October 14, 1989 |
The $6.75-billion buyout of UAL Corp., the parent of United Airlines, unraveled Friday when the group led by the airline's pilots and Chairman Stephen M. Wolf said it couldn't raise enough money to finance the deal. The collapse sent the stock market into a tailspin, pushing the Dow Jones industrial average down a stunning 190.58 points, and threw a cloud over billionaire Donald J. Trump's bid for the parent of American Airlines. UAL Corp. shares slid $5.50 to $279.
October 1, 1989
The Chase Manhattan Bank, represented by Langdon Rieder, a Los Angeles-based corporate real estate consulting firm, has subleased 18,567 square feet on the 13th floor of Chase Plaza in downtown Los Angeles to Morgan, Lewis & Bockius, which is expanding its facilities within the same building. The eight-year sublease was valued at about $3.5 million. The law firm will occupy the new space in November.
August 23, 1989 |
In its continuing push to privatize state enterprises, the Mexican government Tuesday announced a three-year plan to sell Mexicana de Aviacion, the nation's largest airline, to a consortium of Mexican, U.S. and British investors. Chase Manhattan Bank, British financier Sir James Goldsmith and investment fund DBL Americas are minority partners in the consortium, which initially will purchase 25% of Mexicana under a new corporation. The foreign investors will own 9.8% of the airline.
July 11, 1989 |
Chase Manhattan Bank, the nation's second-largest bank in terms of assets, lowered its prime lending rate by a half percentage point to 10.5% on Monday, but the other New York "money center" banks did not immediately follow suit. Economists said the other banks probably would cut their prime rates soon in response to a general downward trend in interest rates that has lowered the banks' own cost of funds.
May 29, 1989
Credit Card Portfolio Bought: Chase Manhattan Bank will purchase the credit card portfolio of Michigan National Corp. for more than $220 million. The portfolio, held by the Independence One Bank subsidiary of Michigan National, consists of more than 1 million Visas and Master Cards with outstanding balances totaling about $1.1 billion. The addition of the portfolio will increase Chase's cardholder base to 7 million accounts with total outstanding balances in excess of $8 billion.
May 26, 1989 |
Chase Manhattan Bank will purchase the credit card portfolio of Michigan National Corp. for more than $220 million, cementing Chase's position as the nation's No. 2 bank credit card issuer, it was announced today. The portfolio, held by the Independence One Bank N.A. subsidiary of Michigan National, consists of more than 1 million Visas and MasterCards with outstanding balances totaling about $1.1 billion. Chase called the acquisition the largest in the history of the credit card industry.
May 9, 1989
Peter O'Malley may be more concerned about the Dodgers' escalating payroll than is Tom Lasorda, but the manager says he knows all about economics, too. And he tells this story to prove it: "A guy went into Chase Manhattan Bank to borrow $1,500, and left his car as collateral. In a week, he came back, paid off the loan, plus $17.50 in interest. "The bank's loan officers, who in the meantime had discovered the man was worth millions, asked him why he took out a $1,500 loan.
May 3, 1989
Alleghany Corp. said it signed an agreement to purchase Sacramento Savings & Loan Assn. of Sacramento and two related companies from the H.N. and Frances C. Berger Foundation for $150 million cash . . . Independent film producer Pathe Communications said it halted negotiations for the purchase of a $6-million interest in Kings Road Entertainment . . . The Transportation Department gave final approval to Federal Express Corp.'s takeover of the Flying Tigers air cargo service on the condition that Federal give up its U.S.-Japan small package service . . . . . . American Airlines said it has reached a contract agreement in principle with the Transport Workers Union, which represents 23,000 ground service personnel and mechanics . . . Sears, Roebuck & Co. said it is moving its catalogue operations from the landmark downtown Sears Tower in Chicago to a company-owned building in suburban Skokie . . . Chase Manhattan Bank said all its credit card accounts will leap to a 19.8% annual percentage interest rate from 17.5% on June 1. . . . Owners of America's mid-size, privately held businesses pay themselves an average of $151,000 annually in direct and indirect compensation, according to a study of middle market companies by Geneva Cos., an Irvine-based financial services organization that studied 2,500 firms with annual revenue from $1 million to $100 million.
April 25, 1989
Chase Manhattan Bank, the nation's second-largest bank, has signed a multimillion-dollar telecommunications service agreement with MCI Communications Corp. The companies declined to disclose the value of the contract.