June 15, 1991 |
Investors aren't the only ones grumbling these days about Time Warner Inc., whose common shares lost more than 20% of their value earlier this month after the company unveiled its controversial rights offering. Employees of the media and entertainment giant are also singing the blues, both because of the collapsing value of their stock holdings and a series of unrelated cost-cutting moves at units of the debt-ridden company, including delayed raises for some writers, editors and executives.
February 15, 1994 |
CalFed Seeks Approval for Offering: Sending a clear and final signal that it is spurning Golden West Financial's merger offer, California Federal Bank sought regulatory permission to go ahead with its plan to raise $300 million in preferred stock and rights offerings to finance its "hold and fix" restructuring strategy. The S&L, which expects to receive the proceeds from the offerings by the end of March, is also selling its Florida branches to raise capital.
July 8, 1992 |
Carolco Cancels Offering: Carolco Pictures Inc. has suspended plans for a rights offering due to market conditions. Under the plan, the Los Angeles firm would have offered to holders of its common stock the right to purchase one common share for each 4.9999 common shares held. The proceeds were intended to be used to repurchase preferred stock from its strategic investors.
June 18, 1991
Brajdas Corp., a distributor of electronic components, reported that its net loss widened in the fiscal fourth quarter that ended Feb. 28 to $2.57 million from $1.46 million a year earlier. Revenues declined 9% to $11.1 million from $12.2 million. For the year that ended Feb. 28, Brajdas lost $3.2 million, contrasted with a loss of $2.24 million in the previous year. Revenues were $46.7 million, a 20% decline from $58.5 million.
October 8, 1991 |
British Aerospace Issue OKd: Shareholders approved a rights issue of stock aimed at shoring up the balance sheet of Britain's leading defense contractor. Winning stockholders' approval for the $750-million rights issue, Chairman Sir Graham Day dismissed talk of a possible bid for the company, the nation's biggest exporter. British Aerospace shares have plunged since it shook the market's confidence last month with a warning that 1991 profit would be well below expectations.
September 30, 1991 |
Fidelity Federal Takes Writedown: The Glendale-based S&L's parent company, Citadel Holding, said it sees a loss for the first nine months of this year, and probably for the full year, because of loan problems. Citadel said it will write down $11.9 million in Fidelity real estate and other loans and reserve $28.6 million more for possible losses. The company said 90% of the reserves are related to three commercial properties and two hotels, all outside California.