They committed to a zero-emissions program, and they achieved that goal. Only one problem:

Why did Jaguar’s auto sales disappear to nothing? It stopped selling cars.

Forget 'Go Woke, Go Broke' — Jaguar Went Stupid Instead

Stephen Green:

Pity poor Jaguar. The British-based luxury and performance carmaker has had a rough go of it this century, but nothing could prepare anyone for the most bone-headed move in corporate history — and I don't mean Jaguar's woke "Reimagine" ad from late last year.

Let me bring you up to speed.

As recently as 2018, Jaguar sold 180,833 cars annually. Last year, they sold fewer than 33,000. In April — the most current sales figures available — Jag sold just 49 cars in the massive UK/Europe market. U.S. sales figures aren't available yet, but they aren't any better. 

Jaguar went from selling 1,961 cars a month to 49 in just six years. I'm no car industry expert, but that looks pretty bad to me. 

"This 97.5% plunge marked one of the steepest declines for a premium carmaker in recent history," Design Rush just reported. But I have to ask, is that really in recent history or is it ever?

The company understood that something had to change, and in November, it revealed its "Copy Nothing" rebranding. If you missed it then, don't miss it now:

I mean, the company had to try something after years spent watching sales swirl down the toilet. But I don't hesitate to remind you that just because something must be done, that doesn't mean they had to go and do this particular (and particularly stupid) thing.

"Copy Nothing," with all its bored-looking gender-fluid whatever people and zero cars, came at the second-worst possible time, too — just as consumers and corporations turned 180° away from the woke stuff.[But] Jag's nosedive isn't because of the brand's woke rebranding, although it does stem from the same mindset — one they'll teach in business schools for decades as an example of what not to do.

You see, Jaguar stopped selling cars because they stopped making them:

This dramatic drop coincided with Jaguar’s effort to reinvent itself as an all-electric luxury marque.

Under the “Reimagine” plan introduced in 2021, the company halted internal combustion model production in anticipation of an EV relaunch set for 2025–2026.

By late 2024, Jaguar suspended sales in the U.K., leaving dealerships with almost no inventory.

"Heading into 2025," the report concluded, "Jaguar had phased out nearly every vehicle in its lineup: the XE and XF sedans, F-Type sports car, E-Pace, and I-Pace crossovers."

Other European luxury carmakers slowly introduced EV models into their lineups, while adjusting production and expectations as EV adoption slowed in recent years. Jag spun down its ICE cars before it could spin up EV production.

Remember when Coca-Cola switched to New Coke that tasted more like Pepsi? This is like Coca-Cola switching to New Coke but then not making any to put on store shelves or in soda fountains.

Jaguar: "We have this exciting new electric car!"

New Customer: "Amazing, I love it. Where can I buy one?"

Jaguar: "You want to what?"

Just what we needed, I guess, but such language!

We can always use another layer of bureaucracy, whether in our government or in our public schools, although the accompanying chart might suggest a slight slowdown in the latter might be in order, but look at the corporate gobbledygook our own school superintendent uses to announce her latest initiative — she spares no cliche, no unnecessary word in her “mission statement”; in fact, nothing in this press release would be unfamiliar to any model corporate flunky in a modern major business: sound and jargon, signifying nothing.

And that’s too bad — she might have used this opportunity to think outside the box, create a synergy that would move the needle, and use that leverage to grab the low-hanging fruit; cause a paradigm shift, to ….

Greenwich Schools Chief Announces Newly Created Position: Coordinator of Student Wellness & Support

Greenwich Public Schools Superintendent Dr. Toni Jones announced on Monday that Jessica McEvily has been named coordinator of student wellness and support, effective immediately.

In this newly created position, the coordinator of student wellness and support provides strategic leadership, supervision, and coordination of the district’s mental health initiatives.

This role ensures the effective delivery of school-based mental health services through oversight of school counselors, social workers, and school psychologists. McEvily will support the comprehensive, multi-tiered system of supports to promote the mental, emotional, and social well-being of all students.

“This unique position for our district will be focused on creating a systemic approach by creating a more cohesive partnership between psychologists, social workers, school counselors, and outside providers to build and strengthen mental health supports across K-12,” Dr. Jones said.” 

Fourth time's the charm

16 Marlow Court (at the end of Indian Head) was listed for $6.250 million in 2019, $5.850 in 2020 and again at $5.850 in 2022; no luck, even though it got a gushing, some might say fulsome write-up in Greenwich Time in 2019.* This time, it didn’t even hiot the MLS — two agents worked it out between itself, and it’s sold for $6.2 million.

Literary criticism aside, it is a very nice house, in a beautiful setting.

*Sample:

The house at 16 Marlow Court in Riverside is unique in many ways, but foremost, the little island stands out. Egrets and ospreys soar and dip over the little patch of trees and rocks in the cove off Cos Cob Harbor, hunting for fish. A red-tailed hawk makes a lazy loop over the islet.

The house at the water’s edge is beautifully situated to take advantage of the seaside tableau, but it took some visionary new owners to make the most of the old house, which dates to 1948.

Lawrence and Barbara Hathaway spent a full year in 2013 working to bring the old home into the 21st century, while maintaining the charm and character of a seaside colonial that would feel at home on Cape Cod. The structure was not expanded during the extensive renovations, maintaining its classic proportions, and the older features of the home, like a gambrel roof and a colonaded entryway, were preserved.

…..

The color palette used on the interior was picked with care. Natural grasscloth, a wall covering made of strands of natural fibers, was used to clad the front hall, a graceful way to enhance the natural connection to the outside. In the dining room, the Hathaways went with a shade of iceberg blue, playing off the watery view and a crepe myrtle just outside the window bursting with pink blossoms. The sitting room was painted in a shade of ivory. ….



After five decades of college indoctrination of the masses, a huge part of the population thinks this is a good thing (Updated)

NYC’s New Marxist Star Wants to Seize the Means of Production

(Bonus material) — you’ll never guess who says that Mamdani is the future of the Democrat Party; okay, you would.

Mamdani’s Ration Marts

I wouldn't know quite what to do with this property either, but it's definitely cool, and someone has finally come up with an answer; I hope their plans don't include a bulldozer

14 Zaccheus Mead Lane, an exotic collection of buildings constructed in 1906 and spread over 8-acres of land, has finally found a buyer. Current price is $5.9 million, it might have sold sooner had the owner not insisted on sticking to her original ask of $6.9 from June ‘24 until this past February. It’s definitely a unique parcel; here’s how listing agent Joe Barbieri describes it:

Remarks: First time on the market in over 50 years, 1906 stone house fashioned after European castle with two guest cottages on 7.81 acres (2-acre zone) in the private Rock Ridge Association. Sited atop a hill surrounded by mature trees, the one-of-a-kind main house is filled with antique wood carvings, original paneling, beamed and tracery plaster ceilings. A 2-bedroom guest cottage shares the main driveway. A Tudor-style 3-bedroom cottage has its own private driveway and detached 1-car garage off Witherell Dr - could be a potential second lot. The arboretum-like landscape is bordered by stone walls with scenic Horseneck Brook running along the western edge of the property. Opportunity to renovate, expand, or build new in an ideal location close to downtown Greenwich with exceptional privacy.

Better luck this time

29 Round Hill Club Road, (“Le Airbus”, according to its listing) currently priced at $16.5 million, reports a contract after just 62 days. That’s a marked improvement over the fortunes of the previous owners, who paid $16.250 for it in 2008 after it had been fully restored, and then tried for 2,280 days: May 2013 to September 2019, to resell it for an ever-diminishing price, starting at $18 million, before finally capitulating and accepting these owners’ offer of $9.3.

Biden: "Don't"; Trump: "FAFO".

Chalk another one up for Trump.

CNN: June 27th, 2025:

Trump cuts off US trade talks with Canada, shattering optimism over tariff deals

The often-chaotic rollout of Trump's import levies since his return to office this year has frequently whipsawed financial markets, and have begun to weigh on consumer spending, the bedrock of the U.S. economy.

U.S. stocks were briefly batted lower by his broadside against Canada, but the S&P 500 and Nasdaq managed to close out the week at record highs. [Ed- “managed” – nice choice of words]

June 29th, 2025:

Canada to resume trade talks with US after rescinding digital services tax

Previously:

April 13th, 2024:

June 21st, 2025:

The ghost of Antares rises from the flames

News of the sale of Greenwich Green broke last week (Greenwich apartment complex near NY border sells for $20.7 million) and it reminded me of the sordid real estate “investment” fiasco oh Joe Beninati and Jimmy Cabrero who did business as Antares Investment Partners back in the glory days of 2000-2007, when it all came crashing down.Cabrera’s still in Greenwich, I believe, and who knows where Beninati got to or what he’s up to these days, but it’s still a fun story.

As an aside, I was told by someone who was there that Lehman Brothers put together the deal that enabled Antares’ “investors” to pay $223 million for Putnam Green and an adjacent apartment complex, “Weavers Hill Apartments”. At the final meeting of Lehman bankers [sic] to get the paperwork ready, a bean counter stuck his head out of the closet they’d stored him in and announced, “guys, I keep running the numbers, and there’s no way this works — not even close”. “Shut up” the lead banker explained, “do know how much we’re charging for this deal?” Ah, the Wall Street years; they’re still at the game, two decades later.

Greenwich Time (well, Hearst) used to employ a great reporter, Neil Vigdor, who has since gone on to the NYT, and he wrote a two part series on the Putnam Green purchase and the Antares Boyz; great reading, excellent reporting:

A fall into the money pit

By Neil Vigdor, Staff writer Sep 1, 2009

Antares Investment Partners would make a huge misstep in February 2006, buying the Putnam Green and Weaver's Hill apartment complexes on the western end of town with the goal of converting the properties into high-end condominiums that would be renamed Greenwich Place and Greenwich Oaks. The $223 million property purchase was a record for the town and the state of Connecticut at the time.

Antares ran into problems right away. Elderly tenants, threatened with eviction from their units, banded together to file a discrimination complaint.

Under state law, the company was barred from evicting any tenants 55 or older as long as they paid the market rent for their units. That threw a wrench into the plan.

In order to convert the apartments into condos, the company needed to sell 20 percent -- about 92 of the 462 available units. It got contracts for only 25, according to those with knowledge of the project.

"If you have no experience in doing apartment-to-condo conversions, you don't start out by doing the biggest one in the state and in Greenwich," said Matthew Allen, an asset manager who worked for Antares from September 2006 until he was laid off in October 2007.

"They wanted to be big shots right out of the gate," Allen said

House of Cards

Robert Tuthill, who rented an apartment for years at Putnam Green and put down a 10 percent deposit for a condo, said the company treated tenants shabbily, keeping them in the dark on the status of the project.

"These guys just showed absolute disdain for people," said Tuthill, who found another condo in Byram once the company's troubles became apparent. "It couldn't happen to better people, as far as I'm concerned."

The financing of the venture was even more unconventional than the premise of the project itself, by many accounts. Antares put very little of its own money into the deal, relying on Lehman Brothers and Arch Street Capital Advisors, a Greenwich-based real estate investment advisory firm, to come up with the capital for the purchase and the condo conversion.

Arch Street Capital tapped into its Middle East connections to get cash from hundreds of individual Kuwaiti investors to help finance the venture.

In the end, the total amount financed was $351 million, with Lehman giving a $227.5 million senior loan to Antares in what would be a costly lapse in judgment for the doomed Wall Street institution, those familiar with the deal said.

What was most shocking about the situation was that the chief executive officer of the now-bankrupt Lehman Brothers, Richard Fuld Jr., lived on North Street in Greenwich, not quite eight miles away from both apartment complexes.

A message seeking comment from Fuld was left at his home. He did not respond.

And the day before that article was published, This:

Antares downfall: how a real estate empire crashed and burned


They bought up real estate in Greenwich and Stamford like they were playing Monopoly.

They built backcountry spec houses the size of big-box stores, sat behind home plate at Yankee Stadium, and partied like rock stars with black metal American Express cards.

But Antares Investment Partners had a darker side. The same alpha male executives who loved the trappings of superwealth also risked hundreds of millions in investors' money on overleveraged, underperforming deals and tapped financiers who lined up to provide cash, never looking closely enough to see the cracks in the high-flying company's facade.

"I said to myself, This is going to end badly,'" said Matthew Allen, 37, an asset manager who worked for Antares from September 2006 until he was laid off in October 2007.

Poster child for success, failure

The bricks and mortar of the Antares real estate empire came from sources such as Ivy League endowments, pension funds, family trusts, moneyed Arabs and a Wall Street institution now infamously associated with two words, Chapter 11, but the blue chip blueprint was flawed.

[From that issue, here are couple of headlines that place the story in historical context:

Antares comes to Stamford

Leona Helmsley, former 'queen of mean', dies at 87

Trump gets OK to end bankruptcy

Now back to your regularly scheduled program]

Antares is now a shell of its former self, when it controlled what company literature touted as $6 billion in real estate assets, including a 35,000-square-foot spec house, a pair of garden apartment complexes in Greenwich known as Putnam Green and Weaver's Hill, 82 acres of land it planned to develop in Stamford's South End and a stake in the swank Delamar Greenwich Harbor hotel.

Its principals, who built gated estates with what seemed to be easy money, are being personally sued for millions of dollars by the company that inherited their biggest development project.

As one former business associate of Antares put it, the company became "Greenwich's poster child for what went on in the rest of the world."

Said Frank Farricker, a Greenwich real estate broker and member of the Planning and Zoning Commission, "It's a freakin' disaster."

In the eye of the storm were James Cabrera and Joseph Beninati, the firm's founding partners, whose mercurial rise to success, insatiable appetite for real estate, oft-described "cowboy" attitude and penchant for the good life rubbed many they encountered the wrong way.

"Oh, these people in Antares, they're an example of the worst that's happened with new-money types. No class whatsoever," said Robert Tuthill, a former Putnam Green tenant who contracted to buy a condominium at the complex from Antares during an ill-fated conversion project.

Cabrera and Beninati could not be reached for comment.

A shooting star

To understand just how far the company fell, however, you have to go back the beginning.

Cabrera, 46, and Beninati, 45, became friends at Choate Rosemary Hall, the illustrious prep school in Wallingford whose famous alums include John F. Kennedy, Adlai Stevenson, Paul Mellon and Michael Douglas. They played football there. Beninati was born in the Bronx, N.Y. Cabrera was a postgraduate who went to Greenwich High School before Choate.

The future business partners went their separate ways after Choate, Cabrera to Duke University and Beninati to Middlebury College. Beninati went on to work for J.P. Morgan, while Cabrera dabbled in commercial real estate as a regional president for the Galbreath Co.

The Choate chums went into business together around 1997, founding Greenwich Technology Partners, a 600-person global systems engineering firm, according to Cabrera and Beninati's biographies. Greenwich Technology Partners was, however, "a shooting star that crashed and burned," by one account, with "not enough revenue and too much overhead," especially as the tech bubble popped.

Antares would follow the same trajectory.

Easy money

Cabrera and Beninati spun off the money they made from GTP and invested in real estate, buying up several properties in Westchester County, N.Y., and in Miami, those familiar with firm's activities said.

They also assembled a syndicate of some 30 investors, each of whom put up around $100,000, and used the money to buy a package of partnership interests owned by real estate mogul Seth Weinstein, principal of Stamford's Hannah Real Estate Investors, that included a stake in the Seaview House, a commercial office property in Stamford.

It was a meteoric rise for the new company, which was named Antares. There was no real rhyme or reason to the choice of name, other than the story that Cabrera and Beninati wanted to be listed first alphabetically in trade show books and other forums.

The business model was a simple one: Tap high-net-worth friends and family connections for money that the company could invest in single-family residential land in Greenwich.

"The money was just too easy," said Charles Mallory, managing general partner of Stamford-based Clearview Investment Management and majority owner of the Delamar Greenwich Harbor hotel.

Mistake by the lake

Antares came of age around 2003, with the company buying the project rights for a gated subdivision in Armonk, N.Y., called Cider Mill.

Around the same time, the company bought a tract on Taconic Road in Greenwich's exclusive backcountry, where there was zoning approval for seven homes on lots of 2.2 acres each, the asking price for which would be between $15 million and $18 million each.

That would be chump change compared with how much the company wanted for a starter palace it was building, also in the backcountry.

Antares set the price at $28 million for the Lake Carrington Estate, a 35,000-square-foot stone monster that would come to symbolize the company, for better or worse.

Its style has been referred to as "stockbroker Georgian." The amenities, if you could describe them so mundanely, included a 36-foot-long indoor lap pool, a home theater, a 20,000-bottle wine cellar with its own tasting room, a squash/basketball court, and two elevators.

Smoke and A-Rod

A New York tabloid reported in July 2007 that New York Yankees slugger Alex Rodriguez was a potential buyer of the estate.

Some on the inside suggested that was just smoke intended to up the ante.

"I don't think he even saw or went to the house," Allen said.

A-Rod didn't bite. Neither did anyone else, for that matter. A full two years later the estate is still on the market, its interior unfinished and a massive dirt pile left in the corner of the property.

Listed by Sotheby's International Realty for $14.5 million, the estate was put up as collateral in settlement negotiations with a group of investors who sued Antares Mansions over losses.

"Everyone thought at the time, if you build it, you'll sell it," Farricker said.

Robin Leach, eat your heart out

Across the pond from the Lake Carrington Estate, the Antares bosses, each married with three children, built their dream homes. Cabrera's has been described as a classic New England-style house "on steroids" in the neighborhood of 18,000 square feet.

Beninati attempted to remake an Italian villa he and his wife saw on their honeymoon, flying in materials for the construction.

Beninati was widely considered the more extravagant of the two, employing butlers and maids, and driving a Bentley, Range Rover, Mercedes-Benz and Porsche Cayenne.

Membership has its privileges

In the world of Antares, Gold Cards were for wimps. Most top executives had their own American Expresss Platinum Card from the company, complete with a $20,000 monthly spending limit that they were encouraged to exhaust, according to a former member in the firm's inner circle.

Never one to be outdone, Beninati carried an Amex Centurion Card, popularly known as the Black Card, in his wallet.

American Express requires a $5,000 initiation fee and $2,500 annual fee to carry one of the cards, which are made of metal, not plastic.

Membership perks include personal shopping assistance, concierge service, VIP access at special events, hotel and airline upgrades and free companion tickets.

Antares had box seats at Yankee Stadium that it used to woo deep-pocketed investors, as well as Knicks tickets at Madison Square Garden, one former high-ranking executive said.

All its execs had plasma televisions in their offices, and when they traveled, well, the sky was the limit -- a Gulfstream IV, one of several private jets the company had access to through fractional ownership programs. No longer in production, the G-IV sold for about $36 million and can hold 19 passengers, plus two pilots.

Bonus Material

I myself posted a number of stories on the Antares Boyz over the years, and here’s one from 2016 reporting on Joe Neninati’s then-latest fall fron grace:

April 10, 2016 · 11:08 am

Antares star burns out

A planned 900-foot-high condominium tower, a modernist showpiece designed to rival the tallest new Midtown Manhattan residential skyscrapers, landed in bankruptcy court on Thursday amid a slowing luxury market.

Developer Joseph Beninati’s Bauhouse Group put the project into chapter 11 bankruptcy on Wednesday to try to halt a foreclosure after he was unable to find lenders to refinance short-term loans the group used to acquire land and air rights for the tower on East 58th Street near Sutton Place. Construction has not started.

The developer was seeking to block an effort by an investment firm controlled by real-estate investor N. Richard Kalikow from foreclosing on the development. The project faced opposition by local officials and worries by lenders about the increasing risk in financing high-end residential towers.

During a Thursday hearing in U.S. Bankruptcy Court in Manhattan, lawyers for Mr. Kalikow’s investment vehicle asked Judge Sean Lane to dismiss the bankruptcy, which they have called a “classic bad-faith filing” intended to thwart foreclosure. Court papers show the lender is owed more than $170 million, including interest and fees, a figure that is growing by $2.67 million a month.

But wait, there’s more!

Back in 2008, The New Yorker’s Nick Paumgarten wrote a wonderful artile on what was going on in Greenwich at the time, and part of it focused on one of the Antares’ vanity projects. From  “A Geenwich of the Mind”.

In recent years in Greenwich, as elsewhere, many developers have made a great deal of money buying up empty lots or teardowns and building enormous speculative ready-to-occupy mansions. You see them everywhere, a proliferating clan of insta-mini-giganto luxury houses, modest at ten to fifteen million dollars apiece. Their banal extravagance both mitigates and exacerbates what people either too rich or too poor to live in such houses would consider their tackiness.

Lake Carrington is enormous and speculative but not quite occupant-ready. It was framed out and drywalled but otherwise unfinished: no bathroom or kitchen fixtures, no moldings. The floors are plywood. It is a husk. To move in, a buyer would need to put in an additional five to fifteen million dollars’ worth of work. The developers’ name for this situation was “couture-ready,” the stated theory being that the buyers, whoever they might be, would want to customize the guts, but not the shell, to their taste.

Another way of looking at Lake Carrington was that it was a Potemkin manor, a movie set, not as much a dream house as a house in a dream. The developers, in a booklet promoting the property, which was known around their office as “the Bible,” had described it as “Gatsby-esque,” inadvertently summoning up the pretense and the tragedy, rather than the grandeur, of West Egg. The Bible featured stock photographs of polo players, vintage-car grilles, little girls blowing cattails: a Greenwich of the mind. The house was, in one sense, an entirely superficial confection of Greenwichness, and, in another, a canny apotheosis of it. Lake Carrington went on the market in April, 2007, listed at twenty-eight million dollars.

It eventually sold in 2008, just ahead of foreclosing lenders, to some chump for $13.750 million. He finished the project, at great expense, and now, years later, an agent known for her sense of pricing humor has it back on the market for $19.5 million.