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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.
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BUSINESS
December 23, 2000 | From Reuters
In a dispute pitting two of Wall Street's high-profile titans against each other, billionaire financier Carl Icahn is bidding for bonds of troubled insurer Reliance Group Holdings Inc., which is controlled by former corporate raider Saul Steinberg. The tender offer by Icahn affiliate High River is intended to block a bankruptcy restructuring that Reliance is planning, according to people familiar with the matter, and which High River considers unacceptable.
BUSINESS
July 27, 1992 | From Times Staff and Wire Reports
Deal for Reliance Unit: Aon Corp. said it agreed to acquire Frank B. Hall & Co., a unit of Reliance Group Holdings Inc., for about $475 million. Aon said it will pay Frank B. Hall as much as $125 million in cash and $350 million in preferred stock. The transaction is expected to be completed in the fourth quarter. Aon, with assets of $12 billion, is a holding company whose subsidiaries sell life, accident and health insurance products. Frank B.
BUSINESS
June 20, 2000 | From Reuters
Two U.S. companies, Liberty Corp. and Reliance Group Holdings Inc., said Monday that they were selling insurance businesses as part of shifts in strategic direction. Liberty Corp., a broadcasting and insurance holding group, said it agreed to sell its insurance units to Royal Bank of Canada for $650 million. Reliance Group, an insurance company being purchased by Leucadia National Corp.
BUSINESS
December 23, 2000 | From Reuters
In a dispute pitting two of Wall Street's high-profile titans against each other, billionaire financier Carl Icahn is bidding for bonds of troubled insurer Reliance Group Holdings Inc., which is controlled by former corporate raider Saul Steinberg. The tender offer by Icahn affiliate High River is intended to block a bankruptcy restructuring that Reliance is planning, according to people familiar with the matter, and which High River considers unacceptable.
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
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.
BUSINESS
June 20, 2000 | From Reuters
Two U.S. companies, Liberty Corp. and Reliance Group Holdings Inc., said Monday that they were selling insurance businesses as part of shifts in strategic direction. Liberty Corp., a broadcasting and insurance holding group, said it agreed to sell its insurance units to Royal Bank of Canada for $650 million. Reliance Group, an insurance company being purchased by Leucadia National Corp.
BUSINESS
August 10, 1995 | Times Staff and Wire Reports
Reliance's Steinberg Did Have Stroke: Reliance Holdings Group Inc. confirmed that Chairman Saul Steinberg, the takeover strategist, suffered a stroke in June. But the insurer defended its decision to keep the information from shareholders. Steinberg's stroke, first reported on CNBC television on Tuesday, was mild and "not material" to the big insurance company's operations, a Reliance Holdings spokesman said in New York. He is still recuperating at home from some minor paralysis.
BUSINESS
November 2, 1989 | DENISE GELLENE, TIMES STAFF WRITER
A company controlled by New York corporate raider Saul P. Steinberg sought government permission on Wednesday to buy more than 15% of UAL Corp. shares, a move that could spark another round of takeover turmoil for the parent of United Airlines. Steinberg, a veteran of takeover battles for Walt Disney Co. and Penn Central Corp., had no comment on why his Reliance Group Holdings wants to accumulate UAL shares. UAL also had no comment.
BUSINESS
December 2, 1988 | NANCY RIVERA BROOKS, Times Staff Writer
A company headed by takeover artist Saul P. Steinberg is considering buying all the outstanding stock of Tiger International "at a premium over the current market price," the Los Angeles-based air cargo company said Thursday. Steinberg's Reliance Group Holdings has been an investor in Tiger International since 1979 and is now the company's biggest stockholder with a 16.5% stake in the company. Tiger International's stock closed Thursday on the New York Stock Exchange at $12.375, down 12.5 cents.
NEWS
July 13, 1989 | AL DELUGACH, Times Staff Writer
Wall Street raider Saul Steinberg and Walt Disney Co. agreed Wednesday to a $45-million cash settlement of two "greenmail" suits over the company's 1984 buyout of Steinberg's 11% stake in Disney. Lawyers on both sides, as well as elsewhere, said Wednesday that they knew of no other cash settlement in a greenmail case. Greenmail is commonly used to refer to a company's purchase of stock at an above-market price to get rid of an unwanted suitor.
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