M Lee Pearce

A major investor in Beverly Hills-based American Medical International has called for the removal of Chairman Walter L. Weisman and threatened to challenge the firm's board, according to documents filed with the Securities and Exchange Commission. M. Lee Pearce, a Miami doctor who owns 7.5% of AMI's common stock, said in the filing that he may ask shareholders to select a new board if the current directors do not remove Weisman from the hospital chain's top spot.

A Miami doctor and consultant to American Medical International disclosed Monday that he has acquired 5.4% of the company's shares as an investment but hinted that he might attempt a takeover of the hospital chain. In a filing with the Securities and Exchange Commission, Dr. M. Lee Pearce said he was concerned about AMI's lackluster earnings and outlined a restructuring program for the Beverly Hills company that calls for staff reductions and the sale of underperforming assets.

Walter L. Weisman, chairman and chief executive of American Medical International, has lost the support of most of the firm's directors and is expected to resign today, the company said Monday. The resignation is scheduled one day before a deadline set by M. Lee Pearce, a major shareholder who has long been critical of AMI management. Last month, Pearce--who holds the second-largest stake in the Beverly Hills hospital chain--urged the board to remove Weisman by Aug. 31.

Walter L. Weisman, chairman and chief executive of American Medical International, has lost the support of most of the firm's directors and is expected to resign today, the company said Monday. The resignation is scheduled one day before a deadline set by M. Lee Pearce, a major shareholder who has long been critical of AMI management. Last month, Pearce--who holds the second-largest stake in the Beverly Hills hospital chain--urged the board to remove Weisman by Aug. 31.

A major investor in Beverly Hills-based American Medical International has called for the removal of Chairman Walter L. Weisman and threatened to challenge the firm's board, according to documents filed with the Securities and Exchange Commission. M. Lee Pearce, a Miami doctor who owns 7.5% of AMI's common stock, said in the filing that he may ask shareholders to select a new board if the current directors do not remove Weisman from the hospital chain's top spot.

A Miami doctor and consultant to American Medical International disclosed Monday that he has acquired 5.4% of the company's shares as an investment but hinted that he might attempt a takeover of the hospital chain. In a filing with the Securities and Exchange Commission, Dr. M. Lee Pearce said he was concerned about AMI's lackluster earnings and outlined a restructuring program for the Beverly Hills company that calls for staff reductions and the sale of underperforming assets.

FarWest Savings had long been a good investment for the Belzberg brothers of Canada--Samuel, Hyman and William. Acquiring FarWest in 1974 gave the Belzbergs a foothold in the United States. Then, using the Newport Beach thrift and First City Financial Corp. Ltd. in Vancouver, Canada, they became among the most feared corporate raiders and takeover strategists on the U.S. scene during the 1980s. Often acting as greenmailers, their hostile bids made them millions of dollars. But today, their U.S.

AMI Settles Lawsuit: Dallas-based American Medical International settled for $16 million a lawsuit in Los Angeles alleging that the company and one of its directors committed fraud in taking the company private in a $1.9-billion leveraged buyout in 1989. Dr. M. Lee Pearce, a Miami physician who was AMI's largest single shareholder before the buyout, claimed that the company wrongfully turned down his bid for the firm. AMI denied the charges.