July 20, 1988 |
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.
January 5, 1988 |
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.
August 30, 1988 |
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.