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Lewes, Delaware
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March 24, 2000     Cape Gazette
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March 24, 2000

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46 - CAPE GAZETTE, Friday, March 24 - March 30, 2000 BUSINESS &amp; REAL ESTATE Full Moon Saloon gears up for Irish Eyes site By Jen Ellingsworth It looks like leprechaun green will be changing to cactus green. After months of speculation about its future, the former site of Irish Eyes Restaurant & Pub in Rehoboth Beach will reopen this spring as the Full Moon Saloon, a new restaurant with new owners. Co-owners Amy McDonald and Debra and Allen McCabe have set an April 15 grand opening for the 125-seat establishment, located at 15 Wilmington Ave. While the Irish Eyes site in Re- hoboth Beach closed last fall, a second Irish Eyes restaurant in Lewes on Anglers Road remains open with dining, bar and live en- tertainment at a waterfront setting. The owners of the Full Moon Saloon said they plan to feature a southwestern theme at the restau- rant, which will keep its original floor plan with a spacious bar, cocktail area and adjacent dining room. The atmosphere at the year-round venue will be casual, upbeat and fun, they added, and the ideal setting for patrons to en- joy themselves. "Basically, it's going to be a place for people who want to have a good time and howl at the moon," joked McDonald, perhaps best known as a server at the Dewey Beach Club for the last 11 years who also worked at the Rusty Rudder Restaurant. Debra McDonald, a Selbyville resident and lifelong Cape Region local, also previously worked at the Rusty Rudder. The McCabe family of Selbyville owns and op- erates McCabe's Millwright and McCabe's Mechanical, where co- owner Allen McCabe works. The Full Moon Saloon menu will feature steak and seafood dishes, among a wide variety of offerings that will range in price, $6.95-$20. Examples of menu items include surf and turf din- ners, shrimp dishes, chicken Teriyaki and burgers. A large, dai- ly list of specials and kid's menu will also be highlighted. Carl Wenke, a local veteran of the foodservice business with years of experience at establishments in- cluding the Starboard and Irish Eyes, is chef at Full Moon Saloon. The owners and management agree the main quality they aim to offer at the Full Moon Saloon is a non-pretentious, relaxed atmos- phere near the beach and Board- walk. "It's going to be very down- home," said Debra McCabe. "Nothing too fancy. It's going to Continued on page 47 Jen EIIIngsworth photo Shown at the Full Moon Saloon in back are (l-r) Carl Wenke, chef; Mary Ellen Mann, bar manager;, Paul Lawson, bouncer;, and Dee Morris, floor manager. In front are owners Debra McCabe and Amy McDonald. Not shown is owner Allen Mc- Cabe. Pires' Rusty Rudder purchase is "dream come true" Jim Crelmon photo On a blustery Tuesday morning, March 22, Highway One general partner Alex Pires stood smiling against the on- slaught of northeasterly wind and rain in front of his group's recently purchased Rusty Rudder, which sold for $12.5 mil- lion. By Jim Cresson In the words of Highway One general partner Alex Pires, a nine-year dream came true on The Circle in Georgetown late Thursday, March 16, as he signed a $12.5-million purchase settlement with Joseph H. "Jay" Prettyman Jr. for the Rusty Rudder and Rud- dertowne complex on the bay at Dewey Beach. It was the fourth time since 1991 that Highway One, which also owns the Bottle & Cork Restaurant and the newly named 'northbeach' restaurant (for- merly the Waterfront), had attempted to buy the pop- ular Ruddertowne complex Prettyman developed and opened in 1978. Prior attempts failed in 1991, 1994 and 1997. Highway One is composed of Pires, Jim Baeurle, Ed Davidson, Joe Adams, Mike McGraw and four silent partners. All of the named partners own homes in Dewey Beach and have an active interest in run- ning the Highway One business properties. Pires, a Washington, D.C. lawyer, handled the ne- gotiations with Prettyman. The settlement, signed in the law offices of James A. Fuqua & James A. Yori after a long day of final negotiations, capped a winter of purchase discussions between Pires and Pretty- "man. Prettyman journeyed to Florida following the sign- ing, but Pires spent the weekend in Dewey at the Bellevue Street home he has owned since 1978 and talked about the purchase of the 4.5-acre Rudder- towne parcel, which comprises the entire bayside block between Dickinson and Van Dyke streets. In- cluded in the complex are the Rusty Rudder restau- rant, the BayCenter dining and convention hall, the Lighthouse Restaurant, several retail shops, two parking lots and two open street-end beaches. Continued on page 47 Top-lO reasons to consider f'mancial planning Your financial aims may in- clude funding college educations, planning a secure retirement, pur- chasing a new home, starting a business, minimizing taxes or any combination of these objectives. No matter what your goals are, developing a comprehensive fi- nancial plan is one of the most im- portant steps you' can take toward achieving them. While your finan- cial situation and objectives are unique, here are 10 of the most pertinent reasons for investors to establish a good financial plan. 1. Americans are living longer, healthier, more active lives than ever before. Many will spend nearly as much time in retirement as in their careers. If a longer, more active retirement is in your future, it is likely you will need significant financial resources. 2. The cost of higher education continues to outpace inflation at a FINANCIAL FOCUS BRETT T()OMEY time when the need for a higher education has never been more evident. A good financial plan can help you prepare for these costs. 3. Increasingly, Americans are required to take responsibility for their own health care - this may mean you'll be choosing your healthcare coverage options from a menu plan and funding all or part of your coverage on your own. 4. Estate taxes may consume as much as 55 percent of a person's estate within 90 days of his or her death. Establishing a sound finan- cial plan can preserve a legacy for your heirs by helping to shield your assets from estate taxes. 5. A financial plan provides a complete assessment of your cur- rent financial situation, from your net worth to your cash flow and debt management practices - and identifies how you may be able to improve them. 6. Financial planning helps you take a comprehensive look for- ward to your future financial needs and goals, including cash flow and debt management, edu- cation funding, retirement plan- ning, estate conservation, and portfolio management. 7. A comprehensive financial plan that identifies specific strate- gies and opportunities for actively working toward meeting your fi- nancial objectives. 8. A financial plan can help pro- tect your family, business interests and investment portfolio by help- ing you to determine the amounts and types of insurance that may be right for you. 9. A comprehensive financial plan helps you to organize your network of professionals, includ- ing lawyers, accountants and oth- er influential specialists and puts you in the control position. 10. As your needs, goals and fi- nancial situation change over time, a financial plan gives you the flexibility to alter your finan- cial strategy to meet new objec- tives. To be effective, you and your financial advisor must weigh several factors, including your ob- jectives and time frames, your personal investment philosophy and your tolerance for risk. The dawn of the new millenni- um may be the perfect time to set up a financial plan that will help you get control of your finances for the future. This article is published for general informational purposes and is not an offer or solicitation to sell or buy any securities or commodities. Any particular in- vestment should be analyzed based on its terms and risks as they relate to your circumstances and objectives. Editor's note: Brett M. Toomey is a financial advisor for Morgan Stanley Dean Witter, Newark. He can be reached at 800-359-5900, or via e-mail at <Brett_Toomey@\>.