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BUSINESS
August 9, 1995 | Times Staff and Wire Reports
Equitable May Offer Shares in Securities Unit: The New York-based insurance company may sell as much as $400 million of Donaldson Lufkin & Jenrette Securities Corp. shares, representing a 20% stake in the Wall Street firm, people familiar with the company said. That would value all of DLJ at about $2 billion. Equitable Cos. has weighed the sale of DLJ in part or in full for at least three years.
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BUSINESS
February 9, 2001 | From Reuters
Equitable Life, the troubled British mutual insurer, Thursday rejected a $2.17-billion offer from U.S. financial services group GE Capital, saying its terms were inferior to a sale agreed with British mortgage bank Halifax this week. Equitable, forced to close to new business in December, said in a statement that although GE Capital's figure was higher than Halifax's, overall it was not as attractive.
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BUSINESS
July 23, 1992 | From Times Staff and Wire Reports
Equitable Officially Goes Public: Equitable Life Assurance Society of the United States officially became a public company when its new parent, Equitable Cos., completed a $450-million common stock offering on the New York Stock Exchange. Up to now, the huge insurer has operated as a mutual company owned by its policyholders. Equitable's 50 million shares of common stock, offered at $9 a share July 15, lost 25 cents Wednesday to trade at $9.25 in NYSE trading. The stock began trading July 16.
BUSINESS
February 6, 2001
* Halifax, Britain's largest mortgage bank, said it reached an agreement to buy troubled life insurer Equitable Life for as much as $1.47 billion. But U.S. financial services group GE Capital, which had failed to win over Equitable's management, was considering striking back with a "substantially" higher and restructured proposal, an industry source said. Equitable maintained that the deal with Halifax is final. GE Capital is a unit of U.S. conglomerate General Electric Co.
BUSINESS
May 5, 1998
Equitable Cos., the fourth-largest U.S. life insurer, said its first-quarter earnings from operations rose 62%, as rallies in financial markets boosted annuity sales, investment banking and money management. Profit rose to $213.9 million, or 92 cents a diluted share, from a year ago, exceeding analyst estimates of 79 cents. The New York company's investment unit--investment bank Donaldson, Lufkin & Jenrette Inc. and money manager Alliance Capital Management--saw profit rise 38% to $105.
BUSINESS
November 4, 1998 | From Times Wire Services
Home equity lender FirstPlus Financial Group Inc. said Tuesday that third-quarter earnings plunged 70%. The company also told investors and analysts in a conference call that it faces hurdles before it can close an agreement to sell off key portions of its business to Coast-to-Coast Financial Corp.--a sale that's essential to its survival. "If the Coast-to-Coast deal, which is dependent on financing, isn't completed, they're going to be out of business," said Michael Abrahams at Sutro & Co.
BUSINESS
February 6, 2001
* Halifax, Britain's largest mortgage bank, said it reached an agreement to buy troubled life insurer Equitable Life for as much as $1.47 billion. But U.S. financial services group GE Capital, which had failed to win over Equitable's management, was considering striking back with a "substantially" higher and restructured proposal, an industry source said. Equitable maintained that the deal with Halifax is final. GE Capital is a unit of U.S. conglomerate General Electric Co.
BUSINESS
March 16, 1992 | From Times Staff and Wire Reports
Equitable Begins Mailing Ballots: The Equitable has begun mailing its 2.2 million policyholders over a ton of documents--the equivalent of 145 African elephants, executives have joked--to solicit their approval for converting to a public company. For seven days ending Friday, 315,000 one-pound packages will be sent out each day in what is the largest personalized mailing in the history of the U.S. Postal Service.
CALIFORNIA | LOCAL
December 30, 1993 | JULIE TAMAKI, TIMES STAFF WRITER
An attorney who claims he becomes physically ill when he nears a courthouse is being sued by an insurance company trying to recover $85,000 it paid him in disability benefits after he was charged with murder in an unrelated insurance fraud case. Gary P. Miller was arrested in October, 1992, at his Encino home for allegedly masterminding a staged wreck four months earlier on the Golden State Freeway in Sun Valley that killed Jose Luis Lopez Perez, 29, a participant in the scheme.
BUSINESS
February 9, 2001 | From Reuters
Equitable Life, the troubled British mutual insurer, Thursday rejected a $2.17-billion offer from U.S. financial services group GE Capital, saying its terms were inferior to a sale agreed with British mortgage bank Halifax this week. Equitable, forced to close to new business in December, said in a statement that although GE Capital's figure was higher than Halifax's, overall it was not as attractive.
BUSINESS
November 4, 1998 | From Times Wire Services
Home equity lender FirstPlus Financial Group Inc. said Tuesday that third-quarter earnings plunged 70%. The company also told investors and analysts in a conference call that it faces hurdles before it can close an agreement to sell off key portions of its business to Coast-to-Coast Financial Corp.--a sale that's essential to its survival. "If the Coast-to-Coast deal, which is dependent on financing, isn't completed, they're going to be out of business," said Michael Abrahams at Sutro & Co.
BUSINESS
May 5, 1998
Equitable Cos., the fourth-largest U.S. life insurer, said its first-quarter earnings from operations rose 62%, as rallies in financial markets boosted annuity sales, investment banking and money management. Profit rose to $213.9 million, or 92 cents a diluted share, from a year ago, exceeding analyst estimates of 79 cents. The New York company's investment unit--investment bank Donaldson, Lufkin & Jenrette Inc. and money manager Alliance Capital Management--saw profit rise 38% to $105.
BUSINESS
August 9, 1995 | Times Staff and Wire Reports
Equitable May Offer Shares in Securities Unit: The New York-based insurance company may sell as much as $400 million of Donaldson Lufkin & Jenrette Securities Corp. shares, representing a 20% stake in the Wall Street firm, people familiar with the company said. That would value all of DLJ at about $2 billion. Equitable Cos. has weighed the sale of DLJ in part or in full for at least three years.
BUSINESS
July 15, 1995 | JESUS SANCHEZ, TIMES STAFF WRITER
The Westin Bonaventure, the largest hotel in the Los Angeles area, announced Friday that it is being sold to Taiwanese investors for an undisclosed price. Hotel industry observers said the Downtown Los Angeles hotel, whose eye-catching cylindrical towers and huge atrium have made it a favorite backdrop for movie and television shows, sold for an estimated $50 million, a bargain price that symbolizes the steep decline in downtown property values.
CALIFORNIA | LOCAL
December 30, 1993 | JULIE TAMAKI, TIMES STAFF WRITER
An attorney who claims he becomes physically ill when he nears a courthouse is being sued by an insurance company trying to recover $85,000 it paid him in disability benefits after he was charged with murder in an unrelated insurance fraud case. Gary P. Miller was arrested in October, 1992, at his Encino home for allegedly masterminding a staged wreck four months earlier on the Golden State Freeway in Sun Valley that killed Jose Luis Lopez Perez, 29, a participant in the scheme.
CALIFORNIA | LOCAL
December 30, 1993 | JULIE TAMAKI, TIMES STAFF WRITER
An attorney who claims he becomes physically ill when he nears a courthouse is being sued by an insurance company trying to recover $85,000 it paid him in disability benefits after he was charged with murder in an unrelated case of alleged insurance fraud. Gary P. Miller was arrested in October, 1992, at his Encino home for allegedly masterminding a staged wreck four months earlier that killed Jose Luis Lopez Perez, 29, a participant in the crash.
BUSINESS
November 9, 1993 | From Times Staff and Wire Reports
Insurance Agent Denies Wrongdoing: Anthony J. Amaradio, a Prudential Insurance agent in Irvine, denied in an interview that he had engaged in misrepresentation while selling policies to customers for his previous employer, Equitable Assurance Society. Asked if he had told customers they were making investments instead of buying insurance, Amaradio said, "absolutely, 100% no." The Times reported Thursday that the National Assn. of Securities Dealers fined Equitable $1.
BUSINESS
November 4, 1993 | SCOT J. PALTROW, TIMES STAFF WRITER
Securities regulators fined Equitable Assurance Society $1.5 million, accusing the nation's sixth-largest insurance company Wednesday of letting agents trick hundreds of customers--including many born-again Christians--into buying expensive life insurance policies by falsely offering them as retirement investments. Many of the allegations leveled by the National Assn. of Securities Dealers involved Anthony J. Amaradio, 41, a former Equitable agent in Michigan and Southern California.
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