July 11, 1991 |
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.
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.
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.
June 7, 1991 |
Time Warner Inc. said Thursday that it would seek to raise up to $3.5 billion to reduce its debt through an offering of millions of new shares to current stockholders. But the "rights offering" evoked a ferociously negative reaction on Wall Street. Time Warner's stock plunged $11.25 a share to close at $99.50 on the New York Stock Exchange.
February 28, 1989 |
Leaders of leftist and rightist political parties Monday rejected as unacceptable a compromise peace proposal by President Jose Napoleon Duarte that would postpone a presidential election until April 30. Ricardo Alvarenga Valdivieso of the ultra-rightist Nationalist Republican Alliance (Arena), who is president of the National Assembly, pointed out that the election has already been set for March 19 and said this date "has to be observed." He said that any deviation would be unconstitutional.
November 27, 1988 |
Soviet President Mikhail S. Gorbachev, moving to defuse a major political confrontation with several of the Soviet Union's 15 constituent national republics, put forward proposals on Saturday that would protect their "sovereign rights" but still ensure the country's unity.
April 8, 1986 |
CompuSave Corp., the troubled Irvine video machine maker, said Monday that it has received approval from the U.S. Securities and Exchange Commission to proceed with its planned rights offering, a sale that could raise as much as $5 million for the cash-strapped company to use to repay debts and stay in business. The company said that it will sell rights that would give existing shareholders the opportunity to purchase a new class of preferred stock and common stock warrants.
May 29, 1985 |
Financier Kirk Kerkorian is tinkering with MGM/UA Entertainment Corp. again, and a spokesman on Tuesday insisted that the main focus is on the feasibility of spinning off one of its two movie studio subsidiaries to the public holders of 49.9% of its stock. But the loss-wracked Culver City film concern also has made it a matter of public record that possibilities under exploration extend as far as sale of both of its movie studio subsidiaries, Metro-Goldwyn-Mayer Film Co. and United Artists Corp.