| Kenneth Bryan Dart | |
| Nationality: | Cayman Islands, Belize, Ireland |
| Birth Place: | Mason, Michigan, US |
| Alma Mater: | University of Michigan Cranbrook Kingswood School |
| Occupation: | Businessperson |
| Known For: | Formerly Michigan's wealthiest person |
Kenneth Bryan Dart (born 1955) is a Cayman Islands-based billionaire businessman.[1] His family founded Dart Container, a food and beverage packaging company and the owner of the Solo Cup Company. Dart owns real estate development and investment companies in the U.S. and Cayman Islands and developed the town of Camana Bay. He maintains a low profile and is known for his focus on privacy. He is also a citizen of Belize and Ireland.[2]
Kenneth “Ken” Dart was born in 1955 in Mason, Michigan.[3] His grandfather, William F. Dart, and his father, William A. Dart, had a family business that made metal rulers, military dog tags and a marble game for kids.In 1960, his family founded Dart Container Corporation, now the world's largest manufacturer of foam cups and containers; by 2006, it had with an estimated $1.1 billion in sales.[4]
In 1976, Dart graduated from the University of Michigan with a degree in mechanical engineering. He then joined the Dart Container Corporation; in 1986 he was named president.[5] His brother Robert succeeded him in this role in 2001, when Kenneth moved to the board of directors.
In 1986, Dart's father divided the Dart holdings among trusts set up for his three sons. The eldest son, Tom, received Dart Energy; the cup business went to Ken and Robert, the youngest son. In 1986, Ken moved to Sarasota, Florida.
In the mid-1990s Ken and Robert both renounced their American citizenship. Ken took Caymanian, Belizean and, later, Irish citizenship. Robert holds Belizean and Irish citizenship, and resides in London.[6] Ken moved his residence to the Cayman Islands and in 1994 converted what was the beachfront West Indian club into his home.[7]
In 1994, Dart became a citizen of Belize. At that time Dart offered his residence in Sarasota, Florida, to the government of Belize as a consulate with himself as its consul. This would have allowed him to live in the United States full-time as a foreign diplomat, avoiding any actions by the Internal Revenue Service; the State Department rejected the arrangement.[8] The Reed Amendment of 1996, a tightening of U.S. tax laws concerning expatriates, was partially spurred by the Dart brothers' renunciation of their citizenship to avoid paying taxes.[9] [10]
Dart is an investor involved in various industries including real estate and finance.
Dart Enterprises is a group of companies that holds Cayman Islands real estate and operates businesses.
In 1995, Dart purchased the Coral Caymanian Hotel and its 236 acres of land, which was developed into the town of Camana Bay.[11] Planning for Camana Bay began in 1996, ground was broken in 2005, Cayman International School opened in 2006, and the first businesses opened in 2007. Camana Bay’s master plan includes many phases that will take multiple decades to complete on the 685-acre site close to Seven Mile Beach.
As of 2024, Dart was believed to be the largest landowner in the Cayman Islands.[12] Other Dart properties include:
The New York Times has described Dart as an investor in New York financial district skyscrapers 161 Water Street (formerly addressed as 175 Water Street) and 180 Maiden Lane (also known as the Continental Center).[17]
Dart Interests is Dart’s Dallas-based national real estate and development firm in the U.S.[18] The company has projects in multiple states and includes multifamily, hospitality and resort, mixed-use and for-sale condominiums. Dart Interests developed Evermore Orlando Resort, located next to Walt Disney World, which covers more than 1,100 acres with a 20-acre beach complex and an 8-acre pool called Evermore Bay.[19] The $1.5 billion resort opened on January 1, 2024.
In 2023, Dart Interests purchased the Fort Worth Central Library. The city selected Dart Interests from three bidders. The development will include space for a new library.[20]
Dart founded Dart Neuroscience in 2008 to pursue scientific research and technologies to develop therapies that could enhance human memory and cognitive abilities.[21] Dart invested over $700 million in Dart Neuroscience before closing the business in 2017, citing a lack of progress in memory improvement.
Dart is known for investments in sovereign debt, concentrated and often contrarian equity positions, and campaigns for minority shareholder rights in emerging economies.
After the Dart Family Trust was restructured in 1986, Dart deployed the available capital into investments through Dart Financial Corporation.[22]
Dart has purchased the debt of numerous countries and participated in debt reconstruction. These include Ecuador, Ivory Coast, Mexico, Nigeria, Peru, Poland, Russia, Ukraine, and Venezuela.[24]
Dart began buying Brazilian debt in the 1990s. In 1991 and 1992, Dart was the fourth-largest debt holder of private debt during the final stages of a restructuring packages.[25] Dart’s high-risk approach drew attention when Dart signed on the proposed restricting package and selected an option based on uncollateralized bonds instead of U.S. Treasury-back low-interest bonds selected by other creditors.[26] When Brazil amended its proposal to shift 35% of Dart’s position into the discount bonds, Dart opposed the revised terms. The dispute was settled, and the restructuring closed, after Brazil agreed to pay a portion of Dart’s overdue interest.
During the Greek financial crisis, Dart was part of a group of investors that held more than $8.2 billion in bonds and did not participate in a proposed exchange in 2012.[27] Greek officials chose to repay Dart and other creditors in full for a total of €436 million. Dart received almost 90% of the initial payout.[27] [28] [29]
In the prolonged attempts to resolve the Argentinian financial crisis of 2001, Dart and Paul Singer rejected Argentina's restructuring offer in contrast to most other investors and brought their claim to the US court system.[30] In response to Dart's holdout strategy, the then Argentinian ambassador in the US, Jorge Argüello, rebuked Dart's activities,[31] while in the Argentinian press Dart was named "Enemy Number One of Argentina".[32]
In 2012, a New York State judge ruled in favor of the holdout creditors, ordering Argentina to pay $1.3 billion; Argentina's appeal of the ruling at the US Supreme Court was rejected in 2014.[33] The rulings forced Argentina to miss bond payments in July 2014, which caused the country to be declared in selective default by Standard & Poor's and in restrictive default by Fitch Ratings, meaning that Argentina failed to meet some of their obligations while meeting others.[34] By 2017, Argentina's new president Mauricio Macri had settled with holdouts and was able to access the international capital markets.
In 1991, following the collapse of the Soviet Union, Dart was one of the first investors in the independent Russian state.[35] Along with private investments into various sectors, Dart and his firm bought Russian bonds. During the late 90s when Russian stock scandals were dissuading foreign investors, Dart’s companies led a group of private investors in a campaign for transparent corporate governance and the rights of minority shareholders.[36] Yukos, the country’s second biggest oil company, used stock issues to attempt to skirt creditors and minority shareholders in its subsidiaries.[37]
Dart owns a 6% stake in Imperial Brands, and in 2023, he increased his investment in British American Tobacco, now owning more than 10% of the company. The original investment was disclosed in 2020.[38]
Since 2009 the Dart Center for Journalism and Trauma has been a project of Columbia University’s Graduate School of Journalism in New York.[39]
Dart has three daughters from his first marriage.
In 2002, the Dart brothers and their companies paid $26 million in back taxes.[40]