Markus Jooste's attempt to sell one of the assets owned by his investment firm, Mayfair Holdings, to repay bank loans that were backed by the now collapsed shares of Steinhoff International may be scuppered by a group of associates. The former CEO of the Stellenbosch-based retailer, whose shares have plunged more than 98% since December, is trying to sell Rascals owner Lodestone through a mechanism that would force its minority shareholders to also offload their shares. Jooste's Mayfair indirectly owns 67% of Lodestone and has until December to settle its debt. Minority shareholders and the founders of Lodestone, who own about 22%, appeared in the Johannesburg High Court on Friday to block the bid that is being managed by Standard Bank. Chris Eloff, the senior advocate representing the shareholders, said: "To force us to sell and to walk away is grossly unfair and will prejudice us." According to Eloff, banks including Absa, Investec and Sanlam Capital Markets are owed more than R1-...
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