Corporates Restructuring

Trans World Airlines Chairman Carl C. Icahn, a freewheeling investor who likes to fly solo, suddenly has dozens of co-pilots. On Tuesday, Icahn agreed to share power with the troubled airline's creditors, and they are certain to demand seats on TWA's board. "It's got to crimp his style a bit," said Bruce Benteman of Wealth Monitors Inc., a newsletter that tracks big investors. "His style is to call the shots."

They are one of California's most influential political couples: four-term Democratic U.S. Sen. Dianne Feinstein and Richard Blum, a wealthy businessman, philanthropist and behind-the-scenes political advisor. For decades, first as San Francisco mayor and then as senator, Feinstein has had the public persona while Blum has operated in the background. Now, at 71, Blum has stepped into the limelight to take over as chairman of the University of California Board of Regents.

Vans Inc. said Tuesday that it has agreed to settle a shareholders' lawsuit alleging securities violations. The footwear manufacturer also reported higher earnings and sales for the third quarter and nine months ended Feb. 24. The lawsuit, filed last June in federal court, sought class-action status to represent people who bought shares of Vans from June 27, 1994, to May 12, 1995.

The Japanese stock market is in a steep climb, and there might actually be good reason for it. Despite all the country's woes and skepticism about its claims of progress, analysts say the market is responding to an accumulation of hopeful economic indicators, signs of true corporate restructuring and indications that Japan may be collecting dividends from Asia's early economic recovery. And surging stock prices themselves could further fuel the process by bolstering Japan's beleaguered banks.

The Japanese stock market is in a steep climb, and there might actually be good reason for it. Despite all the country's woes and skepticism about its claims of progress, analysts say the market is responding to an accumulation of hopeful economic indicators, signs of true corporate restructuring and indications that Japan may be collecting dividends from Asia's early economic recovery. And surging stock prices themselves could further fuel the process by bolstering Japan's beleaguered banks.

It is extremely likely that in the next decade the United States will experience a period of social unrest unequaled in this century. It will dwarf the protests of the late 1960s and early 1970s. The recent strikes and other demonstrations in France are a portent of what is to come for us. Several things lead me to this dreary prediction: % The growing disparity between the nation's rich and its poor.

Reaping the benefits of aggressive expansion overseas and a corporate restructuring at home, Fluor Corp. on Wednesday reported a record profit of $192.4 million for its latest fiscal year. The Irvine-based engineering, construction and mining company's 15% earnings increase for the year ended Oct. 31 equaled $2.32 a share and came on an 8% increase in revenue, to $8.49 billion. That compared to a profit of $166.8 million, or $2.03 a share, on revenue of $7.

Emulex Corp., a manufacturer of computer products, blamed a corporate restructuring--including the dismissal of 10% of its work force--for an anticipated second-quarter loss of $14 million to $16 million. In Tuesday's announcement, the company for the first time put a price tag on restructuring efforts it announced in October. "This is not really earth-shattering news," said company spokesman Chuck McBride. "We knew this was coming."

West Coast Bancorp said Friday that a growing amount of foreclosed properties and a corporate reorganization caused it to lose four times as much last year as in 1991. The holding company for Sunwest Bank in Tustin, Heritage Thrift & Loan in Brea and Sacramento First National Bank posted a 1992 loss of $7 million, or 76 cents a share. That compared to a loss of $1.7 million, or 19 cents a share, for the previous year. Annual revenue dropped 21% to $40.2 million last year from $51 million.

Downey Savings & Loan, the last major thrift still operating under California authority, said Thursday it will create a holding company and convert its operations to a federal charter. Downey, with $3.9 billion in loans and other assets, expects to complete its new corporate structure by early next year, issuing shareholders stock in a new holding company called Downey Financial Corp. The charter conversion will leave only 11 thrifts still holding on to state charters.

Vans Inc. said Tuesday that it has agreed to settle a shareholders' lawsuit alleging securities violations. The footwear manufacturer also reported higher earnings and sales for the third quarter and nine months ended Feb. 24. The lawsuit, filed last June in federal court, sought class-action status to represent people who bought shares of Vans from June 27, 1994, to May 12, 1995.

It is extremely likely that in the next decade the United States will experience a period of social unrest unequaled in this century. It will dwarf the protests of the late 1960s and early 1970s. The recent strikes and other demonstrations in France are a portent of what is to come for us. Several things lead me to this dreary prediction: % The growing disparity between the nation's rich and its poor.

Reaping the benefits of aggressive expansion overseas and a corporate restructuring at home, Fluor Corp. on Wednesday reported a record profit of $192.4 million for its latest fiscal year. The Irvine-based engineering, construction and mining company's 15% earnings increase for the year ended Oct. 31 equaled $2.32 a share and came on an 8% increase in revenue, to $8.49 billion. That compared to a profit of $166.8 million, or $2.03 a share, on revenue of $7.

Downey Savings & Loan, the last major thrift still operating under California authority, said Thursday it will create a holding company and convert its operations to a federal charter. Downey, with $3.9 billion in loans and other assets, expects to complete its new corporate structure by early next year, issuing shareholders stock in a new holding company called Downey Financial Corp. The charter conversion will leave only 11 thrifts still holding on to state charters.

Emulex Corp., a manufacturer of computer products, blamed a corporate restructuring--including the dismissal of 10% of its work force--for an anticipated second-quarter loss of $14 million to $16 million. In Tuesday's announcement, the company for the first time put a price tag on restructuring efforts it announced in October. "This is not really earth-shattering news," said company spokesman Chuck McBride. "We knew this was coming."

Blue jeans company Levi Strauss has announced that it will move its Southern California office out of the California Mart building in the garment district to downtown Long Beach. Just as 400 other California Mart tenants are considering a move to Santa Monica, Levi Strauss signed a 10-year lease to occupy part of the 20th floor of the Landmark Square office building at 111 W. Ocean Blvd. in Long Beach.

Blue jeans company Levi Strauss has announced that it will move its Southern California office out of the California Mart building in the garment district to downtown Long Beach. Just as 400 other California Mart tenants are considering a move to Santa Monica, Levi Strauss signed a 10-year lease to occupy part of the 20th floor of the Landmark Square office building at 111 W. Ocean Blvd. in Long Beach.

They are one of California's most influential political couples: four-term Democratic U.S. Sen. Dianne Feinstein and Richard Blum, a wealthy businessman, philanthropist and behind-the-scenes political advisor. For decades, first as San Francisco mayor and then as senator, Feinstein has had the public persona while Blum has operated in the background. Now, at 71, Blum has stepped into the limelight to take over as chairman of the University of California Board of Regents.

West Coast Bancorp said Friday that a growing amount of foreclosed properties and a corporate reorganization caused it to lose four times as much last year as in 1991. The holding company for Sunwest Bank in Tustin, Heritage Thrift & Loan in Brea and Sacramento First National Bank posted a 1992 loss of $7 million, or 76 cents a share. That compared to a loss of $1.7 million, or 19 cents a share, for the previous year. Annual revenue dropped 21% to $40.2 million last year from $51 million.

Ending an ill-fated diversification into retailing and energy exploration, Pacific Enterprises Corp., parent of Southern California Gas Co., confirmed Monday that it will cut its 300-person corporate staff by 90%. The troubled company had mentioned possible cuts in its headquarters staff in February, when it announced that it would sell off all non-utility operations. But the extent of the job cuts wasn't disclosed until Chief Executive Willis B.