The blame, he said, rests entirely with the New Orleans project, which has produced little but a partially finished downtown building now mired in its own set of bankruptcy proceedings. At this point, many were predicting Hemsworth would soon become a Hollywood A-lister. In this article, however, we will be talking about Chris Hemsworth's net worth in 2022. Chris Hemmeter, who dominated Hawaii's commercial and resort development business from the 1970s through the 1980s, bought the first chunk of what would ultimately become his estate on Kainapau Place in the 1960s. These restaurants and cafs hold themselves to a higher eco-standard that make deciding where to eat for ocean-minded people an easy decision. All Rights Reserved. and 2,200 workers -- which made it the single largest employer on Kauai. In 2010, Chris Hemsworth began dating Spanish actress Elsa Pataky. Not even in Lanikai. Herren is unquestionably among the richest basketball players and is highly regarded. to raise significant fresh capital now. So we fully of Las Vegas; a sister, Sally, of Honolulu; and six grandchildren. We take you over the walls of Oahus most exclusive properties, for a peek at beachfront homes where tennis courts, personal elevators and imported Italian marble staircases are all par for the course. That ain't happening in 2020. Immediately Prior to Thayer Ventures, Chris was founder and President of iCare Marketing (sold to Sysco Foodservice Corporation in 2012) and founder and CEO of Dynamic Payment Ventures (sold to Elavon, a subsidiary of US Bank in 2007). our portfolio companies. The impasse of one company owning the only license and another owning the only lease was resolved when the two entities formed a joint venture under pressure from then-Governor, Edwin Edwards. going to return to the way they did. We haven't Soon after, Japanese billionaire Gensiro Kawamoto offered Eovino $12.2 million for the property-as is. Villa Noela is the creation of Andre Tatibouet, founder of Aston Hotels & Resorts, and his wife, Jane. Do Not Sell or Share My Personal Information, What to expect from Elon Musks third master Tesla plan, Drugmaker Eli Lilly to slash insulin prices, Stocks drift as Wall Street braces for higher interest rates, Before and after photos from space show storms effect on California reservoirs, Dramatic before and after photos from space show epic snow blanketing SoCal mountains, Newsom rescinds Californias COVID-19 state of emergency, marking an end to the pandemic era, A $150,000 executive protection dog? In a lot of cases during those times, especially Chris Hemmeter remembered living in a house designed by Frank Lloyd Wright one year and then surviving on welfare two years later. Cornell Nolan. $ 9.8 million N/A bedrooms* N/A bathrooms*15,470-sq.-ft. interior*81,892-sq.-ft. lot13. Who is Chris Cuomo, Biography, Net Worth & More. excited right now. For those homes with a recent sales history, weve included their last sale price for comparison. These two Portlock properties are the only homes on our list owned by a single entity, Evershine II, a limited partnership set up by high-tech entrepreneurs and University of Hawaii grads Fred and Annie Chan. They boasted exotic animals, gondolas, lake-sized swimming pools, Clydesdale- driven carriages, expensive Asian artworks and acres of brass and marble. After much unsavory politicking, Mr. Hemmeter and Harrah's became partners in the venture. when we're making new investments. He currently resides in Melbourne, Australia. Until he started to build them, hotels were pretty generic -- the rooms and lobbies all kind of looked alike. How to find the best blooms without the drama, Nature-curious? With a pathway of stepping stones winding through it all, its like their own private park. from this concept of a recency bias. Immediately prior to Thayer Ventures, Chris was founder and president of iCare Marketing (sold to Sysco Foodservice Corporation in 2012) and founder and CEO of Dynamic Payment Ventures (sold to Elavon, a subsidiary of US Bank in 2007). He lost the $5 million when the Boston company collapsed in 1971, but he quickly invested what remained of his savings in another restaurant venture that he later sold for cash. Today he is a co-founder and managing director of Thayer Ventures, a venture capital firm investing in emerging technology companies in the hospitality and travel space. that's that time variable that makes it complicated to underwrite investments, Christopher Hemmeter was born in 1939 in Washington, D.C. and grew up in Los Altos in the San Francisco Bay area. Developer Chris Hemmeter reportedly spent more than $40 million over four years to build and furnish this Black Point villa, which oozes as much opulence as any of the luxury resorts hes created. pitches over platforms like that, and that is very effective, but it is be kind of this big, blunt stick where everybody was just trying to out-compete treatments and a vaccine for this - is wrong.The momentum behind travel fundamentally is there. Hemmeter filed for personal bankruptcy in 1997, telling The Times that he had plummeted from a net worth of $750 million down to zero in a matter of months. Court documents showed that he had about $720,000 in assets and $87 million in liabilities. The Sammarinese Consulate $7.6 millionThis 40,380-square-foot lot looks a lot like the enviable beachfront properties that surround itiron gates, winding driveway, colossal mansionsave for the sign pitched near its entrance that reads Consolato Repubblica di San Marino, which is a European microstate with a population of less than 29,000. Queen Emmas Summer Palace $8 million In 1913, the Daughters of Hawaii acquired this Nuuanu retreat of Queen Emma, wife of Kamehameha IV. have compounds that effectively treat this [virus] and you know, God willing, Its not surprising; he did, after all, found the Foodland supermarket chain and introduce McDonalds to Hawaii. Were a global investor. This team, known as The Hawaiians, represented a serious attempt at a viable professional football organization. Q&A: Thayer Ventures Chris Hemmeter on its new $80M fund, opportunities for travel startups, Copyright 2023 by Northstar Travel Media LLC. That could lead to really interesting In the air space, that's a really interesting one where I Hemsworth was instantly on the radar as far as Hollywood was concerned, and he reprised his role in films like "The Avengers," "Thor: The Dark World," "Avengers: Age of Ultron," "Thor: Ragnarok," "Avengers: Infinity War," and "Avengers: Endgame. and they were growing, time had a little bit more certainty to it. Amenities include a tatami room, a paddle court, a sauna and a safe room. He made the initial sketches of his hotels himself, incorporating ideas he picked up from his travels around the world. more nuanced and there are more tools, even that Google has provided, that In 2010, he booked another role in the film "Ca$h." [4] Hemmeter filed personal bankruptcy in 1997. The last two months has been meeting people [virtually], talking His attempt to enter the casino business in New Orleans became what one associate called "his Waterloo." those great ideas that can solve long-term problems and help to cut costs and While we work diligently to ensure that our numbers are as accurate as possible, unless otherwise indicated they are only estimates. [7] He also saw failures of his New Orleans riverboat projects and Colorado gaming property, Bullwackers. Christopher "Chris" Hemsworth is an Australian actor from Melbourne. Net Worth & Salary of Chris Hemsworth in 2023. Kawamoto also paid an additional $6.5 million to buy two smaller, adjoining parcels that were part of the original estate. three, four and five competitor who are going to get on an airplane to go press Upon graduating from Cornell University in 1986, Chris joined Hemmeter Investment Company, a real estate developer of destination-resort properties. thriving. But we've seen this movie before, in many ways, right? Christopher B. Hemmeter, who transformed Hawaii tourism in the 1980s with his development of lavish mega-resorts but lost most of his fortune in the 1990s when he gambled on a grandiose but ill-fated New Orleans casino project, died Thursday at his Brentwood home. I'm not suggesting The Westin Kauai, which he completed in 1987, had two championship golf courses, a herd of imported Clydesdales that hauled guests in landau carriages. behavior is fundamentally now going to be changed forever - once there are The four- and five-star hotels on the Big Island and Maui are the products of his work. Then the U.S. government blindsided it, TikTok to set default daily time limit of up to 60 minutes for minors, Column: While workers struggled during the pandemic, CEO pay went up, up, up, Elizabeth Holmes cites her new baby as a reason she should avoid prison for Theranos scam, ChatGPT who? "Until he started to build them, hotels were pretty generic -- the rooms and lobbies all kind of looked alike. The building was designed by architect Geoffrey G. Paterson, and its prime location, nestled right next to the Waialae golf course, makes it perfect for taking in the action at the Sony Open each January. The new Thayer Ventures Fund III has already invested in communications platform Beekeeper (September 2019), technology-focused hotel management brand Life House (January 2020) and autonomous shuttle company May Mobility (February 2019). Chris Sails was born in Detroit, Michigan, in the USA on 23rd September 1995 and is a famous YouTuber Star, rapper, performer, and lyricist. In 1987, Taiyo Development, based in Japan, bought this once-vacant 1.4-acre lot in Aina Haina, and the 1.7-acre Sullivan estate next door. 1 This Is His Shocking Net Worth Now. But software concepts that are very light, SaaS concepts that are very light, that could make a bet on that variable. 1995-2023 Hospitality Net All rights reserved Hospitality Net is powered by Hsyndicate. "He had great taste and attention to detail," said Peter Ueberroth, the former travel executive, president of the L.A. Olympic Organizing Committee and recent gubernatorial candidate, who knew Mr. Hemmeter for 30 years. 13. He had his own jet and entertained former Presidents Carter and Reagan at his sumptuous homes in Hawaii. Owners Michael and Colette Pentecost have made good use of their real estate gold-the front half of the property is filled with an assortment of large trees. On the island of Hawaii he turned acres of black lava into the Hyatt Regency Waikoloa with rooms that began at $215 a night. forever. He moved stateside, where he immediately began to develop casinos, opening two in Colorado called Bullwhackers. 2003-11-30 04:00:00 PDT Los Angeles -- Christopher B. Hemmeter, who transformed Hawaii tourism in the 1980s with his development of lavish mega-resorts but lost most of his fortune in the 1990s when he gambled on a grandiose but ill-fated New Orleans casino project, died Thursday at his Los Angeles home. and evaluating startups and entrepreneurs? [8] The new entity, known as "Harrah's Jazz" established a temporary casino in the Municipal Auditorium in order to establish a cash flow while the main facility was under construction at the Rivergate. Not willing to change her identity to be part of the industry, Mahina Florence is at the height of her career because of her flawless Hawaiian complexion, strong athletic build, and friendly aloha spirit. This Walking Pad treadmill made getting 10,000 steps a HOKA dropped a brand new version of their most popular shoe, You can still overpack the smaller Monos check-in suitcase, Your Privacy Choices (Opt Out of Sale/Targeted Ads). They boasted exotic animals, gondolas, lake-sized swimming pools, Clydesdale-drawn carriages, expensive Asian artworks and acres of brass and marble. I expect that that will begin to change over the summer, Similarly, at the MTV Video Music Awards, he won Best Male Video for Chris Brown: Turn Up the . Real estate developer Tom Gentry and his wife Nora lived here in the 1980s. Actor best known for playing Thor in the Marvel film series. The Chans also own the three lots connecting the two parcels, giving them a total of nearly 51/2 acres of the old Kaiser estate, with a combined assessed value of $27.9 million. Over the years, he also designed the Carter Presidential Library in Atlanta and was president of the World Football League. During the 1980s he built four huge resorts on the outlying islands, each of which added to his reputation as a developer who turned outsized fantasies into reality. All thats missing is Sleeping Beautys Castle, a paddle wheeler and the Matterhorn.. The truth is that when we They're not going to be wearing masks. Chris Hemsworth enjoys some of the biggest salaries in Hollywood. Chris Hemsworth is an Australian actor and model who has a net worth of $130 million. He learned in March that he had cancer and hoped for a liver transplant to extend his life. When he started playing professionally, he acquired his riches through his career in basketball. We have limited partners from After years of financial struggles, it should come as little surprise that Chris Tucker's bank balance has diminished significantly since the carefree days of Rush Hour. but the summer always tends to be a little bit of a cold period as well. Among the splashiest of his five Hawaiian resorts were the Westin Kauai and the Hyatt Regency Waikoloa, each of which cost more than $300 million to build. dependence on revenue gains in order to cover their costs over that same time Chris Hemsworth Net Worth. American real estate developer (19392003), "Christopher B. Hemmeter, 64; His Opulent Resorts Transformed Hawaii Tourism Business", "Christopher R. Hemmeter continues family legacy", "Developer Chris Hemmeter dies at 64legacy", "BUSINESS PEOPLE; A Hawaiian Developer Builds the Untraditional", "A Big Casino Wager That Hasn't Paid Off", "W.F.L. Hemsworth has also appeared in the science fiction action film Star Trek (2009), the thriller adventure A Perfect . Being a part of 25 films, eight television roles, and two video games, Hemsworth is a kind of opportunist. His father, George, held more than 30 patents for inventions, such as a self-balancing washing machine, but his fortunes rose and fell over the years because of unscrupulous business partners. that leadership needs to make immediately. The cause was Parkinson's disease and liver cancer, said his son, Mark. Harrah's Jazz halted construction on the permanent facility at 3 am the day before Thanksgiving, 1995 and laid off 1,600 construction workers, 2,500 casino employees, and filed for bankruptcy. You might be surprised at what didnt make our list. This is one of the few properties on our list that sold for less than its assessed value. The Hemmeter legacy Christopher R. Hemmeter was born and raised in Honolulu, growing up as his father steadily moved from managing hotels to building them. Net Worth. Do you feel Rich L.A. homeowners are snapping them up, Column: Uber and Lyfts deactivation policy is dehumanizing and unfair. visiting the company physically, wherever they are. From plantation towns to planned communities, Central Oahu has its share of secret spots, a bumper crop of bowling alleys and neighborhood eats. That leads to my next topic your optimism. streets back online?' He eventually booked a recurring role and appeared in 171 episodes. period.The worst case scenario are those early stage companies that the flesh, and that means everybody's got to be back in the game. attitude and appetite for experimentation, because the need is there.Now that's offset by the fact that nobody has any money. Between June 2018 and June 2019, Chris earned $75 million giving him the rank of 24th on Forbes' list of highest-paid celebrities. Travel- and transportation-focused venture capital firm Thayer Ventures has raised $80 million to invest in new early stage startups. This is a Despite once raking in $40 million, Chris Tucker has a negative net worth of -$11.5 million. Think of it this way: This 17,408-square-foot interior is almost half an acre of house. Founded by his father in 1962, the Hemmeter organization developed major destination resort hotels in Hawaii and operated several related hospitality and travel businesses in the foodservice, gaming, retail and aviation sectors. Hemmeter left Hawaii in 1990 to pursue development projects on the mainland, focusing on casinos, which he saw as the next big wave in tourism. San Francisco Bay Area, Silicon Valley), This describes the type of investor the person is (e.g. 25852 McBean Parkway Suite 508 Valencia, CA 91355 United States Phone: (415) 782-1414 We like that theres just Today he is a co-founder and Managing Director of Thayer Ventures, a venture capital firm investing in emerging technology companies in the travel and transportation space. Former Hawaii Governor Ben Cayetano called Hemmeter, "a man of great vision and energy, More than anyone else, he changed the nature of resort development in Hawai'i. All net worths are calculated using data drawn from public sources. I honestly don't even think that people are going to be obsessing about cleanliness in two years. But the inventor's fortunes rose and fell over the years due to unscrupulous business partners. Hara managed to maintain the character of the house-even using the same materials to replace the signature roof-while adapting the home for modern use. [7] The developers estimated the casino would attract one million additional visitors to the city and would generate annual revenues of as much as $780 million, estimates that were based in part on the proven success of dockside gaming in the Mississippi Gulf Coast area.[7]. [8] Equally concerning was the fact that 60% of gamers at the temporary facility were locals and not out-of-town tourists, undercutting the economic benefit backers hoped gaming to provide to the tourist industry. Hilton Hawaiian Village Waikiki Beach Resort: So sorry for Chris Hemmeter - See 19,387 traveler reviews, 13,858 candid photos, and great deals for Hilton Hawaiian Village Waikiki Beach Resort at Tripadvisor. Europe, Menlo Park, China), Where the person is located (e.g. Stoebners nearly 1 1/2 -acre oceanfront property includes a second parcel, assessed at an additional $5.3 million. So theres a lot of interesting stuff going on around [3] Hemmeter's signature "is best known for the extreme - some would say outrageous - lavishness of the Hawaii hotels he built in the 1980's. Maybe we shouldn't bring this street back online and make She left The Times in 2015. category because airlines are tough, but there will certainly be a lot of drama Eovino had just sold those parcels to a California firm two weeks earlier, for $3.5 million. interesting. All but one are on the beach. So there's just a difference in Table of Contents. The architect who designed this modern home is Michael Okada, whose projects include the Mililani Middle School and the First Hawaiian Bank Building in Moiliili. The comeback will be a multi-year story. It used to Whether theyre local-style, historic family estates or showy, lot-filling mansions, these are the Islands most expensive homes, according to the City and County of Honolulus property tax records compiled by Hawaii Information Service. Whether this is a two-year valley, a one-year valley, a three-year valley, say, With this unprecedented period of global change and dislocation, we Chris Hemsworth Estimated Net Worth. Even though this beachfront property, owned by Moon Soo and Marilyn Park, sits on more than an acre on Diamond Head Road, its tough to put a value on the house, which was designed by Island architect C.W. accelerated innovation. There's lots of great work to be done even as companies across the planet. Developer Chris Hemmeter reportedly spent more than $40 million over four years to build and furnish this Black Point villa, which oozes as much opulence as any of the luxury resorts he's. During the 1980s he built four huge resorts on the other islands, each of which added to his reputation as a developer who turned outsize fantasies into reality. Chris Hemsworth took a major step forward when he auditioned for a role on "Home and Away," a major Australian soap opera. forth, this is a very good time to do that. Hemmeters name became synonymous with opulence when he opened several destination resorts in Hawaii in the 1980s. equal, what that variable will look like, so that has to be then taken into Reynolds is a local real estate investor who has partnered with Jay Shidler on such properties as the Waikiki Beachcomber and the FAA Building, also in Waikiki. It's gotten much long term. interesting category called where you sleep when you're not at home.. Billed at the time as "the world's largest casino". [7] The original design resembled Monte Carlo's 1861 casino, intending to evoke the New Orleans 1885 Cotton Exposition and Chicago's 1893 World Columbia Exposition. $130 million. Molly Hemmeter owns over 10,000 units of Roth CH Acquisition I Co stock worth over $3,438,920 and over the last 13 years Molly sold ROCHU stock worth over $187,653. city infrastructure and transportation generally.And we tend to be B2B investors, but that doesn't mean we The home is currently on the market for $16.5 million. Travel- and transportation-focused venture capital firm She got a lot for her money; although you cant see it in the photo, the house is twice as long as it is wide. There's definitely going to be more pressure really won't be until the fall, I suspect, that we would be back at it in Once the palatial abode of developer Chris Hemmeter, this Kahala Avenue property is now a fixer upper. In addition to his wife of 25 years, Patsy, of Brentwood, he is survived by children Mark of Boulder, Colo.; Christopher Jr. and Katie of San Francisco; Kelley, Shane and Holli of Los Angeles; and Brendan of Columbus, Ohio. In November 2021 Chris reportedly paid $15 million for a 1,300 acre property in northeast Tasmania. He had waterfalls and birds and animals and unusual art. If this Kahala Avenue compound looks like a beachside motel, well, thats because it kind of is. When compiling our list, we eliminated several properties that arent lived in or are used for commercial purposes. companies to make it through difficult times like this, which is not the same and more flexible as they recover and as they re-emerge into the new world. You see it every day in the paper, That's the result of a hard-earned career, which began on Aussie TV and worked its way to the upper echelon of Hollywood talent. there's an article that says how - fill in your favorite activity - has changed versus alternative home-share has just blurred into this big, old, messy, The man behind the masterpiece is architect Roy K. Yamamoto, whose work includes the Westin Maui and Hilton Waikoloa. just the tip of the iceberg. with other types of capital sources. Although some locals complained that his properties were not environmentally friendly, the resorts created thousands of jobs and attracted affluent Japanese tourists, who helped fuel an economic boom in the islands. unintended experiment of what it looks like when cities close. So it's really more of an Or maybe there is just something in the water in Australia, because most of the actors that come out of the land Down Under, seem to have those qualities. players, because suddenly there's an appetite for experimentation and change.Our investment horizons are five to seven years, so He left Hawaii in 1990 to pursue development projects on the mainland, focusing on casinos, which he saw as the next big wave in the tourism industry. Mark Hemmeter currently lives in Boulder, CO; in the past Mark has also lived in Golden CO. Other features include 50-foot-long glass windows leading to the inner courtyard, a practice green, a barbecue area and, as youd expect, a state-of-the-art audiovisual system, says local architect Toshi Suzuki, who designed the mauka side of the property in 2000. Chris Hemmeter, Managing Director of Thayer Ventures, discusses travel tech investment themes at Plug and Play's Travel & Hospitality 2018 Summer Expo. Actual sale prices are often much higher. In 1988, Forbes magazine listed him as the 389th wealthiest person in America, with $225 million in assets. catalytic towards the pace of innovation and further underscore our long-term exclusively, that really plays into our wheelhouse because that is the majority an opportunity for newcomers to, frankly, take on some of the old legacy take time to recover. suddenly, because of this shock, found themselves in positions where they had His family favored camping vacations, he said, so he had never stayed in a hotel when he decided to major in hotel management at Cornell University. Christopher B. Hemmeter, who amassed a fortune developing grandiose resort hotels in Hawaii and then sank much of it into a star-crossed plan to build the worlds largest casino in New Orleans, said Tuesday that he has filed for personal bankruptcy. already seeing some evidence of that in other parts of the world. With the proceeds from that deal he developed a chain of gift shops on the islands, which helped him to build his first major property, the King's Alley retail complex in Waikiki. This property, which sits on 4-acres, features a 160-foot rooftop infinity pool. Also, I think it's another reason why institutional Built in 1971, this modest Kahala Avenue property has remained in the same family for more than 30 years. But it generated only a fraction of the hoped-for revenues, and six months after its opening in 1995, Harrahs closed the operation and placed it in bankruptcy. We can do a lot of that work from home. an effective vaccine, things aren't going to have changed forever. It's unlikely that we would close any new investment without industry's top-line performance achieving 2019 levels and beyond. So what makes these 25 homes so valuable? Weve Heres what we left out: Doris Dukes Shangri La $25 millionThe late tobacco heiresss five-acre estate, with its priceless collection of Islamic art, is now a museum, open to the public for guided group tours. Hemmeters plan was for an $850-million, two-story building a short walk from New Orleans French Quarter. Do Not Sell or Share My Personal Information, Jaguars, narcos, illegal loggers: One mans battle to save a Guatemalan jungle and Maya ruins, Has wildflower shaming gone too far? 38. The property also includes a second parcel not included in our list, which brings the entire property to 50,620 square feet, with a 13,216-square-foot area of living space-a total assessed value of $13 million. Dickey in 1930 and renovated by architect John Hara in 2003. This property is still popularly known as the old Sullivan estate, although its been a couple of decades since beloved businessman and philanthropist Maurice J. His Parkinson's was diagnosed about five years ago but Mr. Hemmeter continued to work on various projects, the last of which was a chain of restaurants called Saddle Ranch, which has two locations in Los Angeles. absolutely ignore all things consumer. This fund has been in development for a few years. The resort had nine restaurants, 13 cocktail lounges and columns that reached five stories high. Find Chris Hemmeter stock photos and editorial news pictures from Getty Images. Facebook gives people the power. He learned in March that he had cancer and hoped for a liver transplant to extend his life. We did not have that occur with any of Employees . Hemmeter celebrated his 64th birthday in October with a reverse surprise party at the home of friends in Honolulu. But the sheer volume of loss is staggering. Those involved in the American film industry were generally unfamiliar with Australian television, so Hemsworth was essentially starting from scratch. road. Today he is a co-founder and Managing Director of Thayer Ventures, a venture capital firm investing in emerging technology companies in the. Projects he was involved with included developing the Westin Kauai, Hyatt Regency Waikiki, Hyatt Waikoloa and the Westin Maui. The home is now owned by Houston-based Fayez Sarofim, who in 2004 was No. Whereas now it's just not clear, all other things being Has the As of 2022, Chris Herren has a net worth of $200,000. management brand Life House (January 2020) and autonomous shuttle company May Chris Brown's Net worth, Earnings. ", "Developer Christopher Hemmeter dies at age 64", https://en.wikipedia.org/w/index.php?title=Christopher_Hemmeter&oldid=1137258393, Cornell University School of Hotel Administration alumni, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 3 February 2023, at 17:42. In the news release announcing the closing of this fund, you highly analog space and it's changing. So contributions to make to the productivity story of travel suppliers and so Chris has spent his entire professional life in and around startups and high-growth businesses in the hospitality, travel, and technology business. The seller was fellow Australian icon Paul Hogan. It's a winning combination, and it will most likely keep him working for years to come. In most cases, there are a number two, In 1995, when a temporary casino drew less than one-third of the predicted business, Harrahs Entertainment Inc.--by then a Hemmeter partner and the project manager--shut it down and placed the development under the protection of Bankruptcy Court. They later had three children and relocated from Los Angeles to Australia. It . variable, once again. Hew proposed a plan of restructuring for the league which was known as the Hemmeter Plan. 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