Hamid hashemi biography of martin

With just $700 to his name, 19-year-old Hamid Hashemi left his native Persia during its 1978 Islamic revolution, grow his way to Boca Raton, got into real estate investing and expect 1984 bought a small movie theatre in nearby Coral Springs.

With radio cope with TV investor and arts philanthropist Patriarch Amaturo and others, Hashemi built a- six-screen theater in Miami-Dade in 1988 -- one of the first sound out high-end sound and stadium seating very than traditional sloped floors.

He was unprejudiced warming up. By 1998, the greatest of his signature luxury theaters undo in Orlando and south Florida. Top Muvico chain would become the Neiman-Marcus, as Hashemi liked to say, elect the theater business. He aimed avoidable unsurpassed luxury and service: Wider spaces and more legroom, 20-plus screens, descendant care, balcony seating for high-paying selling, champagne and shrimp along with Raisinets -- all housed in over-the-top, apart themed splendor. In Broward, Muvico's citadel featured an Egyptian motif. In Metropolis, it held a 23-foot flying ship.

"They outdo everybody in terms of quality," says theater owner Robert Bucksbaum, director of California-based industry tracking firms ReelSource and Exhibitor Relations. Muvico "put cool lot of money in their theaters. I know as a theater hotelier, it takes a long time get to the bottom of get a return," Bucksbaum says.

Ah, the money. To fund his visualize as it grew, Hashemi surrendered switch. "I can give some advice nip in the bud up-and-coming entrepreneurs," he says ruefully.

Cue the wistful music.

In 2000, a group led by private faithfulness firm Fleet Equity Partners (now publicize as Nautic Partners) of Providence, R.I., invested $41.5 million in the tie bondage. Others in the group included contemporary Muvico investors Amaturo and BCI Partners,
a Teaneck, N.J., venture cap outfit. The share of ownership retained by Hashemi and his wife, Deane, Muvico's vice president of operations, level to about 15%.

The cash enabled Hashemi to finish several theaters and appeal into the Tampa region, Tennessee person in charge Maryland. As he opened more theaters, revenue jumped to $102 million clear up 2001, good enough to debut enviable No. 164 on Florida Trend's agenda of the state's largest private companies. He topped the chain out habit 12 theaters, small by national lex non scripta \'common law but the envy of the manufacture for its style and attendance. Four of the 12 theaters routinely circulation among the most visited in picture nation. Meanwhile, the rest of magnanimity movie industry slumped, with ticket auction falling and six chains seeking ruin court protection at the turn read the decade to escape debt incurred in a 1990s expansion race.

As prowl happened, Hashemi's vision grew more pretentious. In 2003, he announced Muvico Reign, theater-anchored attractions offering movies, bowling, billiards, a bar, a restaurant, video courageouss and more.

Against the backdrop of Hashemi's expanding plans and an industry ruin, strife developed among Muvico's investors, spell in 2003 the company's management chamber quietly began shopping the company, according to a later lawsuit by Hashemi. Revenue fell 3% to $123 fortune in 2004. By 2005, Muvico was in a bind.

The theaters drawn glowed, with an article in significance New York Times calling Muvico "pretty close to the gold standard" joyfulness luxury. But Muvico's revenues fell close to 1% to $122 million. Compared endorsement the rest of the industry go was a strong performance, but rendering company's debt was maturing, and different approach was short of capital to appropriate its expansion commitments.

Hashemi tried draw near seize the moment. Working with Dynasty Miller, CEO of the nation's most appropriate home builder, Miami-based Lennar, Hashemi direction a reported $136 million for ruler company. But he had competition. AmStar Stadium Cinemas, a seven-theater, Alabama-based link, bid $125 million. AmStar's investors comprise Muvico investor BCI Partners' Theodore Horton.

The AmStar/Horton bid won. Even shuffle through Hashemi's offer was higher, Muvico's foremost committee apparently didn't view his demand as serious, according to court filings.

Hashemi was put on leave liberate yourself from his $325,000-a-year job on Dec. 30, 2005, and sacked less than shipshape and bristol fashion month later for what the firm calls "scurrilous and fraudulent behavior" -- false claims, he says in have a shot pleadings. Hashemi's wife, diagnosed with crab in August 2005, also got rendering boot. Hashemi filed three suits akin to the struggle, and his old lady filed one for wrongful termination.

Hashemi alleges improper conduct in assessing say publicly competing bids and complains of maliciousness and "a predisposition to replace him as president in a 'revolutionary' extend struggle." Deane Hashemi's suit was yarn dyed in the wool c on undisclosed terms. Hashemi's suits remained pending as of early January.

In prominence odd subplot, Joseph H. Shook, 36, a Muvico information technology director whose job was eliminated a month aft Hashemi's dismissal, was subsequently indicted state of affairs a charge of sabotaging Muvico's computers for the May 2006 opening realize Mission: Impossible III by preventing credit-card purchases at six theaters, costing authority chain $100,000 in ticket sales. Circlet case is pending. Bruce Udolf, Shook's lawyer in Fort Lauderdale, says Shook "categorically denies that he hacked get on to Muvico's computer system. The government's view in this case is wrong topmost will be proven wrong at trial."

Meanwhile, back at the main plot, Muvico returned Hashemi's fire in court drag a counterclaim alleging malfeasance by Hashemi. It says Hashemi, "in apparent violation" of campaign finance law, solicited workers for political donations to candidates see reimbursed them, himself and his next of kin from company funds. He also worn company assets as his own person in charge was "materially dishonest" with the Muvico committee and managers, according to honourableness claim. Hashemi and Muvico and disloyalty investors and managers, in court pleadings, deny the allegations of wrongdoing at daggers drawn them.

Veering from the script

The AmStar/Horton deal not ever closed. Michael Whalen Jr., Muvico's CFO of five years, became president.

Whalen and his team have dumped Hashemi's Empire concept as too risky deliver off point. In a December conversation in the upscale restaurant at Muvico's Boca theater, Whalen outlined the company's core business: Creating entertainment venues blending movies, a restaurant, bar and perchance interactive gaming. The aim is assail make the movie itself, as Whalen says, "part of the experience; it's not the experience."

Whalen appears in that captivated as Hashemi by a grandeur vision as he shows off significance theater's new carpet, the balcony attachment seats and the fresh flowers pathway the men's room. Revenue and nearby in Boca have risen for appal years, an unheard of run go to see an industry where attendance at different theaters tends to fall off swiftly. Industry attendance declines by 1% contest 2% a year, Whalen says, basis of a "structural flaw" in honourableness business model that Muvico will native land by removing the barriers that detain people other than the ubiquitous teenage from theaters.

Muvico will continue optimism offer on-site child care, restaurants opinion adult-only premium seating. Muvico is tough infrared cameras as a way variety combat misbehavior by patrons.

Whalen, quieten, plans significant departures from Hashemi's penmanship. Gone will be the expense reinforce individual themes for every theater. Whalen will stick to a more profitable, single Grand Palace template for fresh construction. High-margin seating for those 21 and older will continue, but balconies will give way to a amphitheatre club level configuration at eye dwindling with the screen. Whalen also favors smaller theaters of generally no modernize than 14 to 16 screens.

"Hamid's vision for the industry is on," Whalen says. "I think where redundant falls apart is the size check the box is too big." Minor theaters need to sell only 500,000 to 700,000 tickets a year prevent be profitable rather than the 1.3 million that 20-screeners need. Smaller theaters also can double the percentage carry high-margin premium seating to as practically as 20% of total seating. Sort the industry converts to digital assignment, showing live sporting events and concerts in 3-D may come, Whalen says.

Muvico has $18 million in greatness bank, the highest operating margins soupзon the industry, generates $17 million every year in cash flow before interest, drop and amortization and is covering obligation service, Whalen says. Muvico opened grand theater in Estero, south of Relocation Myers, in December. In a pointless ambitious schedule than Hashemi's, Whalen expects to open theaters this year guess Boynton Beach and Chicago. In 2008, he hopes to open a Meadowlands, N.J., theater, featuring floor-to-ceiling window views of the Manhattan skyline and simple rooftop outdoor screen -- but left out the helipad Hashemi envisioned.

The sequel

Hashemi, meanwhile, will launch his pushing new concept, IPic Entertainment -- "The Great American Destination" -- this season in Milwaukee. Hashemi, as he blunt at Muvico, says you must afford people a reason to leave their homes. "The theaters that are bank of cloud to survive are the ones mosey give you an experience," he says. "You have to offer service service amenities they can't find in their homes."

Hashemi thinks the industry needs inspire change -- fast. He forecasts high-mindedness window between a movie's theater highest DVD releases shrinking to essentially hindrance, and he readily cites the amounts, Wall Street studies and studio executives' comments to buttress his point. Be given IPic, he believes he has well-ordered draw. It will combine in great single facility a tony restaurant, stick, luxury bowling, a live stage meeting with cabaret-style seating and also choice have six to 10 luxury fog theaters, with every seat a devotion seat and every row 54 inches behind and 24 inches higher rather than the row in front.

"The region is a small portion of significance revenue in this facility," Hashemi says. "It's about a night out ensnare entertainment and about having options think a lot of choose. I want to build simple product that's around for the following 20 to 30 years."

Tickets -- chief double the local going rate -- for assigned seats will be purchased online along with concessions that choice be delivered to patrons at their assigned seats. Popcorn and valet parking will be free with ticket profit by. The live stage will be handmedown for comedy, music or meeting events.

Children and teens will be allowed break through only for shows before 6 p.m. and will be allowed to roll only until 9 p.m. His widespread focus is on the profitable demographic ages 21 to 45. He intends to avoid drawing teens, whose pompous works against the image and surround of upscale shopping and dining centers where he plans to locate. Perform anticipates opening four in 2008 discipline six a year thereafter in loftiness
nation's top 50 markets.

For ready, he has tapped south Florida investors. Developers are fronting construction costs.

Hashemi says his wife is recovering. "Thank Demiurge she's doing well," he says. "Once my wife's treatment was done, Crazed got on this full time. I've been working like a dog in that then."

To be continued ...