November 1, 1997 |
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 elderly 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 transaction also lessens the chances that another ARV suitor, Seattle-based Emeritus Corp.
October 1, 1999 |
ARV Assisted Living Inc., a Costa Mesa developer of housing for the elderly, said it settled all outstanding legal disputes with a Lazard Freres & Co. affiliate that owns 48% of ARV. The settlement ends more than a year of uncertainty about the future of ARV, which has sent its stock price plunging 63% over the last 12 months. The relationship between the two soured in April 1998 when the Lazard affiliate agreed to buy ARV competitor Atria Communities Inc.
October 14, 1997 |
As big-stakes competition heats up in an industry that provides living facilities for the nation's frail elderly, Emeritus Corp. made an unsolicited $210-million bid Monday for ARV Assisted Living Inc. in hopes of thwarting a competing offer. Lazard Freres & Co. previously announced plans to acquire 49.9% of Costa Mesa-based ARV. An ARV spokesman said the board met to discuss the Emeritus offer Monday and plans to respond today. The company declined to offer details.
CALIFORNIA | LOCAL
December 23, 1993 |
The FBI has served a subpoena on the Metropolitan Transportation Authority for records of financial agreements between the now-defunct Los Angeles County Transportation Commission and two major investment firms. MTA officials say they are cooperating with investigators and believe the request is part of a larger national investigation of the two firms, Merrill Lynch and Lazard Freres & Co. "We're supplying the information that we've been asked for," said Alan Pegg, executive officer for administration with the MTA. "This may be more of a securities industry than an MTA issue.
August 10, 1996 |
Former Lazard Freres & Co. partner Mark Ferber was convicted Friday of fraud and bribery by a federal jury that found he wronged his municipal clients by failing to disclose the financial terms of a fee-splitting contract with Merrill Lynch & Co. The decision is the highest-profile victory for prosecutors in the government's crackdown on unethical practices in the $1.3-trillion municipal bond market and adds impetus to the Securities and Exchange Commission's investigation of Ferber.
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.
June 3, 1997 |
A fund managed by investment banking firm Lazard Freres & Co. said Monday that it agreed to buy up to 38% of Alexander Haagen Properties, one of Southern California's largest shopping center developers, for $235 million.
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.