SPIRIT OF MANITOBA GOES PUBLIC TOMORROW
The Spirit of Manitoba is "expected to go public" tomorrow
with a C$50M limited partnership offering for the group's
purchase of the Jets, according to the WINNIPEG FREE PRESS.
Spirit's plans for the Jets are laid out in a 25-page prospectus
that "promotes the limited partnership as an ideal tax shelter
and points out that investors should not expect a financial
return for more than five years." Meanwhile, Spirit will send
letters to thousands of Manitobans who participated in the "Save
the Jets" campaign to see if they want their money to go toward
owning the team or a charitable endowment fund used to cover
future losses (Samyn & Douglas, WINNIPEG FREE PRES, 7/22).
Highlights of the prospectus: 1) $50M issue in 50,000 units
worth $1,000 each. Minimum purchase five units. 2) Partnership
will assume ownership of 100% of franchise. 3) Investments over
a certain limit licensed to use slogan "Proud to be an Owner of
the Jets" (John Douglas, WINNIPEG FREE PRESS, 7/22).