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Saul P Steinberg

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BUSINESS
July 30, 1985
National Distillers & Chemical said it will acquire the propane gas distributor from Reliance Group Holdings. Terms of the acquisition were not disclosed. Pargas distributes propane gas in 21 states, mainly in the Northeast, Southeast, West Coast and Gulf Coast regions. Reliance Group is a New York-based investment firm headed by financier Saul P. Steinberg.
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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.
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BUSINESS
May 9, 1985
A California appellate court upheld a preliminary injunction granted last summer against a group led by New York financier Saul P. Steinberg, requiring Steinberg to place in trust his profits of about $60 million received in a so-called greenmail transaction until a shareholders' lawsuit is resolved.
BUSINESS
December 31, 1988 | SCOT J. PALTROW, Times Staff Writer
Reliance Group Holdings and its chairman, Saul P. Steinberg, denied Friday that they are the subject of a federal criminal investigation. The Washington Post, in an article carried in Friday's Los Angeles Times, reported that Steinberg, a prominent client of Drexel Burnham Lambert, had become a target of federal prosecutors' widening probe of the investment firm.
BUSINESS
May 29, 1987 | DENISE GELLENE, Times Staff Writer
New York investor Saul P. Steinberg, who controls 18.6% of Tiger International's shares, said Thursday that he could not rule out a merger or acquisition of the company. But Steinberg, a director of Los Angeles-based Tiger, said in an interview after the company's annual meeting here that the company's first concern is to "concentrate on improving the business." Asked whether the company might be for sale at some point, he said: "I can't speculate on what will happen a year from now."
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.
BUSINESS
June 30, 1989 | AL DELUGACH, Times Staff Writer
A former chief executive of Walt Disney Co. slammed a co-defendant in court Thursday, saying he had not wanted corporate raider Saul P. Steinberg "to come back and rape the company again" after the firm's $325-million buyout in 1984 of Steinberg's 11% stake in Disney. The corporate raider "is motivated only by greed," Ronald W. Miller, son-in-law of the late Walt Disney, added heatedly. His remarks came as he explained the board of directors' insistence on a Steinberg pledge not to buy Disney stock again.
BUSINESS
November 9, 1989 | DENISE GELLENE, TIMES STAFF WRITER
The struggle for UAL Corp. warmed up Wednesday as New York investor Saul P. Steinberg tried to round up support for a bid for the parent of United Airlines. Persons familiar with the situation said Steinberg discussed a possible transaction Wednesday with First Boston Corp., UAL's investment adviser, as well as advisers to United's pilots and flight attendants. The talks indicate that Steinberg, a close friend of UAL Chairman Stephen M. Wolf, is serious about gaining control of UAL.
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
September 9, 1989 | DENISE GELLENE, Times Staff Writer
Amid rumors about possible competing bidders, Los Angeles investor Marvin Davis said Friday that he signed a confidentiality agreement with UAL, the parent of United Airlines, allowing him to review the airline's financial documents. Shares of UAL continued to decline Friday, closing at $280.25, down $1.50, in moderate trading on the New York Stock Exchange. Traders blamed the decline on rumors a large UAL shareholder, New York financier Saul P.
BUSINESS
August 9, 1989 | DENISE GELLENE, Times Staff Writer
UAL Corp., the parent of United Airlines, could trigger a takeover battle today if it rejects a buyout offer from Los Angeles billionaire Marvin Davis. Other potential bidders said to be eyeing the airline are Texas billionaire Robert M. Bass, New York investor Saul P. Steinberg, the Pan Am Corp. and Trans World Airlines Inc., which is owned by New York investor Carl C. Icahn. It was also speculated that UAL's management might try to finance its own buyout.
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.
BUSINESS
December 15, 1988 | From a Times Staff Writer
Tiger International, the air cargo carrier that pulled out of a financial tailspin in mid-decade to resume profitable operations last year, found itself on Wednesday the object of desire by two suitors. Tiger said Dec. 1 that Saul P. Steinberg, the New York takeover artist and Tiger's major shareholder, had informed the Los Angeles-based carrier--the parent of Flying Tiger Line--that his Reliance Group Holdings was considering an acquisition all of the company's outstanding stock.
BUSINESS
July 7, 1989 | AL DELUGACH, Times Staff Writer
Walt Disney Co.'s former chief financial officer testified Thursday that raider Saul P. Steinberg might have made "at least" a $1.2-billion profit if he had taken control of the company at the price he proposed in 1984. The assessment was based on management data on the "breakup" value of Disney's assets at the time. As a witness in a so-called greenmail trial, retired Disney executive Michael Bagnall said he believed Steinberg "was trying to steal the company" when he offered $62.
BUSINESS
July 8, 1989 | AL DELUGACH, Times Staff Writer
A UCLA finance professor testified Friday that he believed that Walt Disney Co. directors paid "greenmail" to corporate raider Saul P. Steinberg in 1984 and that the transaction was not in the best interests of the company and its stockholders. Prof. Bradford Cornell was an expert witness for former Disney stockholders in a 2-week-old jury trial in Los Angeles Superior Court.
BUSINESS
July 7, 1989 | AL DELUGACH, Times Staff Writer
Walt Disney Co.'s former chief financial officer testified Thursday that raider Saul P. Steinberg might have made "at least" a $1.2-billion profit if he had taken control of the company at the price he proposed in 1984. The assessment was based on management data on the "breakup" value of Disney's assets at the time. As a witness in a so-called greenmail trial, retired Disney executive Michael Bagnall said he believed Steinberg "was trying to steal the company" when he offered $62.
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