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BUSINESS
October 21, 1998 | Reuters
Sunbeam Corp. said it suffered an operating loss last year, rather than the turnaround touted by its ousted chief executive, downsizing specialist Al "Chainsaw Al" Dunlap. In restating its results, the maker of small household appliances blamed improper accounting practices during Dunlap's tenure. Last year's profit came at the expense of 1996 and the first quarter of 1998, which also were restated.
ARTICLES BY DATE
CALIFORNIA | LOCAL
December 22, 2011 | By Steve Chawkins, Los Angeles Times
Reporting from San Juan Bautista, Calif. -- On the darkest day of the year, a hushed crowd in a dim church awaited a few minutes of sheer brilliance. It was just after dawn Wednesday, the day of the winter solstice. Outside the 200-year-old mission at the heart of tiny San Juan Bautista, Native American drummers sang, urging the sun to rise. Inside, dozens of parishioners rubbed the sleep from their eyes. A woman stood up and sang in cadences haunting and solemn — phrases in no known tongue, she said, but "the language of the heart.
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NEWS
June 15, 1998 | AMY GOLDSTEIN, THE WASHINGTON POST
A Washington physician Sunday challenged the leadership of the American Medical Assn., badly split after a marketing blunder last year tarnished its reputation as it struggles to deal with declining membership and threats from managed care.
ENTERTAINMENT
May 12, 2011 | By Susan Carpenter, Los Angeles Times
Vintage motorcycles may rattle. They may shimmy, shake or stall, but decades-old machines are unparalleled in their character and artistry — and, for one day this weekend, they are also on display for the public. Almost 200 vintage bikes will dot the green during Saturday's Quail Motorcycle Gathering at the Quail Lodge Golf Club in Carmel. Topping the list of must-sees are the Bathing Suit Bike, which Rollie Free rocketed to 150 miles per hour (and a motorcycle speed record) in 1948, wearing a helmet, bathing suit and borrowed shoes.
BUSINESS
June 26, 1987 | Associated Press
Allegheny International Inc. said Monday it will sell its John Zink Co. subsidiary to an affiliate of Lone Star Technologies Inc. of Dallas and its Bra-Con Industries Inc. subsidiary to Dollar Corp. of Troy, Mich. Allegheny International declined to disclose the terms of either deal. John Zink, based in Tulsa, Okla., is an engineering and manufacturing firm that supplies combustion technology products and energy recovery equipment and services.
BUSINESS
December 22, 1987 | Associated Press
Allegheny International on Monday said that it lost $217.5 million during the third quarter due to writeoffs associated with the company's discontinued real estate and credit subsidiaries. The company lost $13.9 million in the third quarter of 1986. The Pittsburgh-based company reported sales of $187.2 million for the quarter ended Sept. 27, compared to sales of $231.8 million for the same period in 1986.
BUSINESS
July 30, 1987 | From Reuters
Corporate raider Irwin L. Jacobs said Wednesday that he and Carl Pohlad, owner of the Minnesota Twins baseball team, had bought a large stake in Allegheny International Inc., the troubled maker of Sunbeam and Oster brand appliances. Jacobs said the stock had been bought for investment purposes and that the purchases, amounting to nearly 9% of the company, had been made within the last week. He would not say Wednesday if he will buy more shares.
BUSINESS
March 30, 1999 | Bloomberg News
Sunbeam Corp. said President and Chief Executive Jerry Levin, who took charge of the troubled appliance maker after the firing of Chairman Albert Dunlap nine months ago, will also become chairman. Delray Beach Fla.-based Sunbeam, the largest U.S. maker of small appliances, said Levin, 54, replaces Peter Langerman, 43, an outside director who was recently named chief executive of Franklin Mutual Advisers Inc., Sunbeam's largest shareholder.
BUSINESS
January 1, 1998 | Bloomberg News
Sunbeam Corp. expects record profit for 1997, having rebounded from a loss in 1996 by selling a trimmed-down line of improved products. The company's product line has shrunk more than 80% since Albert "Chainsaw" Dunlap took over in 1996. Although Dunlap's turnaround plan involved cutting products--as well as firing half the company's employees--he has also concentrated on improving Sunbeam's items.
BUSINESS
June 18, 1998 | Bloomberg News
Sunbeam Corp. fired its vice chairman and chief financial officer, Russell Kersh, a longtime aide to ousted Chairman Al Dunlap. The household appliance maker named Robert Gluck, vice president and controller, as acting chief financial officer. Kersh joined Sunbeam in July 1996, four days after Sunbeam hired Dunlap. He had worked with the turnaround expert at Scott Paper Co., where he was executive vice president for finance and administration.
OPINION
February 2, 2007 | ROSA BROOKS
CAN YOU SAY "smoke and mirrors"? Instead of accepting mandatory caps on greenhouse gas emissions, the Bush administration now proposes to combat global warming through the deployment of giant mirrors that reflect sunlight back into outer space. For most of the last six years, President Bush has resolutely implied that if you're feeling hot around the collar, it must be because his administration annoys you, because it sure can't be global warming. But he now seems to have changed his mind.
BUSINESS
May 17, 2005 | From Associated Press
Billionaire financier Ron Perelman won $604.3 million in compensatory damages Monday in his lawsuit accusing investment firm Morgan Stanley of duping him into believing a company was financially successful. The state court jury in West Palm Beach, Fla., said it found clear and convincing evidence that Revlon Inc. Chairman Perelman relied on false statements that Sunbeam Corp., which later changed its name to Sunbeam Products Inc.
BUSINESS
April 14, 2005 | From Dow Jones/Associated Press
The man who served as billionaire Ronald Perelman's chief negotiator in a corporate deal that soured testified Wednesday that he relied on Morgan Stanley's advice during those talks. Perelman is suing Morgan Stanley for $2.7 billion in damages, alleging that the investment bank knew of accounting irregularities at its client, appliance maker Sunbeam Products Inc., but concealed them so Sunbeam could buy Perelman's stake in camping equipment company Coleman Inc.
BUSINESS
March 24, 2005 | From Reuters
Morgan Stanley suffered a setback in a Florida court Wednesday when a judge ruled that the bank helped Sunbeam Corp. improperly inflate its financial condition as it pursued a takeover of Coleman Co. in 1998. In a related ruling, Florida Circuit Court Judge Elizabeth Maass also ruled that Morgan Stanley's outside counsel, Kirkland & Ellis, could withdraw and she postponed the start of trial until April 4.
BUSINESS
September 21, 2004 | From Reuters
Consumer products company Jarden Corp. said Monday that it would buy privately held American Household Inc. for $745.6 million, adding Mr. Coffee and an array of other housewares to its product line. Boca Raton, Fla.-based American Household is a successor to appliance maker Sunbeam Products Inc., which changed its name two years ago as it distanced itself from a troubled past that saw it slide into bankruptcy protection under former Chief Executive Al Dunlap.
BUSINESS
January 28, 2003 | From Bloomberg News
Former Sunbeam Corp. Vice President Donald Uzzi and former Controller Robert J. Gluck agreed to pay $100,000 each to settle regulatory charges for their roles in an alleged fraud led by then-Sunbeam Chairman Albert Dunlap. Sunbeam's lead auditor on the company's 1996 audit, former Arthur Andersen accountant Phillip E. Harlow, also settled Securities and Exchange Commission charges by agreeing to a three-year suspension as a public company auditor.
BUSINESS
January 28, 2003 | From Bloomberg News
Former Sunbeam Corp. Vice President Donald Uzzi and former Controller Robert J. Gluck agreed to pay $100,000 each to settle regulatory charges for their roles in an alleged fraud led by then-Sunbeam Chairman Albert Dunlap. Sunbeam's lead auditor on the company's 1996 audit, former Arthur Andersen accountant Phillip E. Harlow, also settled Securities and Exchange Commission charges by agreeing to a three-year suspension as a public company auditor.
BUSINESS
May 16, 2000 | Bloomberg News
Sunbeam Corp., the largest U.S. maker of small household appliances, said it gave Chairman and Chief Executive Jerry Levin an option to purchase 3 million shares of the unprofitable company at $4.125 each for the next 10 years as part of a new pay agreement. The grant, made Jan. 3, wasn't valued, and is worthless at Sunbeam's current prices. Sunbeam also said it cut Levin's pay last year 66% to $3.5 million from his initial year, when he also got a big option grant.
BUSINESS
September 10, 2002 | From Bloomberg News
Sunbeam Corp. said the Justice Department is investigating former Chief Executive Albert J. Dunlap's management of the company as the largest U.S. maker of small appliances revised its bankruptcy recovery plan. The U.S. attorney's office in Manhattan is investigating events at Sunbeam from 1996 through 1998 while Dunlap was chief executive and Russell A. Kersh was chief financial officer, the company said Friday in a Bankruptcy Court filing. Boca Raton, Fla.-based Sunbeam, maker of Mr.
BUSINESS
September 5, 2002 | From Reuters
Former Sunbeam Corp. Chief Executive Albert J. Dunlap, known as "Chainsaw Al" for cutting thousands of jobs in the 1990s before the appliance maker filed for bankruptcy reorganization, will pay $500,000 to settle charges he used accounting techniques that hid Sunbeam's financial problems, regulators said Wednesday. Former Chief Financial Officer Russell Kersh will pay $200,000.
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