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BUSINESS
June 16, 1987 | Associated Press
Laser maker Spectra-Physics Inc. has agreed to a sweetened $226.67-million takeover offer from Swiss chemical giant Ciba-Geigy Ltd. after rejecting as inadequate a $198.76-million bid from its largest shareholder. The cash agreement announced on Monday appeared to end prospects of a bidding war for Spectra-Physics between Ciba-Geigy and Reliance Financial Corp., a Spectra-Physics shareholder owned by takeover strategist Saul P. Steinberg.
BUSINESS
November 3, 1987 | David Olmos, Times Staff Writer
Distributed Logic Corp. said it has completed its $7.5-million acquisition of three subsidiaries of the Plessey Co. of Britain. Distributed Logic is an Anaheim-based manufacturer of computer disk, tape and communication controllers. The three Plessey subsidiaries, with annual sales of $50 million and "break-even" profits, are located in Irvine and in Ontario, Canada, and the United Kingdom. . . .
BUSINESS
January 13, 1987
New York financier Saul Steinberg's Reliance Financial Services Corp. increased its stake in Encino-based Zenith National Insurance Corp. to 28.5% on Dec. 31 from about 26%, according to documents filed with the U.S. Securities and Exchange Commission. Reliance, Zenith's largest shareholder, bought 450,000 shares in the Encino-based workers' compensation insurer for $11.6 million, the documents say, at prices ranging from $25.42 to $26 a share. In another SEC filing, Republic American Corp.
BUSINESS
June 13, 2001 | Bloomberg News
Reliance Group Holdings Inc. filed for bankruptcy protection. The New York insurer listed $12.59 billion in assets and $12.87 billion in debts in a Chapter 11 petition filed in U.S. Bankruptcy Court in New York City. The company's Reliance Financial Services Corp. unit also sought bankruptcy protection. Reliance Insurance Co., the main operating unit of the company, was taken over May 29 by Pennsylvania insurance regulators under a state judge's order.
BUSINESS
October 22, 1988
ADDRESS: 4000 MacArthur Blvd., Newport Beach BUSINESS: The company designs and makes electronic and electromechanical equipment, and it distributes and sells FM scanning monitors, commercial communications equipment and public address amplifiers. ASSETS: $8.3 million (June 30, 1987) NUMBER OF EMPLOYEES: 110 TOP EXECUTIVES: Cash Name Position Compensation Charles W. Missler Chairman, chief executive officer NA Stanley K. Weissberg President $164,944 Sidney E. Wing Vice president $147,132 Bruce G.
BUSINESS
April 24, 1985 | JOHN M. BRODER, Times Staff Writer
Tiger International, reacting Tuesday to threats from investor Saul P. Steinberg to run an alternate slate of directors, agreed to support Steinberg and an associate as candidates for the company's board. Steinberg is the biggest shareholder in Tiger, the Los Angeles-based parent of Flying Tiger Line, holding 17.8% of the firm's shares. Earlier this month, his Reliance Financial Services Corp. had requested four seats on the Tiger board.
BUSINESS
June 16, 1987 | Associated Press
Laser maker Spectra-Physics Inc. has agreed to a sweetened $226.67-million takeover offer from Swiss chemical giant Ciba-Geigy Ltd. after rejecting as inadequate a $198.76-million bid from its largest shareholder. The cash agreement announced on Monday appeared to end prospects of a bidding war for Spectra-Physics between Ciba-Geigy and Reliance Financial Corp., a Spectra-Physics shareholder owned by takeover strategist Saul P. Steinberg.
BUSINESS
April 8, 1985 | NANCY RIVERA, Times Staff Writer
Financier Saul P. Steinberg disclosed Friday that he has been talking with Wayne M. Hoffman, chairman of Tiger International Inc., about electing representatives of Steinberg's Reliance Group Holdings to the Los Angeles-based transportation company's board of directors. Steinberg disclosed the discussions in a filing with the Securities and Exchange Commission. Reliance Financial Services Corp., a subsidiary of New York-based Reliance Group, owns about 3.9 million shares, or 17.
BUSINESS
December 30, 1988 | From the Washington Post
The government's investigation of alleged criminal securities fraud at Drexel Burnham Lambert Inc. has widened to include one of the firm's prominent "junk bond" clients, corporate raider Saul P. Steinberg, according to sources familiar with the probe. Federal prosecutors are investigating whether Steinberg tried to evade state insurance laws by participating in an illegal "stock parking" scheme with Drexel junk bond chief Michael Milken when Steinberg accumulated a big stake in Wickes Cos.
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