December 19, 1985
The $1.65-billion bid, submitted to the Transportation Department, is significantly larger than the two proposals currently under consideration, both of which would call for a payment of $1.2 billion for the railroad. But Transportation Secretary Elizabeth Hanford Dole said in a statement that the new proposal by Allen & Co., a Wall Street investment house, and First Boston Corp. "appears flawed in numerous respects."
February 11, 1986
Conrail Acquisition Corp., led by First Boston Corp., raised its bid for Consolidated Rail Corp. to $1.8 billion from $1.65 billion, putting new pressure on Congress to reject a Reagan Administration plan to sell the federally owned freight railroad to Norfolk Southern Corp. for $1.2 billion. Conrail Acquisition, the group organized by the New York investment firm to bid for Conrail, said the amended offer was based on Conrail's strong financial performance last year, when it made $442 million.
June 12, 1989
A Boeing Co. official confirmed speculation that the company is interested in making a stretched version of the Boeing 767-300 to fill a demand for planes a bit smaller than the 747 jumbo jet . . . IDB Communications, a Culver City-based supplier of satellite transmission services, agreed to pay $21 million to acquire CICI, Contel ASC's international services division . . . LJ Hooker Developments, an Atlanta-based division of Australian developer Hooker...
October 20, 1990
William & Clarissa Inc., a maker of toiletries for children, said Friday that its common stock will be deleted from NASDAQ because it no longer meets the minimum capital requirement of $250,000 for over-the-counter trading. The Laguna Hills company, whose stock traded at less than $1 a share, has been facing a cash crunch and earlier this month hired First Boston Corp. to raise $5 million to $10 million to pay for marketing of its personal-care products for young children.
May 5, 1985 |
Olin Corp. said the investment banking firm of Morgan, Lewis, Githens & Ahn Inc. has agreed in principle to organize a leveraged buy-out of Olin's Ecusta cigarette paper and fine printing paper business. The company said previously announced negotiations between Olin and First Boston Corp. regarding the Ecusta sale have been terminated. Olin said it is anticipated that Ecusta's current management will continue to run the operation and will have a stock interest in the new company.
October 28, 2003 |
Former Credit Suisse First Boston Corp. banker Frank Quattrone, who had a mistrial declared in a U.S. criminal trial, couldn't keep a California investor suit accusing him of unfair business practices out of state court. A federal judge transferred the case to state court, where it will be tried under California law. Lawyers for Quattrone and CSFB had moved the case to federal court, where investors must show they were intentionally misled to win.
April 22, 1986
The firm said that it intends to sell its home and automotive products division, the maker of such familiar products as Prestone antifreeze and Glad plastic bags, for $800 million in a leveraged buy-out to a group formed by First Boston Corp. Separately, the company announced a drop in net income for the calendar first quarter to $43.3 million on sales of $1.72 billion, compared to $71 million on sales of $1.71 billion for the same period a year ago.
April 26, 1989 |
First Boston Corp. on Monday told its employees that it is cutting about 200 jobs due to poor conditions in the securities business. The figure brings to 1,000 the number of jobs cut at one of the most prestigious Wall Street houses since the October, 1987, crash, leaving total employment at about 4,700. First Boston has had periodic layoffs since the Crash. Employees were given the bad news through a memo from William Mayer, president and chief executive.
November 21, 2002 |
Mortgage.com Inc. says it's pulling out of a class-action suit against Credit Suisse First Boston Corp. brought on behalf of 200 companies the bank took public and will file a new case. The lawsuit Mortgage.com, now MDCM Holdings Inc., is leaving alleges that the U.S. unit of Zurich-based Credit Suisse Group deliberately under-priced the initial stock offering in an attempt to get kickbacks from investors. With the withdrawal of Mortgage.