In the mid-late 80's G.Dale Murray had made a fatal mistake. He had invested millions in a failed real estate venture in Florida. To cover his loss, he was forced to sell his controling interest in Murray Industries, which owned the Chris Craft boat production plants, and had the licensing rights to the Chris Craft name. Enter Saudi businessman Dr. Gaith Pharon, who at the time was one of the ten wealthiest men in the world. Not knowing how much Murray had lost, Pharon invested in Murray Industries(Chris Craft dealers had a meeting with Murray and Pharon at Pharon's estate in Savannah, Georgia once owned by Henry Ford.) Once Pharon found out what Murray had done, he quickly seized control and forced Murray out of his own company. In late 1989, the Pharon group put Murray Industies, and Murray Chris Craft into Chapter 11 bankrupchy. Irwin Jacobs (Genmar) and OMC had a bidding war for the assets of Murray Chris Craft, with OMC winning with a reported 53 million dollar bid.
WHERE THEY ARE NOW: Gaith Pharon is an international fugitive wanted by the FBI and IRS, being involved in the BCCI bank scandal defrauding investors of 12 billion dollars and leaving 250,000 unpaided creditors. He is reported to be in Pakistan, and travels international waters in his 197' yacht "Le Pharon."
G. Dale Murray was convicted in 2001 and sent to prison for 11 months for not paying $436,0000 in child support after fathering a 7 yr.old daughter as a result of an affair with a topless dancer. He was running a coal minning company for a group of investors, and at the time of sentencing was reported to be in poor health.
Dick Genth (Murray's old partner at Chris Craft) died of cancer in 2002 at the age of 77.
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