Craig Corp

T. Robert Craig, 79, who was a pioneer in marketing the hand-held calculator and developing the eight-track auto stereo system, died Wednesday at his home in Brentwood of undisclosed causes. Born in Los Angeles, Craig graduated from Stanford University and served as an Army Air Forces pilot during World War II. He later joined Craig Corp., which his father had founded in Los Angeles to distribute photographic materials.

Thanks to an unnamed Wall Street analyst, some Craig Corp. shareholders got a chance to unload quite a bit of stock this week at stellar prices. It may turn out to be the last such opportunity for a while, unless Craig's ultraconservative helmsman has a change of heart soon about the economy and what businesses are worth. L.A.

Craig Corp., Reading Entertainment Inc. and Citadel Holding Corp. announced that Scott A. Braly has been appointed chief executive of each of the three Los Angeles-based companies. James J. Cotter will continue as the chairman of the boards of directors of Craig, Reading and Citadel. Braly has been a director of Reading since 1999, and previously was chief executive of Hawthorne Savings.

In less than three months, Citadel Holding Corp., the Glendale parent of Fidelity Federal Bank, has seen its stock plunge by about 60%, from a 52-week high of $37.125 a share to $14.75 as of Monday's close. The problem isn't so much that Citadel lost $33 million in the third quarter after taking big loan-loss provisions--the thrift's percentage of problem loans is still only about half that of most other Southern California savings and loans, according to analysts.

Craig Corp., Reading Entertainment Inc. and Citadel Holding Corp. announced that Scott A. Braly has been appointed chief executive of each of the three Los Angeles-based companies. James J. Cotter will continue as the chairman of the boards of directors of Craig, Reading and Citadel. Braly has been a director of Reading since 1999, and previously was chief executive of Hawthorne Savings.

Citadel, Dillon to Settle: Citadel Holding Corp. and shareholder Craig Corp. entered into agreements that would end litigation between the companies and Roderick Dillon and Dillon Investors. Columbus, Ohio-based Dillon, which offered to buy Citadel for $4 a share in January, sued Los Angeles-based Citadel over its issuance of stock to Craig. Citadel then sued Dillon, challenging the accuracy of disclosures it made in filings with the Securities and Exchange Commission.

Citadel Holding Corp., the Glendale parent of Fidelity Federal Bank, said its board had approved a common stock rights offering aimed at raising $30 million to strengthen Fidelity's equity capital and increase Citadel's working capital. Citadel also said it had repaid the remaining $7.5 million of a $15-million loan owed to Los Angeles-based Craig Corp., a company controlled by James J. Cotter, who is also Citadel's chairman.

Craig Corp. Boosts Its Stake in Citadel: The Los Angeles investment company said it increased its ownership of Citadel Holding Corp.'s voting shares to 16.6% from 10% by purchasing 1.3 million new preferred shares issued by Citadel at $3.95 each. The new stock replaces $5.25 million in loans Citadel had owed Craig. Citadel's principal asset is a 16% stake in Glendale thrift Fidelity Federal Bank. Both Citadel and Craig are controlled by investor James Cotter.

Shares of Craig Corp., a holding company with 1997 revenue of $27.2 million, fell 13% after a block trade of 57,000 shares valued the stock 25% below Wednesday's closing price. Craig's stock fell $1.25 to close at $8.19 in NYSE trading during a broad market sell-off. Trading in the shares was halted in the morning as the block became available. Lawndale Capital Management Inc. manager Andrew Shapiro said the block could have come from a small-cap mutual fund liquidating some of its holdings.

Citadel, Dillon to Settle: Citadel Holding Corp. and shareholder Craig Corp. entered into agreements that would end litigation between the companies and Roderick Dillon and Dillon Investors. Columbus, Ohio-based Dillon, which offered to buy Citadel for $4 a share in January, sued Los Angeles-based Citadel over its issuance of stock to Craig. Citadel then sued Dillon, challenging the accuracy of disclosures it made in filings with the Securities and Exchange Commission.

Craig Corp. Boosts Its Stake in Citadel: The Los Angeles investment company said it increased its ownership of Citadel Holding Corp.'s voting shares to 16.6% from 10% by purchasing 1.3 million new preferred shares issued by Citadel at $3.95 each. The new stock replaces $5.25 million in loans Citadel had owed Craig. Citadel's principal asset is a 16% stake in Glendale thrift Fidelity Federal Bank. Both Citadel and Craig are controlled by investor James Cotter.

James Cotter has a history of making waves in other peoples' pools. Now he's getting a taste of his own medicine. Cotter, 58, heads Craig Corp., a Los Angeles firm that is basically a shell through which Cotter has invested in numerous other businesses over the years. He also manages the Forman family fortune, a $300-million-plus portfolio (as estimated by Forbes magazine) built from profits of the family's giant Pacific Theatres movie theater chain.

The top management at the Stater Bros. supermarket chain said Thursday that it has agreed to acquire the 50% stake in the chain that it does not already own for $104 million. The management team, led by Stater Bros. Chairman Jack Brown, said it plans to acquire the stake held by Los Angeles-based Craig Corp. "At this time, Craig Corp. has decided that it wishes to begin reinvesting in other projects and Stater Bros. is willing and able to accommodate them," Brown said.

Citadel Holding Corp., the Glendale parent of Fidelity Federal Bank, said its board had approved a common stock rights offering aimed at raising $30 million to strengthen Fidelity's equity capital and increase Citadel's working capital. Citadel also said it had repaid the remaining $7.5 million of a $15-million loan owed to Los Angeles-based Craig Corp., a company controlled by James J. Cotter, who is also Citadel's chairman.

Craig Corp., a Los Angeles company whose chairman is financier James J. Cotter, wants federal permission to exercise a "controlling influence" over Citadel Holding Corp., the Glendale-based parent of Fidelity Federal Bank, according to filings released Wednesday. Craig already owns 8.9% of Citadel's stock and has two representatives on Citadel's board.

The top management at the Stater Bros. supermarket chain said Thursday that it has agreed to acquire the 50% stake in the chain that it does not already own for $104 million. The management team, led by Stater Bros. Chairman Jack Brown, said it plans to acquire the stake held by Los Angeles-based Craig Corp. "At this time, Craig Corp. has decided that it wishes to begin reinvesting in other projects and Stater Bros. is willing and able to accommodate them," Brown said.

In less than three months, Citadel Holding Corp., the Glendale parent of Fidelity Federal Bank, has seen its stock plunge by about 60%, from a 52-week high of $37.125 a share to $14.75 as of Monday's close. The problem isn't so much that Citadel lost $33 million in the third quarter after taking big loan-loss provisions--the thrift's percentage of problem loans is still only about half that of most other Southern California savings and loans, according to analysts.

Thanks to an unnamed Wall Street analyst, some Craig Corp. shareholders got a chance to unload quite a bit of stock this week at stellar prices. It may turn out to be the last such opportunity for a while, unless Craig's ultraconservative helmsman has a change of heart soon about the economy and what businesses are worth. L.A.