June 30, 1989 |
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.
August 19, 1995 |
Financier Saul P. Steinberg became notorious a decade ago by launching hostile corporate takeovers that earned him millions of dollars. Now he's a topic again in corporate circles--this time for actions he didn't take. Though Steinberg's takeover ploys ended with the 1980s, he's still chairman and chief executive of Reliance Group Holdings Inc., a publicly traded insurer based in New York. His family is also Reliance's biggest investor, with a 47% stake.
November 9, 1989 |
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.
September 9, 1989 |
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.
July 8, 1989 |
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.
August 9, 1989 |
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.
November 2, 1989 |
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.
December 16, 1988 |
Tiger International Inc.'s stock leaped by more than $2 a share in very heavy trading Thursday as its directors met into the night to consider an apparent acquisition offer from what they called "an unrelated third party." Stock in the parent of Flying Tiger, the world's leading all-cargo airline, closed at $16.875, up $2.125. That tied its 12-month high registered last May 2. More than 1.
December 30, 1988 |
The government's investigation of alleged criminal securities fraud at Drexel Burnham Lambert Inc. has widened to include one of the firm's prominent "junk bond" clients, corporate raider Saul P. Steinberg, according to sources familiar with the probe. Federal prosecutors are investigating whether Steinberg tried to evade state insurance laws by participating in an illegal "stock parking" scheme with Drexel junk bond chief Michael Milken when Steinberg accumulated a big stake in Wickes Cos.
December 17, 1988 |
Tiger International, the parent of air-cargo carrier Flying Tiger Line, agreed Friday to be bought by Federal Express for $880 million in a deal that would create a globe-circling, door-to-door freight-delivery business. The merger may end the career of the colorful Flying Tigers, born of World War II aerial combat, though both companies said no decision has been reached on whether the Tiger name will be kept alive or just how Tiger will eventually be integrated into Federal Express' system.