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Rights Offerings

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BUSINESS
January 7, 1994 | James S. Granelli, Times staff writer
Last year, a number of troubled savings and loan companies such as UnionFed Financial Corp. in Brea kept regulators at bay by raising much-needed cash through stock sales. Now a number of Orange County's small community banks want to tap that pool. CommerceBancorp in Newport Beach and Pioneer Bancorp in Fullerton are seeking federal approval for rights offerings, which give current shareholders the right to purchase new stock before the companies offer shares to the public.
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OPINION
October 2, 2011
In the term that begins Monday, the Supreme Court will address issues as diverse as the limits of copyright law, the appeals process for owners of wetlands regulated by the Environmental Protection Agency and whether the government of California can order reductions in Medi-Cal reimbursements. It is also likely that the court will rule on challenges to the constitutionality of the Patient Protection and Affordable Care Act, derided by its critics as "Obamacare. " As is often the case, however, some of the most important cases on the court's docket involve individual rights.
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BUSINESS
July 11, 1991 | STEPHEN WEST, TIMES STAFF WRITER
Time Warner Inc., responding to objections from shareholders and the Securities and Exchange Commission staff, announced Wednesday night that it is "considering alternative structures" for its controversial plan to raise up to $3.5 billion in new capital. Under the plan announced last month, shareholders would be given rights to purchase new shares for $63 to $105 each, with the price to be determined by the number of rights exercised.
SPORTS
April 18, 2011 | By Chris Foster
Reporting from Nashville Teemu Selanne was the bad cop Sunday. He took the good cop role Monday, a day after the Ducks' woeful performance in a 4-3 loss to Nashville. "It's a new day and there are new opportunities," Selanne said. "Today's the day for positive. " Sunday, on the other hand, was "rock bottom," Selanne said. He made that clear afterward with a harsh assessment of the Ducks' play to the media. "You guys only heard a little of it," center Corey Perry said.
BUSINESS
June 15, 1991 | VICTOR F. ZONANA, TIMES STAFF WRITER
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.
BUSINESS
February 15, 1994 | From Times Staff and Wire Reports
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.
BUSINESS
July 8, 1992 | From Times Staff and Wire Reports
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.
BUSINESS
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.
BUSINESS
October 8, 1991 | From Times Staff and Wire Reports
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.
BUSINESS
September 30, 1991 | From Times Staff and Wire Reports
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.
OPINION
April 19, 2010 | By Sarah Leah Whitson
The Tunisia most outsiders see is a small, peaceful, modernizing country with beautiful beaches and a GDP well ahead of its non-oil-producing neighbors. It has a well-trained workforce and a moderate Muslim population. But Tunisian citizens see another side of the country: a repressive state obsessed with maintaining the ruling party's monopoly on power. My Human Rights Watch colleagues and I came up against Tunisia's harsher side last month when we traveled to Tunis, the capital, to release a report critical of the country's authoritarianism.
CALIFORNIA | LOCAL
October 24, 2006 | Jonathan Abrams, Times Staff Writer
San Bernardino County voters will have two choices Nov. 7 if they want to limit the use of eminent domain, the legal power governmental agencies use to take over private property. One is Proposition 90, a sweeping statewide measure that would forbid governments to take land unless it is put to public use; it would also require potentially significant increases in government compensation to property owners.
HEALTH
June 23, 2003 | Shari Roan, Times Staff Writer
Encouraged by Americans' growing fondness for alternative health therapies, naturopathic doctors in California are asking the state to allow them to diagnose conditions, perform minor surgery, order prescription drugs and deliver babies. Their efforts got a boost recently when the California Senate passed a bill, SB 907, that would license naturopathic doctors and allow them to legally offer a range of medical services that they are now prohibited from performing.
BUSINESS
December 31, 2002 | David Colker, Times Staff Writer
SBC Communications Inc. will realize a long-awaited goal today when it begins providing long-distance telephone service in California after the state Public Utilities Commission gave the company its final stamp of approval Monday. Formerly known as Pacific Bell, SBC will compete against AT&T Corp., WorldCom Inc.'s MCI unit and other long-distance carriers in addition to dominating the market for local calling in California.
NEWS
October 27, 2001 | From Times Wire Reports
Human Rights Watch claims that it has collected detailed evidence to prove that former Yugoslav President Slobodan Milosevic and his associates engineered a campaign of terror in Kosovo. The U.S.-based group's 593-page report concluded that Milosevic's campaign against ethnic Albanian separatists "was clearly coordinated from the top." The report said some of those allegedly involved still hold important positions in Yugoslavia, including Gen.
BUSINESS
June 13, 2001 | JON HEALEY, TIMES STAFF WRITER
BMG Music has granted the first publishing license for a subscription-based Internet music delivery service, a precedent-setting deal that could speed the arrival of paid alternatives to Napster Inc. The deal, to be announced today, is with Chicago start-up FullAudio Corp., which plans to offer downloadable songs for a flat monthly fee of $5 to $15.
BUSINESS
May 25, 2000
Westcorp Inc., an Irvine financial services holding company for WFS Financial Inc. and Western Financial Bank, said Wednesday that directors set the price for a previously announced rights offering at $10.50 a share. Holders of common stock as of the close of business today, the record date, will receive one basic subscription right per share. They will be entitled to purchase one share of Westcorp stock for every five rights.
CALIFORNIA | LOCAL
May 23, 1999 | DUKE HELFAND, TIMES STAFF WRITER
Question: When should parents start their children on the road to reading? Answer: When their children are as young as 6 weeks old. And what can parents do to nurture the skills their babies will later need to become successful students? Sing songs or recite poems that help children make the connection among words, letters and spoken sounds--the most fundamental step to literacy.
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