Who is Dennis Washington? The billionaire who almost bought Ekati mine, again
In the first 3 months of the pandemic, his net worth grew by 13%.
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Dennis Washington, 86, is the wealthiest man in Montana, with a net worth of $6.1 billion US.
He is the majority interest owner of The Washington Companies, which made a $166 million offer on the N.W.T. 's troubled Ekati Diamond Mine in September. The owner, Dominion Diamond Mines, went into creditor protection in April, saying the COVID-19 pandemic had essentially shut down the diamond industry.
Though Washington's multi-million dollar offer is now a dead deal , CBC News took a look at the billionaire's lengthy business background.
In the first three months of the pandemic Washington's net worth has grown by 13 per cent from $5.5 billion US to $6.2 billion US, states a June 24 news release from Americans for Tax Fairness.
- In Depth Tax breaks may have been at the heart of dead deal for Ekati mine
Profiles of Washington describe him as a self-made billionaire who started out selling newspapers as a teenager and became one of America's most powerful industrialists.
His portfolio includes a " significant ownership " in Seaspan ULC, through The Washington Companies, which are involved in rail and marine transport, construction and mining, heavy equipment, aviation and real estate development, states the Seaspan website.
His largest asset is Montana Rail Link, reports Bloomberg .
Washington has a hobby refurbishing boats, including one 332-foot luxury yacht named Attessa IV. It recently docked in B.C. for some repairs and flies the Cayman Island flag .
His business with mines
Washington got his start in the construction business in 1964, according to the Dennis and Phyllis Washington Foundation.
In the 1980s, he revived a floundering copper pit mining operation in Butte, and Montana Resources now produces up to 80 million pounds of copper a year and spends $74 million on payroll tax and purchases every year.
Although metal prices have tumbled because of the pandemic, the mine is still in operation .
He also held mining interests in the state, which he sold or leased to a group of three businessmen who in 1998 were convicted in an offshore investment scam that cheated investors and enriched the executives by $100 million US.
Washington's interests in the N.W.T.
The N.W.T. government says it is hopeful the purchase of Ekati will get northerners back to work.
Recently, Dominion Diamond has fired some of the mine's workers , ending their benefits and pension contributions, and withholding information on severance pay.
Of Ekati's 634 Canadian workers, 40 per cent are northerners (253 people) and within that northern workforce, 151 people are Indigenous. In 2019, it employed 425 contract workers — 150 of them northerners.
In 2017, The Washington Companies bought all shares in Dominion Diamond Inc. for a total of $1.2 billion US with a $550 million US bond from creditors.
That purchase represented a 44 per cent premium on Dominion's share price before the merger was announced.
In 2018, the union representing workers at Ekati accused Dominion of " union busting " by threatening to lay off 150 unionized employees and replace them with contractors.
The pandemic slowed business down, and in April Dominion was unable to meet a $20-million US interest payment on that bond The Washington Companies used to buy the company.
Filing for creditor protection put Ekati's financial situation on clear display through an affidavit by Dominion's chief financial officer, Kristal Kaye.
There are only two secured creditors for the mine — Credit Suisse AG, a branch located in the Cayman Islands is owed $221 million and Wilmington Trust in Delaware is owed $784 million CDN, a May 5 creditor listing for Dominion shows.
Dominion Diamond Holdings, a limited liability company, was incorporated in Delaware on Nov. 15, 2019. Its sole shareholder is Washington Diamond Investments, a company controlled by The Washington Companies, court documents show.
That deal is opposed by Dominion creditors, who say the mine's assets are devalued because of the pandemic.
Donations to youth, education, Trump
The Dennis and Phyllis Washington Foundation is the major philanthropic organization receiving contributions from The Washington Companies and Washington family. It is focused on philanthropy for youth and education.
- Dominion Diamond owes N.W.T. businesses $13.2M — and there's no guarantee they'll get paid
- N.W.T. government hoping Ekati deal will lead to reopening of mine
"By influencing young people during their formative years and providing opportunity for personal advancement through education, Dennis and Phyllis hope to create a positive and lasting impact on our culture and society," the website reads.
Washington and his wife Phyllis are also generous donors to Donald Trump's re-election campaign — giving him $1 million since the 2016 campaign.
Related Stories
- Bid accepted to exit creditor protection and restart Ekati Diamond Mine
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Discovering Elegance: The Attessa IV Yacht – A Marvel of Luxury on the High Seas
Setting sail into a world of opulence and sophistication, the Attessa IV yacht emerges as a beacon of luxury in the realm of marine craftsmanship. This magnificent vessel, with its striking silhouette and unrivaled amenities, epitomizes the pinnacle of yachting excellence. In this in-depth exploration, we unveil the mesmerizing features, design intricacies, and the captivating history that make the Attessa IV an icon of refined maritime living.
A Glimpse into the Past
The saga of the Attessa IV began with its original construction in 1999 by Feadship, a renowned Dutch shipyard synonymous with uncompromising quality. Originally named “Evergreen,” the yacht underwent a transformative journey under the meticulous eye of its owner, changing both in aesthetics and grandeur over the years. In 2010, the vessel emerged as the Attessa IV, a testament to its owner’s commitment to creating a nautical masterpiece.
Design Marvel: Exterior Elegance
The exterior design of the Attessa IV is a symphony of sleek lines and modern aesthetics. Standing at an impressive 100 meters, this mega-yacht is a visual feast with its polished aluminum superstructure and a distinctive blue hull that gracefully cuts through the waves. The expansive deck spaces are meticulously designed for both relaxation and entertainment, offering panoramic views of the open sea from every vantage point.
On the upper deck, a helipad adds a touch of practical luxury, allowing seamless access for those arriving by air. The sundeck, equipped with a Jacuzzi and ample sun loungers, invites guests to bask in the sun while enjoying the breathtaking vistas that stretch to the horizon. The exterior design is not just about aesthetics; it’s a harmonious blend of form and function that defines the Attessa IV.
Luxurious Interiors: A Palace on Water
Step into the opulent interiors of the Attessa IV, and you’re greeted by a world of refined elegance. The yacht’s interior was masterfully crafted by the esteemed designers at Glade Johnson Design, ensuring a seamless flow between spaces and a harmonious balance of luxury and comfort.
The main salon, adorned with plush furnishings and bespoke décor, exudes an ambiance of timeless sophistication. The dining area, bathed in natural light filtering through expansive windows, sets the stage for exquisite culinary experiences crafted by a dedicated onboard chef. Every cabin and suite is a private sanctuary, boasting tasteful design elements and the latest in comfort technology.
State-of-the-Art Amenities
What sets the Attessa IV apart is not just its aesthetic appeal but also the unparalleled amenities that cater to the desires of those accustomed to the finest things in life. The onboard cinema, complete with plush seating and cutting-edge audiovisual technology, transforms movie nights into a cinematic experience at sea.
The yacht’s gymnasium, spa, and wellness facilities provide a haven for health enthusiasts, ensuring that guests can maintain their fitness routines while surrounded by the tranquility of the open ocean. For water sports enthusiasts, the Attessa IV is equipped with a range of toys and tenders, promising endless adventures in the azure waters.
Environmental Stewardship
Beyond its lavish features, the Attessa IV embraces a commitment to environmental responsibility. With advanced propulsion systems and eco-friendly technologies, the yacht strives to minimize its ecological footprint, setting a new standard for sustainability in the world of luxury yachting.
Legacy of Excellence
The Attessa IV stands not just as a vessel but as a testament to the vision and passion of its owner. With a legacy of excellence that spans decades, this yacht continues to capture the imagination of those who appreciate the finer things in life and seek a maritime experience that transcends the ordinary.
In conclusion, the Attessa IV yacht is a paragon of nautical magnificence, seamlessly blending cutting-edge design, sumptuous comfort, and a commitment to environmental consciousness. As it graces the high seas, the Attessa IV invites a privileged few to embark on a voyage where luxury knows no bounds, and the art of yachting reaches new heights.
Who owns the yacht Attessa iV?
The owner of the yacht Attessa IV is Dennis Washington, a prominent American industrialist and billionaire. Dennis Washington is involved in various industries, including construction, mining, and transportation. Please note that ownership information for luxury assets like yachts can change, and it’s advisable to check the latest and most accurate information from reliable sources or official announcements for the current owner of the Attessa IV yacht.
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By SuperyachtNews 26 Jul 2010
More than just a refit, Attessa IV represents possibly the most comprehensive yacht reconfiguration ever undertaken anywhere in the world. SYD takes a look at what this 110-metre superyacht will have to offer...…
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Washington also owns a private estate on Stuart Island, British Columbia, including a fishing lodge and golf course. The Washington–Grizzly Stadium for football at the University of Montana is named for him. [7] His private yacht Attessa IV has been featured in Forbes magazine. [8]
Discover the remarkable journey of billionaire Dennis Washington, from humble beginnings to leading the Washington Companies, alongside his family's ventures and philanthropic contributions. His net worth is $6.5 billion. He is owner of the yachts Attessa and AV.
Dennis Washington poses in front of his crown jewel, the $225 million Attessa IV. Karen Moskowitz. "YOU'VE REALLY GOTTA dig hard to find something," says Dennis Washington. In this case the...
Billionaire Dennis Washington has fixed up 9 boats and still owns 4, including two mega-yachts and a historic tugboat. He spoke to Forbes about his obsession.
Explore the stunning Attessa IV yacht, transformed by billionaire Dennis Washington. Boasting luxurious accommodations, state-of-the-art amenities, and an unparalleled yachting experience, step inside the world of Attessa IV. Her owner is Dennis Washington.
Washington has a hobby refurbishing boats, including one 332-foot luxury yacht named Attessa IV. It recently docked in B.C. for some repairs and flies the Cayman Island flag . In 2017, The...
The Attessa IV project began in 2007, when Washington and Johnson flew to Taiwan to check out then 300-foot Evergreen, as it was known, owned by Taiwan shipping billionaire Chang Yung Fa.
The owner of the yacht Attessa IV is Dennis Washington, a prominent American industrialist and billionaire. Dennis Washington is involved in various industries, including construction, mining, and transportation.
In the world rankings for largest yachts, the superyacht, Attessa IV, is listed at number 80. She is the largest yacht built by Evergreen Shipyard. Attessa IV's owner is shown in SYT iQ and is exclusively available to subscribers.
Over two hundred personnel have been involved in transforming Evergreen into 110-metre Attessa IV. According to Glade Johnson Design Inc (GDJI), the interior and exterior designers for this project, the owner had a clear vision of what he wanted from the very beginning.