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Great American Management and Investment Inc. records

NBA.053

This is a finding aid. It is a description of archival material held at the University of Pennsylvania. Unless otherwise noted, the materials described below are physically available in our reading room, and not digitally available through the web.

Summary Information

Repository:
University of Pennsylvania: Biddle Law Library: National Bankruptcy Archives
Title:
Great American Management and Investment Inc. records
Date [bulk]:
1979
Date [inclusive]:
1977-1979
Call Number:
NBA.053
Extent:
1 linear foot
Language:
English
Language of Materials note:
English
Abstract:
Great American Management and Investment Inc. (GAMI) is a diversified holding company as well as a manufacturer of electrical equipment. In March of 1977, GAMI filed for Chapter 11 bankruptcy protection. The records of Great American Management Investment are comprised of the documents of the initial pleadings and the closing documents. Within each series, the material may contain petitions, applications, stays, memorandums, correspondence, and other related documents.
Cite as:
[Identification of item], in the Great American Management Investment Records, National Bankruptcy Archives, NBA.053, Biddle Law Library, University of Pennsylvania Law School, Philadelphia, PA.
PDF Version:

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Biography/History

Great American Management and Investment Inc. (GAMI) is a holding company as well as a manufacturer of electrical equipment. In 1960, a piece of tax legislation was enacted that exempted certain types of real estate trusts from taxation. Born out of this legislation was the REIT or real estate investment trust. The 1960’s saw great growth in the investment trust industry and towards the end of the decade, the Atlanta-based financial holding company, Unicorp, began operating as a REIT business through its consulting subsidiary, Great American Management Corp. Within Great American Management Corporation was a separate unit, Great American Management and Investment, that began building a portfolio of lending operations throughout the southern states of the United States, primarily in Florida, Georgia, and Texas. GAMI restricted its lending to development loans and short –term construction projects, as well as conducted equity participation agreements directly with developers.

At the end of its first year of operation, GAMI had reported earnings of more than $43 million in net invested assets, and a year later, that number grew to nearly $240 million, placing GAMI as the sixth largest REIT enterprise in the country. About 80 percent of its lending was concentrated in construction lending, 13 percent in land loans, and six percent in junior mortgage loans. GAMI floated $25 million in senior subordinated debentures and this enabled the company to build a tiered debt structure. The flotation expanded GAMI's borrowing base from $80 million to about $105 million, and ballooned its total leveraged debt reserve from $238 million to more than $313 million. Later, due to the withholding of crude oil to the United States and a recession of the American economy, GAMI was left with tremendous debt and as the target of several lawsuits.

In March of 1977, GAMI filed for Chapter 11 bankruptcy protection. After years of turmoil, change, and new ownership, GAMI is today a diversified holding company, controlled by Samuel Zell and Equity Financial.

Scope and Contents

The records of Great American Management Investment are comprised of the documents of the initial pleadings and the closing documents. Within each series, the material may contain petitions, applications, stays, memorandums, correspondence, and other related documents.

Arrangement note

Original order of documents was retained during processing.

Administrative Information

Publication Information

University of Pennsylvania: Biddle Law Library: National Bankruptcy Archives,  2014 July 15

Finding Aid Author

Finding aid prepared by Leslie O'Neill

Access Restrictions

The archives reserves the right to restrict access to materials of sensitive nature. Please contact the department for further information.

Use Restrictions

Copyright is retained by the authors of items in these papers, or their descendants, as stipulated by United States copyright law.

Processing Information note

Processed by Leslie O'Neill, 2014 July 15.

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Controlled Access Headings

Corporate Name(s)
  • Great American Management and Investment.
  • Great American Mortgage Investors.
Personal Name(s)
  • Kahn, A.D.
Subject(s)
  • Bankruptcy
  • Debentures
  • Investment
  • Real estate development
  • Real estate investment trusts
  • Taxation

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Collection Inventory

Initial Pleadings, 1977 March 25.

Box
1
Folder
1
Folder Folder

Debtor's Petition, 1977.

1 1

Order Accompanying Debtor's Petition, 1977 March 25.

1 2

Application for Authority to Operate Business as Debtor in Possession, 1977 March 25.

1 3

Order Authorizing Operation of Business as Debtor in Possession, 1977 March 25.

1 4

Debtor in Possession's Application to Employ Attroney and for Appointment of Attorney Under General Retainer, 1977 March 25.

1 5

Order Accompanying Application to Employ Attorney, 1977 March 25.

1 6

Debtor in Possession's Application to Employ Attorneys as Special Counsel, 1977 March 25.

1 7

Order Accompanying Application to Employ Attorneys as Special Counsel, 1977 March 25.

1 8

Application for Order Staying and Enjoining Persons and Utilities, 1977 March 25.

1 9

Order Staying and Enjoining Persons and Utilities, 1977 March 25.

1 10

Application for Approval of Bank Accounts, Bank Depositories and Procedures, 1977 March 25.

1 11

Order Accompanying Application for Approval of Bank Accounts, Bank Depositories and Procedures, 1977 March 25.

1 12

Closing Documents.

Box
1
Folder
2
Folder

Memorandum of Closing, 1979 April 6.

1

Proxy Statement, 1978 December 19.

2 1

Correspondence related to GAMI's Plan of Arrangement under Chapter XI, 1978 August 15 - 1978 September 29.

2 3

Memorandum of Closing, 1979 April 6.

2 4

Order, 1978 November 21.

2 5

Consent Order Clarifying Certain Provisions of the Plan Amended and Restated as of December 8, 1978, and the Exhibits Attached, 1979 January 24.

2 6

Order, February 9 1979.

2 7

Order, 1979 February 9.

2 8

Order Confirming Debtor's Plan and Aiding in Consumation of Debtor's Plan and Notice of Discharge, 1979 February 26.

2 9

Order and Notice Concerning Distribution of Consideration, 1979 March 19.

2 10

Consent Order Clarifying Sections 3.16 and 3.26 of Debtor's Plan, 1979 March 27.

2 11

Correspondence from the Internal Revenue Service Reorganization Branch to Philip C. Cook of Alston, Miller and Gaines, 1979 March 30.

2 12

Third Supplemental Indenture. Senoir Subordinated Debentures, 1979 March 30.

2 13

Correspondence from Alston, Miller and Gaines to J. Henry Schroder Bank and Trust Company, 1979 April 6.

2 14

Third Supplemental Indenture. Junior Subordinated Debentures, 1979 April 6.

2 15

Correspondence from Alston, Miller and Gaines to Trust Company Bank, 1979 April 6.

2 16

Fourth Supplemental Indenture. Subordinated Debentures, 1979 March 30.

2 17

Correspondence from Alston, Miller and Gaines to The Bank of New York, 1979 April 6.

2 18

Agreement with Citibank as Supervising Bank, 1979 April 6.

2 19

Agreement of Exchange, 1979 February 1.

2 20

Bill of Sale and Assignment, 1979 April 6.

2 21

Assumption Agreement, 1979 April 6.

2 22

Assumption and Assignment of Agreement with Supervising Bank, 1979 April 6.

2 23

Agreement and Plan of Merger of Great American Management and Investment and Great American Management and Investment Corporation, 1979 February 1.

2 24

Articles of Merger of Trust and Corporation, 1979 April 6.

2 25

Plan of Complete Liquidation of Great American Management and Investment Corporation, 1979 February 1.

2 26

Initial Distribution record, 1979 April 6.

2 27

Certificate of Chief Accounting Officer, 1979 February 28.

2 28

Guaranty Agreement - Senior Creditors, 1979 April 6.

2 29

Certificate of Chief Executive Officer Delivered Pursuant to Article XI (c) of the Plan, 1979 April 6.

2 30

Supervising Bank Semi-Annual Fee record, 1979 April 6.

2 31

Fourth Supplemental Indenture. Senior Subordinated Debentures, 1979 April 6.

2 32

Correspondence from Alston, Miller and Gaines to J. Henry Schroder Bank and Trust Company, 1979 April 6.

2 33

Guaranty Agreement - Senior Subordinated Debentures, 1979 April 6.

2 34

Shares record, 1979 April 4.

2 35

Senior Subordinated Denture, 1979 February 13.

2 36

Fourth Supplemental Indenture. Junior Subordinated Debentures, 1979 April 6.

2 37

Correspondence from Alston, Miller and Gaines to Trust Company Bank, 1979 April 6.

2 38

Guaranty Agreement - Junior Subordinated Debentures, 1979 April 6.

2 39

Shares record, 1979 April 4.

2 40

Junior Subordinated Debenture, 1979 April 6.

2 41

Fifth Supplemental Indenture. Subordinated Debentures, 1979 April 6.

2 42

Correspondence from Alston, Miller and Gaines to The Bank of New York, 1979 April 6.

2 43

Guaranty Agreement - Subordinated Debentures, 1979 April 6.

2 44

Shares record, 1979 April 4.

2 45

Subordinated Debenture, 1979 April 6.

2 46

Certificate of Incumbancy - Trust, 1979 April 6.

2 47

Certificate of Incumbancy - Corporation, 1979 April 6.

2 48

Certificate of Treasurer Regarding Subsidiaries, 1979 April 6.

2 49

Certificate of Incumbancy and Certified Resolutions - Subsidiaries, 1979 April 6.

2 51

Secretary's Certificate as to Authority to Execute and Deliver Supplemental Indentures, 1979 April 6.

2 52

Vote Tabulation of Plan through Conclusion of First Meeting of Creditors. Signed by Judge A.D. Kahn, 1979 February 9.

1 3