June 18, 1991 |
Samuel Belzberg, who helped build the Canadian financial empire of First City Financial with stakes in such U.S. companies as GTE Corp., Ashland Oil Co. and Southland Corp., has resigned as its chairman. Brent Belzberg, who took over as chief executive of First City Financial in March, said Monday that his uncle resigned because his aggressive approach no longer meshed with the wishes of the Vancouver-based firm's directors.
February 9, 1993 |
For the Simon Wiesenthal Center, Sunday's gala was a memorable evening to salute a museum dedicated to remembrance. * The black-tie dinner at the Beverly Hilton celebrated the opening of the $50-million, eight-story Beit Hashoah Museum of Tolerance in West Los Angeles. It also honored the legendary Nazi hunter for whom the center is named. Like most guests who had toured it, the honoree was markedly affected by Beit Hashoah, which focuses on the Holocaust as well as on racism and prejudice.
March 23, 1988 |
The Justice Department announced Tuesday that it will sue New York real estate magnate Donald J. Trump and Canada's wealthy Belzberg family for evading antitrust notification rules on corporate takeovers. At the same time, Wickes Cos. of Santa Monica agreed to pay $300,000 to settle similar charges with the government in a case arising out of Wickes' unsuccessful $2.1-billion hostile takeover bid in August, 1986, for Owens-Corning Fiberglas Corp.
August 19, 1990 |
FarWest Savings had long been a good investment for the Belzberg brothers of Canada--Samuel, Hyman and William. Acquiring FarWest in 1974 gave the Belzbergs a foothold in the United States. Then, using the thrift and and First City Financial Corp. Ltd. in Vancouver, Canada, they became among the most feared corporate raiders and takeover strategists on the U.S. scene during the 1980s. Often acting as so-called greenmailers, their hostile bids made them millions of dollars. But today, their U.S.
January 12, 1991 |
Federal regulators Friday seized insolvent FarWest Savings & Loan Assn., the large thrift controlled by the wealthy Belzberg brothers of Canada, because of mounting losses from junk bonds and bad real estate loans. The failure of Newport Beach-based FarWest, which had $3.8 billion in assets, ranks among the largest in Southern California. Federal regulators would not estimate the cost of the collapse to taxpayers, but one industry analyst said it could approach $500 million.
January 16, 1991 |
Federal regulators tried to apply some unusual pressure on the wealthy Belzberg brothers of Canada in an effort to stop FarWest Savings from going under, said one source familiar with negotiations before the Newport Beach thrift was seized last Friday. The Office of Thrift Supervision, the source said, suggested that the brothers might find it difficult to win approval for operating regulated companies in the United States if they washed their hands of the Newport Beach thrift.