September 23, 1988
American Medical International's corporate directors have expanded their ranks to 18 from 16 by electing a major shareholder and the nominee of another major shareholder to the board. One new board member--Morton H. Meyerson, a 50-year-old Ft. Worth investor--was nominated by Investment LP, a Ft. Worth-based partnership led by Richard Rainwater. Investment LP owns 7.3% of AMI's outstanding stock, the third-largest stake in the Beverly Hills hospital chain. The company also elected Dr. M.
May 20, 2003 |
A dissident shareholder group said Monday that it would not launch another proxy fight for control of Tenet Healthcare Corp.'s board at its annual meeting in July, but the group's leader continued to call for the ouster of Tenet's senior management. M. Lee Pearce, a Florida-based physician and leader of the Tenet Shareholder Committee, said he decided against a proxy fight after a meeting Friday in New York with Edward Kangas, former chairman and chief executive of Deloitte Touche Tohmatsu.
September 28, 2000 |
Hospital operator Tenet Healthcare Corp. won support Wednesday of the largest public employees union in management's fight to turn back a shareholder proxy challenge. The American Federation of State, County and Municipal Employees said it sent a letter to large institutional shareholders urging them to back Tenet's three director nominees in voting that will culminate with Tenet's annual meeting Oct. 11. Shareholders led by Florida physician and businessman M.
August 31, 1988 |
The board of directors of American Medical International on Tuesday accepted the resignation of Walter L. Weisman as chairman and chief executive of the hospital chain and named a sitting member of the board, Royce Diener, as interim successor. The special session of the board, held at the company's Beverly Hills headquarters, was prompted by a directors' committee that concurred with the company's four largest shareholders after they demanded that Weisman be replaced, the company said Monday.
June 20, 1990 |
If you thought the earnings of top public company executives were high, get a load of this: Financial World, a New York-based business magazine, has released its ranking of Wall Street's top moneymakers, the 100 wheelers and dealers who--through salaries, buyouts or commissions--each earned more than $6 million in 1989.
January 22, 1988 |
The chairman of American Medical International said Thursday that the hospital chain is taking the medicine ordered by Dr. M. Lee Pearce, a Miami health consultant and a major AMI shareholder. Two weeks ago, Pearce gave AMI a prescription for change, saying the company needed to lower costs, fire workers and sell marginal businesses to improve lackluster earnings. If AMI ignored his advice, Pearce said, he might try to force a change in management or a merger between AMI and another firm.
December 12, 2002 |
The leader of a dissident shareholder group Wednesday demanded that Tenet Healthcare Corp.'s board of directors oust the company's senior management. In a nine-page letter to the board, M. Lee Pearce, a Florida doctor and chairman of a group that controls a tiny fraction of Tenet's shares outstanding, also called for the appointment of a special committee of nonmanagement board members "to investigate past practices and review quality of care" issues.
December 22, 2004 |
Tenet Healthcare Corp. said Tuesday that it would pay $395 million to settle lawsuits alleging that doctors at its former hospital in Redding performed unnecessary cardiac procedures on more than 750 patients. The settlement, finalized late Monday, requires Tenet to set up a fund by Dec. 31 to compensate patients treated at Redding Medical Center. In the last two years, the Tenet hospital chain has been rocked with legal problems, including an October 2002 FBI raid of the Redding hospital.
April 15, 1989 |
An investor group including some of the billionaire Bass brothers of Texas warned American Medical International that the group may sue or attempt to take over the company if management fails to take quick action to boost the value of AMI stock. RTF Partners, which holds an 11.6% stake in the Beverly Hills-based hospital management firm, issued the warning in a document filed Friday with the Securities and Exchange Commission. The possible suit would involve AMI management's legal obligation to act in the best interest of shareholders.
October 12, 1989 |
American Medical International, already the subject of a $1.67-billion acquisition bid from a private investor group, disclosed Wednesday that two other parties may make offers to buy the company. The Beverly Hills-based hospital management firm refused to identify the potential suitors and said it had not yet decided whether to make offers that would top IMA Acquisition Corp.'s bid. That investor group includes Chicago's Pritzker family and First Boston Corp.