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BUSINESS
April 28, 1989
Jon M. Burnham, a corporate vice president at Drexel Burnham Lambert Inc., has joined Smith Barney, Harris Upham & Co., New York, as a special assistant to Chairman Frank G. Zarb. Burnham, 53, the son of Drexel founder I. W. Burnham II, also was appointed a senior vice president-sales division.
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BUSINESS
June 14, 1989 | James S. Granelli, Times staff writer
UniCare Financial Corp., an Irvine holding company for a workers' compensation underwriter, may be looking for a change in ownership. The company recently said it has retained the investment banking firm of Smith Barney, Harris Upham & Co. "to explore alternatives to maximize shareholder value." UniCare's president, Russell Leatherby, would not comment further. Company executives have long thought the firm has been undervalued on Wall Street. Hiring an investment banker to look for ways to increase value, however, often indicates that a sale or management buyout is in the offing.
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BUSINESS
April 25, 1989 | From Times wire services
Smith Barney, Harris Upham & Co. Inc. has agreed to buy 16 retail offices from investment banking group Drexel Burnham Lambert Inc., Wall Street sources said today. Frank Zarb, chairman and president of Smith Barney, told employees of the purchase at midday, the sources said. Zarb said seven of the offices are in the Northeast. New York-based Smith Barney, a unit of Primerica Corp., has been rumored as the leading candidate to buy Drexel's retail arm, which the Wall Street company put up for sale after settling massive charges of securities fraud with the Securities and Exchange Commission.
NEWS
May 24, 1989 | JOEL SAPPELL and VICTOR MERINA, Times Staff Writers
Ira Distenfield, one of Mayor Tom Bradley's biggest fund-raisers, resigned Tuesday as president of the Harbor Commission, saying that news media inquiries about him had "imposed a burden upon my family that I have no right to ask them to bear." Distenfield resigned as The Times was preparing a report for today's editions on sworn testimony that he gave during a confidential New York Stock Exchange arbitration hearing in 1987. At that time, he said he had used his influence with Bradley to obtain a prized city contract for a firm that employed him as an executive.
BUSINESS
June 14, 1989 | James S. Granelli, Times staff writer
UniCare Financial Corp., an Irvine holding company for a workers' compensation underwriter, may be looking for a change in ownership. The company recently said it has retained the investment banking firm of Smith Barney, Harris Upham & Co. "to explore alternatives to maximize shareholder value." UniCare's president, Russell Leatherby, would not comment further. Company executives have long thought the firm has been undervalued on Wall Street. Hiring an investment banker to look for ways to increase value, however, often indicates that a sale or management buyout is in the offing.
NEWS
May 24, 1989 | JOEL SAPPELL and VICTOR MERINA, Times Staff Writers
Ira Distenfield, one of Mayor Tom Bradley's biggest fund-raisers, resigned Tuesday as president of the Harbor Commission, saying that news media inquiries about him had "imposed a burden upon my family that I have no right to ask them to bear." Distenfield resigned as The Times was preparing a report for today's editions on sworn testimony that he gave during a confidential New York Stock Exchange arbitration hearing in 1987. At that time, he said he had used his influence with Bradley to obtain a prized city contract for a firm that employed him as an executive.
BUSINESS
December 8, 1986
The investment firm sued Goodyear Tire & Rubber and financier Sir James Goldsmith for $17 million in damages, claiming that Goodyear paid Goldsmith "greenmail" to buy out his stake in the tire maker after promising that it would not do so. The suit, filed in U.S. District Court in New York, concerns Goodyear's repurchase in November of Goldsmith's 12.5 million shares in the Akron, Ohio-based company. Smith Barney said it and a partner own 1.
BUSINESS
September 23, 1988 | DOUGLAS FRANTZ, Times Staff Writer
First Interstate Bancorp said Thursday that it will set aside a surprisingly hefty $180 million for loan losses at its Texas bank and shift $400 million in non-performing loans to a so-called bad bank. The separate actions will result in a third-quarter loss "much in excess of $100 million," but earnings should improve sharply in 1989, Joseph J. Pinola, chairman and chief executive of the Los Angeles-based banking company, said in an interview.
BUSINESS
May 17, 1988 | JESUS SANCHEZ, Times Staff Writer
At the Brite Spot restaurant on Sunset Boulevard, coffee drinkers often ask for a sugar-free sweetener that is infrequently advertised and contains an ingredient linked to cancer. "All they ask for is Sweet'n Low," said restaurant manager Antonette Venetos of the saccharin sweetener contained in familiar pink packets. "I have never had customers ask for anything else," she said. "I think it's sort of a habit." It is a habit that has kept the family-run company that makes Sweet'n Low in business.
BUSINESS
April 28, 1989
Jon M. Burnham, a corporate vice president at Drexel Burnham Lambert Inc., has joined Smith Barney, Harris Upham & Co., New York, as a special assistant to Chairman Frank G. Zarb. Burnham, 53, the son of Drexel founder I. W. Burnham II, also was appointed a senior vice president-sales division.
BUSINESS
April 26, 1989 | SCOT J. PALTROW, Times Staff Writer
Drexel Burnham Lambert said Tuesday that it was unable to find a single buyer for all of its 43 retail brokerage offices and instead will sell 19 to Smith Barney, Harris Upham & Co., a unit of Primerica Corp. Both sides refused to disclose the price. Drexel had announced last week that the firm planned to get out of the retail brokerage business as part of a reorganization that would allow it to concentrate on its core businesses of "junk bonds" and investment banking. It had said it wanted to sell all of the retail offices as a single block.
BUSINESS
December 8, 1986
The investment firm sued Goodyear Tire & Rubber and financier Sir James Goldsmith for $17 million in damages, claiming that Goodyear paid Goldsmith "greenmail" to buy out his stake in the tire maker after promising that it would not do so. The suit, filed in U.S. District Court in New York, concerns Goodyear's repurchase in November of Goldsmith's 12.5 million shares in the Akron, Ohio-based company. Smith Barney said it and a partner own 1.
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