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BUSINESS
April 14, 1995
An investment group affiliated with Smith Management Co. sold about 1 million shares in Regency Health Systems Inc., cutting its stake in the operator of health-care facilities from 23% to 16.9%, or 2.76 million shares. G.L. Massimino, the Tustin company's chief financial officer, said he was not sure why the Smith group decided to dump its Regency holdings, but said it could have been a move to take its profits. Smith bought Regency stock last summer when it was trading at about $8 a share.
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BUSINESS
April 14, 1995
An investment group affiliated with Smith Management Co. sold about 1 million shares in Regency Health Systems Inc., cutting its stake in the operator of health-care facilities from 23% to 16.9%, or 2.76 million shares. G.L. Massimino, the Tustin company's chief financial officer, said he was not sure why the Smith group decided to dump its Regency holdings, but said it could have been a move to take its profits. Smith bought Regency stock last summer when it was trading at about $8 a share.
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BUSINESS
February 5, 1998
Colorado Springs, Colo.-based Western Pacific Airlines Inc. said it is shutting down, four months after the 2 1/2-year-old low-fare carrier filed for Chapter 11 bankruptcy protection from its creditors. The announcement came during a hearing in U.S. Bankruptcy Court in Denver to determine whether the airline and its major investor, Smith Management Co., will be allowed to dispose of the airline's assets or whether the court will appoint a trustee to liquidate it.
BUSINESS
November 24, 1997 | Bloomberg News
Frontier Airlines Inc. made a surprise offer to buy bankrupt Western Pacific Airlines Inc. WestPac took a $50-million reorganization plan to be funded by Smith Management Co. of New York to U.S. Bankruptcy Court in Denver on Friday, only to find attorneys for Frontier and investment partner Wexford Management ready to offer a competing plan. Both bids initially offer WestPac about $10 million in financing. In September, the two Denver carriers canceled a plan to merge under WestPac management.
BUSINESS
February 12, 1991
The Foothill Group Inc., a financial services holding company with headquarters in Agoura Hills and West Los Angeles, has raised its interest in Tustin-based Care Enterprises Inc. to 25.7%, or the equivalent of 2.59 million shares. Foothill acquired the interest under a plan of reorganization after Care Enterprises filed for Chapter 11 bankruptcy protection in 1988, according to a Securities and Exchange Commission filing. Care Enterprises is a provider of inpatient nursing services.
BUSINESS
May 15, 1986
Top executives of the Stamford, Conn.-based firm and an investment management company agreed to pay $23 a share, or about $200 million, in a leveraged buyout. Directors of the company that makes Revereware pots and pans unanimously approved the revised offer from Smith-Vasiliou Management Co. of New York. Smith-Vasiliou originally offered Revere $20 a share, or about $174 million, but sweetened the offer on May 9.
BUSINESS
February 5, 1985 | VICTORIA McCARGAR
Herbert Kunzel, the 76-year-old bankruptcy specialist who led Itel Corp. through its Chapter 11 reorganization, will retire as chairman in April, the company said. His successor is Samuel Zell, a Chicago financier who recently purchased about 22% of the equipment-leasing firm's common stock and common stock warrants. Zell, 42, received a seat on Itel's board of directors last November after Equity Financial & Management Co.
BUSINESS
July 14, 1994 | JOHN O'DELL, TIMES STAFF WRITER
Shareholders sold almost 4.7 million shares of Regency Health Services' common stock in wild trading Wednesday as the price fell almost 40% on word that the nursing home operator's profits will likely be far short of earlier forecasts. Only last-minute stock buyback pledges by Regency's chairman and its largest shareholder kept the price from plummeting lower. At one point during the day, Regency shares were trading at $7.625, down from Tuesday's closing price of $14.125.
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