PUNTA GORDA ISLES <PGI> SELLS PREFERRED STOCK
Punta Gorda Isles Inc PGA
said it completed the sale of 1,875,000 shares of its Class A
cumulative convertible preferred stock for 7,500,000 dlrs in
cash at four dlrs per share.
    The sale was private to Love - PGI Partnerships, a
subsidiary of <The Love Companies> of St. Louis.
    In connection with the sale, Punta Gorda said it converted
500,000 dlr of debt owed to a corporation controlled by Alfred
Johns, PGI's chairman, into 125,000 shares of the preferred
stock.
    The preferred stock is convertible into Punta Gorda's
common stock at 2.41 dlrs per share, and holders are entitled
to one vote per share and to vote as one class with holders of
the common stock.
    The company said Johns entered into voting trust agreements
giving an unnamed individual affilated with the Love Partners
control over the 125,000 shares of preferred stock, as well as
280,600 shares of common stock owned by Johns.
    Punta Gorda also said it increased its board to seven
members from three in connection with the private sale.
    Named to the board were Andrew Love, Laurence Schiffer,
David Kirkland, and Daniel Baty, the company said.
    Also in connection with the private sale, Punta Gorda said
its primary lender, Naples Federal Savings and Loan
Association, granted an extension of the maturing date of its
indebtedness to April 15, 1988, from April 10, 1987.
 Reuter
