June 10, 1999 |
A growing number of mutual funds are imposing redemption fees on short-term investors in an effort to deter them from churning their shares and wreaking havoc on the funds. While the absolute number of funds imposing such fees remains modest--311 of the estimated 5,000 stock funds available--that figure shot up nearly 50% between December 1997 and April 1999, according to a new study by Boston-based Financial Research Corp. And the number continues to grow.
June 14, 1991 |
Bank of America said it has agreed to sell its stock transfer business to Manufacturers Hanover Trust Co. of California for an undisclosed price. Bank of America, the nation's second largest bank, said it was uncertain how many of the stock transfer business's 120 employees would keep their jobs.
June 28, 1991 |
The government announced Thursday that it plans to transfer one-quarter of all state industry to private hands within six months by giving stock to every Polish adult citizen. The plan must be approved by Parliament. Under it, five to 20 stock funds will be created and run under the auspices of foreign investment management companies, and Poles will be a granted a share in every fund.
October 1, 1992 |
Chevron Corp. will buy back $1.17 billion worth of its own stock from Pennzoil Co. in exchange for some Gulf of Mexico oil and gas fields, the companies said Wednesday. The deal solves a number of problems for both parties. It will enable Chevron to trim its U.S. oil-production business while reducing unease over Pennzoil's intentions as owner of almost 10% of San Francisco-based Chevron.
January 1, 1999 |
Real estate magnate William Lyon, moving to consolidate his home-building empire, agreed Thursday to acquire a dominant interest in financially ailing Presley Cos., one of Southern California's largest home builders. Under the complex deal, Presley would acquire Lyon's privately held firm, William Lyon Homes Inc., for $48 million, or about twice the book value of Lyon's home-building company. In turn, Lyon Homes offered to purchase 40% to 49% of Presley's stock at 62 cents per share.
June 23, 2000 |
Tustin biotech company Techniclone Corp. said Thursday it will issue about $3 million in common stock to Germany-based Schering AG to cover projected expenses of clinical trials of Oncolym, a Techniclone drug to treat non-Hodgkin's lymphoma. Schering's U.S. unit, Berlex Laboratories, will begin Phase I trials to measure the safety and effectiveness of a single dose of Oncolym in intermediate and high-grade non-Hodgkin's lymphoma, Techniclone said Thursday.