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Shearson Lehman Hutton

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BUSINESS
January 29, 1988 | From Times Wire Services
Shearson Lehman Bros., the largest U.S. broker in terms of capital, said Thursday that it will change its name today to Shearson Lehman Hutton Inc. and is considering beefing up its merchant banking operations. The change of name reflects the $1-billion acquisition of E. F. Hutton & Co. announced December. The merger, involving layoffs of 5,000 Shearson and Hutton employees, is expected to be completed during the first quarter of 1988.
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SPORTS
January 5, 1990 | BOB NIGHTENGALE, TIMES STAFF WRITER
Greg Twiggs sat in a jail cell for eight lonely hours last month, staring at three bare walls surrounding him and the steel bars in front of him, wondering what was going on in the outside world. The telephone, he knew, would be ringing in his hotel room. There probably were security guards storming through the door making sure he was all right. And Lord only knows what PGA officials were doing. His tee time for the final round of the JC Penney Classic in Largo, Fla.
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SPORTS
January 5, 1990 | BOB NIGHTENGALE, TIMES STAFF WRITER
Greg Twiggs sat in a jail cell for eight lonely hours last month, staring at three bare walls surrounding him and the steel bars in front of him, wondering what was going on in the outside world. The telephone, he knew, would be ringing in his hotel room. There probably were security guards storming through the door making sure he was all right. And Lord only knows what PGA officials were doing. His tee time for the final round of the JC Penney Classic in Largo, Fla.
BUSINESS
May 25, 1989
Big Award by Panel: The National Assn. of Securities Dealers said an arbitration panel has ordered that Nancy L. Cooper, 42, of Atlanta be paid $1 million by broker D. Elliott Dahle Jr. and $2.1 million by Shearson Lehman Hutton Inc., his former employer. Cooper charged that Dahle traded in her account to generate commissions--a process called "churning"--and breached his fiduciary duty, purchased stock on credit without her permission and bought investment products that were unsuitable.
BUSINESS
June 6, 1989
Kidder, Peabody & Co. has named B. J. Megargel, 35, managing director and head of mergers and acquisitions. Megargel has been managing director and head of international M&A for Shearson Lehman Hutton. At Shearson, Megargel worked on a broad array of transactions, including the sale of Ogilvy Group to WPP Group, Black & Decker's acquisition of Emhart, RJR Nabisco's proposed management-led buyout, Wagner & Brown's attempted acquisition of Gencorp and Maytag's acquisition of Magic Chef.
BUSINESS
May 8, 1989 | From Times wire services
The chairman of CRT Group, one of the country's most active options and futures trading firms, is interested in bidding for Eastern Airlines and has lined up Shearson Lehman Hutton Inc. to provide financial backing, it was reported today. The Wall Street Journal said the chairman, Joseph Ritchie, is being advised by Frank Carlucci, former defense secretary, about a possible bid. Carlucci is vice chairman of the Carlyle Group of Washington. U.S. Bankruptcy Judge Burton Lifland set Wednesday as the deadline for would-be buyers of Eastern to come forward.
BUSINESS
June 22, 1989
Hilton Retains Shearson: Hilton Hotels, whose stock has soared in recent weeks on rumors that it may be sold, said it has hired as financial advisers the New York investment banking firms Shearson Lehman Hutton and Eastdil Realty. They are to consult on various strategies to "maximize shareholder values," the Beverly Hills hotel firm said. Eastdil is 50% owned by Nomura Securities of Japan. Shortly after coming into 34% voting control in the firm founded by his father, Chairman Barron Hilton said May 12 that the company was not seeking a buyer but would consider any purchase offers.
BUSINESS
June 21, 1989 | James S. Granelli, Times staff writer
Large mortgage bankers don't make their money by selling the loans they originate to investors. They generate most of their income from fees they charge for servicing those loans--sending out bills, collecting payments and paying taxes and insurance for the investors. And it is a big business. Shearson Lehman Hutton Mortgage Co. in Newport Beach, one of the nation's largest mortgage bankers, was servicing more than $14.1 billion in loans at the end of December. That made it the nation's sixth largest--and California's largest--mortgage servicing firm last year, according to American Banker, a daily trade newspaper.
BUSINESS
June 6, 1989
Kidder, Peabody & Co. has named B. J. Megargel, 35, managing director and head of mergers and acquisitions. Megargel has been managing director and head of international M&A for Shearson Lehman Hutton. At Shearson, Megargel worked on a broad array of transactions, including the sale of Ogilvy Group to WPP Group, Black & Decker's acquisition of Emhart, RJR Nabisco's proposed management-led buyout, Wagner & Brown's attempted acquisition of Gencorp and Maytag's acquisition of Magic Chef.
BUSINESS
May 25, 1989
Big Award by Panel: The National Assn. of Securities Dealers said an arbitration panel has ordered that Nancy L. Cooper, 42, of Atlanta be paid $1 million by broker D. Elliott Dahle Jr. and $2.1 million by Shearson Lehman Hutton Inc., his former employer. Cooper charged that Dahle traded in her account to generate commissions--a process called "churning"--and breached his fiduciary duty, purchased stock on credit without her permission and bought investment products that were unsuitable.
BUSINESS
May 9, 1989 | From Associated Press
Investment firm Shearson Lehman Hutton Inc. said it is acting as financial adviser to a Chicago futures trader who may make a bid for strike-torn Eastern Airlines. Joseph Ritchie, chairman of CRT Group, reportedly plans a bid for Eastern and is being advised in the matter by former defense secretary Frank Carlucci. Carlucci is a vice chairman of Carlyle Group, an investment company based in Washington, and sources said the federal bankruptcy court almost tapped him in mid-April as a special interim trustee to run the airline.
BUSINESS
May 8, 1989 | From Times wire services
The chairman of CRT Group, one of the country's most active options and futures trading firms, is interested in bidding for Eastern Airlines and has lined up Shearson Lehman Hutton Inc. to provide financial backing, it was reported today. The Wall Street Journal said the chairman, Joseph Ritchie, is being advised by Frank Carlucci, former defense secretary, about a possible bid. Carlucci is vice chairman of the Carlyle Group of Washington. U.S. Bankruptcy Judge Burton Lifland set Wednesday as the deadline for would-be buyers of Eastern to come forward.
BUSINESS
June 22, 1989
Hilton Retains Shearson: Hilton Hotels, whose stock has soared in recent weeks on rumors that it may be sold, said it has hired as financial advisers the New York investment banking firms Shearson Lehman Hutton and Eastdil Realty. They are to consult on various strategies to "maximize shareholder values," the Beverly Hills hotel firm said. Eastdil is 50% owned by Nomura Securities of Japan. Shortly after coming into 34% voting control in the firm founded by his father, Chairman Barron Hilton said May 12 that the company was not seeking a buyer but would consider any purchase offers.
CALIFORNIA | LOCAL
April 28, 1989 | JAMES RAINEY, Times Staff Writer
The operator of the Radisson Plaza Hotel & Golf Course in Manhattan Beach deducted thousands of dollars from employees' paychecks but failed to pass the tax money on to the state, the district attorney's office charged this week. Horst Dieter Osterkamp is scheduled to appear May 10 in South Bay Municipal Court to answer misdemeanor criminal charges that he failed to turn over to the state $120,000 in taxes. The allegations are among a set of problems besetting the hotel's management, including a bitter labor dispute and criminal charges that the Radisson has not paid more than $200,000 in hotel bed taxes.
SPORTS
April 27, 1989
Quarterback Jim Kelly of the Buffalo Bills sued his former agents for $58 million for allegedly mishandling his business affairs. The suit also names a Pittsburgh financial adviser and the quarterback's former bosses with the Houston Gamblers of the defunct United States Football League. The suit seeks $30 million in damages, $28 million in punitive damages and $200,000 in attorney's fees from Gregory Lustig, Kenneth Weinberger and A.J. Faigin, Kelly's agents from 1983 to 1988.
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