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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, according to an offering memorandum...