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CALIFORNIA | LOCAL
June 14, 1995 | SCOT J. PALTROW, TIMES STAFF WRITER
The Los Angeles County Metropolitan Transportation Authority has begun an inquiry into transactions with its former financial adviser, Lazard Freres & Co., to determine if the firm substantially overcharged it for U.S. Treasury securities in 1992 and 1993. MTA officials said in interviews that Lazard persuaded the agency to forgo competitive bidding and instead buy the securities from Lazard. Ronny J.
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BUSINESS
September 28, 2004 | From Bloomberg News
Privately held investment banking giant Lazard may be moving closer to joining the ranks of publicly traded companies, sources say. Bruce Wasserstein, the firm's chief, this week will lay out plans to take Lazard public in a transaction that would value the company at about $3 billion, people familiar with the matter said Monday.
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BUSINESS
September 12, 1998 | Bloomberg News
United Dominion Realty Trust Inc., the nation's second-largest apartment firm, said it agreed to buy Lazard Freres & Co.'s American Apartment Communities for $787 million, including the assumption of $451 million in debt, in a deal that would give it a bigger presence in West Coast markets. The purchase of San Francisco-based American Apartment would increase United Dominion's holdings by 14,140 apartments, or 20%, to 86,000. The Richmond, Va.
BUSINESS
June 18, 2004 | From Bloomberg News
Lazard, the world's largest investment banking partnership, is considering an initial public stock offering and has held discussions with five investment banks about a share sale, two people familiar with the matter said Thursday. An IPO would value the bank, headed by Bruce Wasserstein, 56, at about $3 billion, the people said. The company, run from New York, London and Paris, met bankers from Goldman Sachs Group Inc., Morgan Stanley, UBS, Citigroup Inc. and Lehman Bros. Holdings Inc.
BUSINESS
June 27, 1998 | (Barbara Marsh)
An Orange County Superior Court judge ordered a New York investment firm to hold off on an acquisition until after a trial later this summer on the firm's related legal dispute with Costa Mesa-based ARV Assisted Living Inc. Last week, Judge John C. Woolley granted ARV's request that the investment firm--an affiliate of Lazard Freres & Co.--be temporarily barred from completing its purchase of Louisville-based Atria Communities Inc.
BUSINESS
December 8, 1998
ARV Assisted Living Inc. said Monday that a Superior Court judge has ruled that a Lazard Freres & Co. affiliate can acquire more than 49.9% of the Costa Mesa-based developer of housing for the elderly. The affiliate already owns 48% of the company. In October, ARV set in place a "poison pill" plan in an effort to prevent a possible hostile takeover by the affiliate. The relationship between the two companies soured when Lazard tried in April to buy ARV competitor Atria Communities Inc.
BUSINESS
January 31, 1998 | (Bloomberg News)
Emeritus Corp. said Friday that it has dropped its $313-million takeover bid for ARV Assisted Living Inc. in Costa Mesa after a California court rejected the Seattle company's bid to overturn a series of transactions that gave ARV allies a large stake in the company. Emeritus, which said in October that it wanted to buy ARV, was offering $17.50 a share and assumption of debt for the assisted living services company.
BUSINESS
November 7, 1998 | (Bloomberg News)
ARV Assisted Living Inc. said its chief financial officer resigned just two weeks after joining the company. ARV issued a brief statement late Friday saying that CFO Victor Streufert resigned for "personal reasons." The Costa Mesa-based company announced his appointment on Oct. 20. Streufert and ARV officials weren't available to comment. ARV, a developer of housing for the elderly, on Oct. 21 said it implemented a "poison pill" anti-takeover plan to prevent a Lazard Freres & Co.
BUSINESS
October 26, 1995 | Times Staff and Wire Reports
Muni Bond Fraud Settlement Expected: Merrill Lynch & Co. and Lazard Freres & Co. are close to a settlement with regulators over allegations of conflicts of interest and fraud in municipal bond underwritings in Massachusetts, people familiar with the agreement said. Merrill, the biggest U.S. securities firm, and Lazard, one of the most lucrative investment banking partnerships, will pay a total of about $20 million to settle civil charges that they violated federal fraud statutes, they said.
BUSINESS
December 19, 1998 | Barbara Marsh
ARV Assisted Living Inc. said Friday that its largest shareholder--a Lazard Freres & Co. affiliate--has filed a lawsuit seeking to have the Costa Mesa company's annual meeting declared invalid. The lawsuit, filed in Delaware state court by Prometheus Assisted Living LLC, claimed ARV held the meeting improperly last summer.
BUSINESS
December 17, 2001 | Bloomberg News
Bruce Wasserstein, the New York banker tapped to run Lazard, the largest privately held investment bank, is attempting to placate partners in Paris after some threatened to quit, company officials said. Partners in Paris meet today to approve changes in the firm's organization, a prelude to a full vote later this week to transfer control to Wasserstein from Michel David-Weill.
BUSINESS
December 19, 1998 | Barbara Marsh
ARV Assisted Living Inc. said Friday that its largest shareholder--a Lazard Freres & Co. affiliate--has filed a lawsuit seeking to have the Costa Mesa company's annual meeting declared invalid. The lawsuit, filed in Delaware state court by Prometheus Assisted Living LLC, claimed ARV held the meeting improperly last summer.
BUSINESS
December 8, 1998
ARV Assisted Living Inc. said Monday that a Superior Court judge has ruled that a Lazard Freres & Co. affiliate can acquire more than 49.9% of the Costa Mesa-based developer of housing for the elderly. The affiliate already owns 48% of the company. In October, ARV set in place a "poison pill" plan in an effort to prevent a possible hostile takeover by the affiliate. The relationship between the two companies soured when Lazard tried in April to buy ARV competitor Atria Communities Inc.
BUSINESS
November 7, 1998 | (Bloomberg News)
ARV Assisted Living Inc. said its chief financial officer resigned just two weeks after joining the company. ARV issued a brief statement late Friday saying that CFO Victor Streufert resigned for "personal reasons." The Costa Mesa-based company announced his appointment on Oct. 20. Streufert and ARV officials weren't available to comment. ARV, a developer of housing for the elderly, on Oct. 21 said it implemented a "poison pill" anti-takeover plan to prevent a Lazard Freres & Co.
BUSINESS
October 22, 1998 | From Bloomberg News
ARV Assisted Living Inc. set in place a "poison pill" plan, saying Wednesday that it wants to prevent a possible hostile takeover by a Lazard Freres & Co. affiliate that already owns 48% of the company. Costa Mesa-based ARV, a developer of housing for the elderly, said it took the action before the expiration of an agreement that prevents the Lazard Freres unit from boosting its take in ARV. The agreement expires Jan. 11.
CALIFORNIA | LOCAL
September 25, 1998 | JEFFREY L. RABIN, TIMES STAFF WRITER
Investment banking firm Lazard Freres & Co. has agreed to pay $9 million in damages plus attorneys' fees to settle a long-running legal fight over allegations that it overcharged the Metropolitan Transportation Authority for investments in U.S. Treasury securities, sources said Thursday. The MTA Board of Directors will meet in closed session Monday to consider whether to accept the settlement with Lazard Freres, which served as the agency's financial advisor from 1991 to 1994.
BUSINESS
June 10, 1998
Firing the latest salvo in a legal dispute with ARV Assisted Living LLC in Costa Mesa, New York investment house Lazard Freres & Co. contended Tuesday that one of its affiliates was entitled to acquire another assisted-living firm without seeking ARV's approval. Lazard spelled out its position in documents filed Tuesday in response to ARV's Superior Court lawsuit alleging that the investment firm was moving into the assisted-living market and leaving ARV behind. A Lazard affiliate holds a 47.
BUSINESS
November 1, 1997 | Times staff and wire reports
ARV Assisted Living Inc. said it sold $60 million in convertible notes to an affiliate of Lazard Freres & Co., allowing the New York investment firm to boost its stake in the elder-care company to 28.2%. The transaction supplants an earlier agreement for Lazard to buy up to 49.9% of Costa Mesa-based ARV for $14 a share, or $135 million. That deal was subject to shareholder approval. The new transaction also lessens the chances that Seattle-based Emeritus Corp. will prevail in a $16.
BUSINESS
September 12, 1998 | Bloomberg News
United Dominion Realty Trust Inc., the nation's second-largest apartment firm, said it agreed to buy Lazard Freres & Co.'s American Apartment Communities for $787 million, including the assumption of $451 million in debt, in a deal that would give it a bigger presence in West Coast markets. The purchase of San Francisco-based American Apartment would increase United Dominion's holdings by 14,140 apartments, or 20%, to 86,000. The Richmond, Va.
BUSINESS
August 15, 1998 | BARBARA MARSH, TIMES STAFF WRITER
An Orange County judge dismissed a lawsuit Friday brought by Costa Mesa-based ARV Assisted Living Inc. against a Lazard Freres & Co. affiliate, clearing the way for Lazard Freres to acquire an ARV competitor in the rapidly growing business of operating residences for the frail elderly. Judge John C. Woolley dismissed all counts against Lazard Freres Real Estate Investors, which is ARV's largest shareholder and an affiliate of the New York investment bank.
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