June 5, 1998 |
ARV Assisted Living LLC said Thursday it adjourned its annual meeting this week for lack of a quorum--a rare event in the corporate world. The move reflects the legal tensions between the Costa Mesa operator of homes for the elderly and its largest shareholder. A real estate investment affiliate of the New York investment house Lazard Freres & Co., a unit that holds a 47.9% stake in ARV, didn't vote its shares at the meeting Wednesday morning. When only 48.
CALIFORNIA | LOCAL
May 1, 1996 |
After months of indecision, the Los Angeles County Metropolitan Transportation Authority announced Tuesday that it is taking legal action against Wall Street investment bank Lazard Freres & Co. for allegedly overcharging the agency by millions of dollars on U.S. Treasury securities. But because the MTA did not act until after a private whistle-blower filed suit, the county may miss out on a good chunk of any possible damage awards.
May 14, 1998 |
Worried that its expansion plans are being undercut by an ally, ARV Assisted Living said Wednesday it has filed a lawsuit to try to keep its largest shareholder from buying a Kentucky-based retirement home operator. The lawsuit is the latest twist in a knotty alliance formed last year between the Costa Mesa-based ARV, which also operates retirement centers, and an affiliate of the New York investment house Lazard Freres & Co. that now owns almost 50% of ARV.
November 7, 1995 |
Lazard Freres & Co., one of Wall Street's most prestigious investment banks, is considering closing its municipal finance division amid mounting allegations of wrongdoing by the unit. In a related development, the Los Angeles Metropolitan Transportation Authority confirmed Monday that it has demanded that Lazard reimburse it for allegedly overcharging the agency on U.S. Treasury securities in a transaction arranged by Lazard's municipal finance unit in 1993.
CALIFORNIA | LOCAL
July 11, 1995 |
Vowing legal action to recover $8 million, Los Angeles County's Metropolitan Transportation Authority said Monday it believes that two Wall Street investment firms--Lazard Freres & Co. and Goldman Sachs--overcharged it for U.S. Treasury securities from 1991 to 1993. MTA spokeswoman Andrea Greene also said the Securities and Exchange Commission is investigating the alleged overcharging.
October 27, 1995 |
In the biggest case so far in a federal crackdown on fraud in municipal finance, Wall Street investment banks Lazard Freres & Co. and Merrill Lynch & Co. agreed Thursday to pay a total of more than $24 million to settle civil charges that they defrauded four public agencies. The U.S. attorney's office in Massachusetts also obtained a criminal indictment against a former Lazard executive, Mark S. Ferber.
December 17, 2001 |
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.
September 28, 2004 |
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.
June 18, 2004 |
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.
October 15, 1997 |
ARV Assisted Living Inc. said Tuesday it has rejected a buyout bid from Emeritus Corp., preferring instead a previous offer from a major Wall Street investor to buy half the Orange County company. ARV said its board decided that the unsolicited offer was "unattractive" because the price was too low, and there were too many uncertainties attached to the deal. "We believe we will deliver more value per share for our shareholders over time," ARV Director John J. Rydzewski said Tuesday.