Tamerisk a Retirement Community Kaiser Steel – Tamerisk, California
Tamerisk, “ GOOD LUCK” California still remains as a Kaiser Steel retirement town. This town was initially built to house worker at the steel mine. The mine was located near Tamerisk west of the steel mill in Fonatana. During the heyday with the Steel plant in full production a rail line owned by Kaiser moved the iron ore from the mine to the red steel producing plant in Fontana. All this effort for Kaiser began to scale down after WWII.
The mill continued to produce steel products at a lower need pace and the product varied from ships and cars over the years to items such as off-shore drilling platforms and pipe and construction items.
Kaiser had numerous holdings throughout the Western States in coal and mining interests.
The company was for sale and a prime candidate for a leveraged buyout. The company was evaluated for sale by none other that of Ivan Boskey insider trading fame. His name is in the Hall of Fame with today’s Bernie Madoff a basic criminal.
Monte Rial saw the potential for the mining holding and possessed a developed knowledge base for coal leases throughout the west through his interests in real estate and oil leases. Monte saw the potential for acquiring Kaiser for the leases and not the manufacturing interest or Fontana Properties.
Monte and his group had secured a one billion dollar contract contingent on providing coal to a Texas utility. In addition to conventional delivery of coal Kaiser also possessed a pipeline that connected western coal country to West Texas. The Team was studying using the aspirated coal blown thru the pipeline as an option to move the fuel more economically.
Monte calculated that his team could tread water during the disbursement of the property, manufacturing interest, and water rights owned by the Kaiser.
What had been greatly underestimated in the proforma was the benefit commitment to the Union that represented the retirees. These long term commitments remained as a liability with the takeover.
In an effort to work with the Union representing the Retirees Monte sought to rebuild the Tamerisk the retirement community and make it self sustaining. The community had several small lakes and a fairly good start with a street network, numerous company homes, medical services, utilities and water. The town also had a registered air-stream trailer park that was part of the package
Tamerisk, “ GOOD LUCK” California still remains as a Kaiser Steel retirement town. This town was initially built to house worker at the steel mine. The mine was located near Tamerisk west of the steel mill in Fonatana. During the heyday with the Steel plant in full production a rail line owned by Kaiser moved the iron ore from the mine to the red steel producing plant in Fontana. All this effort for Kaiser began to scale down after WWII.
The mill continued to produce steel products at a lower need pace and the product varied from ships and cars over the years to items such as off-shore drilling platforms and pipe and construction items.
Kaiser had numerous holdings throughout the Western States in coal and mining interests.
The company was for sale and a prime candidate for a leveraged buyout. The company was evaluated for sale by none other that of Ivan Boskey insider trading fame. His name is in the Hall of Fame with today’s Bernie Madoff a basic criminal.
Monte Rial saw the potential for the mining holding and possessed a developed knowledge base for coal leases throughout the west through his interests in real estate and oil leases. Monte saw the potential for acquiring Kaiser for the leases and not the manufacturing interest or Fontana Properties.
Monte and his group had secured a one billion dollar contract contingent on providing coal to a Texas utility. In addition to conventional delivery of coal Kaiser also possessed a pipeline that connected western coal country to West Texas. The Team was studying using the aspirated coal blown thru the pipeline as an option to move the fuel more economically.
Monte calculated that his team could tread water during the disbursement of the property, manufacturing interest, and water rights owned by the Kaiser.
What had been greatly underestimated in the proforma was the benefit commitment to the Union that represented the retirees. These long term commitments remained as a liability with the takeover.
In an effort to work with the Union representing the Retirees Monte sought to rebuild the Tamerisk the retirement community and make it self sustaining. The community had several small lakes and a fairly good start with a street network, numerous company homes, medical services, utilities and water. The town also had a registered air-stream trailer park that was part of the package