest money
and another $1 million to $2 million tied up
in getting all the permits and approvals done.
That’s all company money,” says McQueen.
The team’s thorough investigation ensures the
company knows everything about that property there is to know. “Gary is adamant all
along that he doesn’t want to leave anything
to chance when it comes to what we are buying,” says McQueen.
Prime Time for Property Identification.
Looking in the rear view mirror, 2005 vs.
2007 is like night and day for McQueen
Campbell when it comes to landowner interest in selling. McQueen recalls fights and
bidding wars in 2005 over the properties that
would meet Gary’s specifications -- in some
cases, even over less than grade A properties.
But it’s not the same story now. “I see a lot of
people who bought the property at the peak
with borrowed money, planning to develop.
Now, in this slow market, they are learning
that they don’t want to be in the development
business. There is going to be an enormous
opportunity in the next 12 to 18 months and I
expect we will be able to get a steal on properties we couldn’t have touched a couple of
years ago. And when the market comes back
in a couple years, we will be in a good position with prime waterfront real estate at a low
cost basis.”
Taking Advantage of the “Best Buying
Opportunity in a Quarter Century”
BY JOHN BENNETT
I am pleased to let our readers be the first to
know that Waterfront Land Fund Management has made the decision to offer investors
the opportunity to invest in our new $1 billion
Waterfront Land Investments Fund (WLIF).
WLIF II, our newest fund, is being formed in
response to the unique and attractive waterfront land market opportunities that are surfacing.
Our five-year strategic plan has always been
to offer a $1 billion Waterfront Land Investments Fund. We had planned to introduce
two waterfront investment funds over a five
year period and have the third, $1 billion
dollar fund available for subscription in 2012.
For the following reasons we have decided to
adjust our original schedule:
Current Market Opportunities
The primary reason for adjusting our funds
introduction schedule is to respond to the
very favorable opportunities provided by the
current downturn in the market. Due to the
depressed residential real estate market and
the negative impact on private home financing caused by sub prime mortgage defaults,
we are now finding opportunities to purchase
large tracts of waterfront area properties at
discount prices, oftentimes, at 50-60% of the
price they were on the market for less than a
year ago. We have not seen this type of
unique buying opportunity since 1991; we
expect it to last less than 18 months before
prices begin to escalate once again. Our associated waterfront development company remains one of the largest waterfront developers in the country. We have an excellent
reputation and are known for having a well
established pipeline to purchasing opportunities. This puts us in a strong position to get a
first look at large tracts of waterfront area
properties, that meet our purchasing criteria
(often before they go to market).
Institutional Investor Interest
Savvy institutional investors understand this is
a “buyers market” and have an appreciation
for the returns waterfront real estate investments have historically provided. Our very
focused business model, along with Waterfront Communities’ long and stellar track
record of successes, has generated a great
deal of interest in WLIF II as an investment
opportunity. In addition to receiving interest
from U.S. investors, foreign investors have
expressed interest due to the favorable currency exchange rate against the U.S. dollar.
We have been very encouraged by the levels
of institutional investor interest from the
Middle East and surrounding areas. The
significant revenues generated from escalating
oil prices coupled with interest in U.S. investments make our Waterfront Land Investments
Fund II very attractive.
Although we recognize the challenges of
introducing and securing investor commitments in a fund of this size, we have decided
to accept the challenge. Historically it is only
every quarter century that opportunities like
this become available. We refuse to let this
unique profit making opportunity pass us by.
After conducting the analysis, we are confident that we can smartly place a billion dollars over the next 18 months in the United
States waterfront area land market and we
expect significant profits will be generated for
our investors from selling these properties
over the following two to five years.
Putting His Money Where His Mouth Is
Gary Allen gives $2 million to UNC Chapel Hill
BY EVELYN FOSTER
Gary Allen, CEO of Waterfront Land Fund
Management, owns one of the largest and
most successful waterfront development companies in the country and attributes much of
his company’s success to sales. Because of his
belief in the importance of sales to his own
success, Gary recently made a $2 million gift
to the University of North Carolina at
Chapel Hill from which he received his B.A.
in 1971. The gift will strengthen the teaching
of sales skills to students at UNC’s KenanFlagler School of Business. Gary’s support
will provide students with the opportunity to
explore sales opportunities and give them the
chance to learn from some of industry’s most
successful sales and marketing professionals.
“I believe that students will benefit from having very successful, real-world sales practitio-
7
ners come into the classroom and
give firsthand testimony on what they
are doing, how they are doing it,
what is working and what is not,”
says Gary. “I think it will be interesting, motivational and meaningful
and will augment the theories and
concepts taught in the classroom.”
“Gary’s organization is in a
league of its own when it
comes to sales.”
UNC President Erskine Bowles, who happens
to be a Waterfront investor, has dubbed Gary
the “Rock Star of Real Estate” in part because of his company’s average annual
growth rate of 36 percent. Much of that
growth is due to the involvement of the sales
and marketing team in all waterfront real
estate purchase decisions. Gary knows that if
sales and marketing aren’t confident they can
--Erskine Bowles
sell a property that he shouldn’t be confident
in buying it.
“Gary Allen’s whole approach to sales —
using well-developed data, target marketing,
the latest technology, highly focused marketing materials and well-trained sales personnel
— has been instrumental in his company’s
phenomenal success,” says Bowles. “Gary’s
organization is in a league of its own when it
comes to sales.”
This publication is an introduction of a proposed offering of investments in debt obligations and does not include all of the terms of the investment. Past performance of funds does not guarantee future results. Any offer will only be
made by a confidential offering memorandum.
THE CURRENT - 2007 YEAR END REPORT
2007 Pictures of the Year
Gary Allen pictured with UNC Chapel Hill Board Members in recognition of his gift to UNC Chapel Hill’s Kenan Flagler School
of Business. Board members include Erskine Bowles and Nelson Schwab, current WLIF I investors.
Palacios, Texas
Gary Allen and John Bennett with Jim Hunt, former Governor of North
Carolina and WLIF I investor.
Gary Allen and President Bill Clinton at a
dinner hosted by Former ambassador,
Jeanette Hyde, an investor in WLIF I.
The charming village of Rockport,
a favorite coastal hideaway for
wealthy Texans since the 1800's.
Palacios boasts a fantastic coastal setting, palm-tree lined
bayfront, many parks, fishing and boating activities as well as
year-round beautiful, mild weather.
8
Gary Allen presents $2 million gift to UNC to Erskine
Bowles, UNC President and WLIF I investor, James
Moeser, UNC Chancellor and Steve Jones, Dean,
UNC Kenan-Flagler School of Business.
Gary Allen and longtime friend, President
Jimmy Carter.
Gary Allen looks over a model of Durrat Al Bahrain with leadership of the Kuwait Finance House-Bahrain.