Content area
Full Text
Birmingham real-estate investor Ivan Bloch and his partners hope to raise $10 million through the sale of securities to renovate Sardi's, the famous Broadway restaurant, and perhaps take the Sardi's name to other markets.
Bloch and his partners began selling units Nov. 2 through investment banking firm Keane Securities Co. Inc. in New York City. The offering does not carry an expiration date.
Each unit selling for $100,000 consists of 12,500 shares of common stock in the company that owns Sardi's, a $50,000 senior subordinated debenture paying 12 percent interest, and warrants to purchase more common stock at a future date. Sardi's Inc. hopes to sell 100 units for a total of $10 million.
Bloch will remain the majority shareholder in Sardi's Inc. if the issue sells out, although his holdings will be diluted from 43 percent to 28.9 percent of the outstanding shares,...