August 31, 1990 |
A grand jury today indicted Shearson Lehman Brothers Inc. and two former employees on securities fraud charges stemming from millions of dollars in customer losses in the stock market crash of 1987. In addition to the corporation, the 42 indictments handed up by a Cuyahoga County grand jury named Sheldon Strauss, a former account executive at Shearson's Cleveland office, and Stephen Weinberg, the former office manager.
March 24, 2000 |
Genentech Inc., the world's No. 2 biotechnology company, said Thursday that 17.3 million shares of its common stock are being offered by Roche Holding at $163 each, or about $2.82 billion worth of shares. After the offering, Roche's stake in Genentech would be reduced to about 58% from 66%. If an option for underwriters to purchase an additional 1.7 million shares isn't exercised, Roche's stake will be about 59%. Genentech said it won't receive proceeds from the offering.
December 24, 2004 |
Lehman Brothers Holdings Inc. bought six hotels and a stake in the Summerfield Suites brand from Wyndham International Inc. for $105 million. Lehman and Wyndham will start a joint venture to manage Summerfield's 24 extended-stay properties, to develop new accommodations and to sell new franchises, according to Dallas-based Wyndham. Lehman made the purchase in partnership with Gencom Group, a private Miami-based hospitality investment firm. Lehman shares fell 30 cents to $86.
November 14, 2008 |
Lehman Brothers Holdings Inc. said it planned to sell about $8 million of artworks warehoused in New York and Paris to help pay creditors. Lehman, which filed the biggest U.S. bankruptcy Sept. 15 with liabilities of $613 billion, said in a court filing it had a "desire to monetize the art collection through sales, for the benefit of" creditors. It asked the court to allow it to pay $20,000 in overdue bills to art-handlers who would move artworks to and from the warehouses and display them to prospective purchasers.
June 8, 1993 |
North Coast Executive Center, the Oxnard office building with the curved, green-glass facade, has changed its name, hired a new management company and attracted a major new tenant. Henceforth, the 110,000-square-foot structure, which was completed in 1991 as the county's commercial real estate market sank into recession, will be known as 1000 Town Center Drive. In another move, the building's owner, NCEC Realty Inc., a subsidiary of Citicorp, has named the Voit Cos.
September 21, 1990 |
Oil prices shot above $35 per barrel today for yet another all-time high on the futures market, as traders responded to Iraqi President Saddam Hussein's statement that his citizens should be ready for war. Ann-Louise Hittle, a senior oil analyst with Shearson Lehman Brothers Inc., said the Iraqi leader "made it clear he is not going to retreat, and I think that has got the market on edge again about the possibility of military escalation."
July 10, 1987 |
Soybean futures advanced Thursday for the fourth day this week, reflecting firm cash prices and tightening supplies. Wheat was higher but corn was mixed on the Chicago Board of Trade. On other markets, oil futures established new contract highs; cattle futures were mostly higher while hogs declined; and precious metals were virtually unchanged. The July soybean contract gained a dime a bushel before settling back several pennies.
October 26, 1990 |
Oil prices were almost unchanged in seesaw trading on the futures market by midafternoon today, as traders kept betting on war in the Persian Gulf. "It's definitely just the increased war fears and seeing the war premium getting put back in the market," said Ann-Louise Hittle, a senior oil analyst with Shearson Lehman Brothers Inc. Light, sweet crude oil, the key grade, was up 95 cents, to $35.
December 17, 1985 |
Coffee futures prices soared again Monday on the Coffee, Sugar and Cocoa Exchange in New York and the expectation is that they will go higher still. "The drought in Brazil looks worse day by day," said Kim Badenhop, an analyst in New York with Merrill Lynch Futures. "We were looking at a price of 200 cents (a pound) by spring and we're there now," he said. "It appears the bullish market is going to just keep on going. We're looking at 250 cents" probably in the next couple of months.
February 20, 1998 |
Pacific National Bank said Thursday that a mortgage-based real estate investment trust it helped create last summer will start providing financing for home loans next week. The REIT, called Alta Residential Mortgage Inc., will buy mortgages from the Newport Beach bank and other lenders, said Allen Barbieri, the bank's president. Barbieri also serves as chairman and chief executive of Alta.