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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.
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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.
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BUSINESS
August 10, 2002 | Bloomberg News
Former officials of Sunbeam Corp., a household appliance maker seeking bankruptcy protection, won a judge's approval to pay $31 million to settle a federal class-action lawsuit with shareholders who alleged fraud. After a hearing in West Palm Beach, Fla., U.S. District Judge Donald Middlebrooks approved the settlement, to be paid in part by Sunbeam insurers.
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
August 15, 2000 | From Bloomberg News
Sunbeam Corp. posted a higher-than-expected second-quarter loss and said it will sell its Oster barber, beauty and animal-grooming products business. Sunbeam's shares fell 19%. Sunbeam, the No. 1 U.S. maker of small appliances, said its loss from operations increased to $54 million, or 50 cents a share, from $37 million, or 37 cents, a year ago. Sales fell 7.8% to $609.6 million.
BUSINESS
August 25, 1998 | Bloomberg News
Sunbeam Corp. abandoned the 3-month-old restructuring planned by fired Chairman Al Dunlap, reversed a decision to close four factories and plans to sell two businesses. While closing four other plants as planned, the maker of small household appliances said it will keep open plants in Maize, Kan.; Pocola, Okla.; Aurora, Ill.; and Acuna, Mexico. Delray Beach, Fla.
BUSINESS
November 13, 1996 | JAMES F. PELTZ, TIMES STAFF WRITER
Albert J. Dunlap, a no-nonsense corporate cost cutter whom Sunbeam Corp. hired in July to turn the small-appliance maker around, lived up to his reputation Tuesday and unveiled a massive restructuring plan that will eliminate 6,000 of Sunbeam's 12,000 jobs.
BUSINESS
June 1, 1989
Allegheny Files New Reorganization Plan: Allegheny International Inc. said it has filed a plan of reorganization for its Sunbeam Corp. subsidiary in an attempt to bring the profitable small appliance maker out of bankruptcy court protection. The new Sunbeam plan, if approved by the court, would pay the unit's creditors 100% of their claims in cash. It is the fifth plan that Allegheny International has filed since entering Chapter 11 reorganization in February, 1988.
NEWS
August 2, 1998 | From Times Wire Reports
The American Medical Assn. will pay Sunbeam Corp. $9.9 million after pulling out of a five-year deal in which the doctors' group was to endorse the company's products in exchange for royalties. Widely regarded as unethical, the controversy led to the dismissal of five AMA staff members. The settlement averts a trial, which had been set for Nov. 2 in federal court in Chicago. The AMA backed out of the deal after many criticized it because the group did not plan to test the products.
BUSINESS
August 10, 2002 | Bloomberg News
Former officials of Sunbeam Corp., a household appliance maker seeking bankruptcy protection, won a judge's approval to pay $31 million to settle a federal class-action lawsuit with shareholders who alleged fraud. After a hearing in West Palm Beach, Fla., U.S. District Judge Donald Middlebrooks approved the settlement, to be paid in part by Sunbeam insurers.
BUSINESS
September 5, 2001 | Bloomberg News
Arthur Andersen faces a lawsuit over its audit of Sunbeam from Oaktree Capital Management, which in 1998 purchased debt in the now-bankrupt appliance maker. L.A.-based Oaktree claims the accounting firm endorsed Sunbeam's inflated sales and earnings for its 1996 and 1997 fiscal years, which served as "the cornerstone of the marketing effort for the Sunbeam" debt, according to a negligence and fraud suit filed in Los Angeles Superior Court.
BUSINESS
May 16, 2001 | JEREMY PELOFSKY, REUTERS
Federal securities regulators Tuesday accused former top executives at Sunbeam Corp.--including former Chief Executive Albert Dunlap--of financial fraud that cost investors billions of dollars. The Securities and Exchange Commission accused Dunlap and Sunbeam's former chief financial officer, Russell Kersh, of trying to create the illusion that the ailing maker of Mr. Coffee machines and other small appliances was successfully restructuring itself to facilitate its sale in 1998.
BUSINESS
May 2, 2001 | Associated Press
Accounting firm Andersen has agreed to pay $110 million to Sunbeam Corp. shareholders to settle a fraud lawsuit concerning its work for the struggling appliance maker. The settlement is the second-largest ever paid by an accounting firm in a securities lawsuit, said Robert Kornreich, an attorney for shareholders. Boca Raton, Fla.
BUSINESS
February 7, 2001 | From Reuters
Sunbeam Corp., burdened by heavy debt, shareholder lawsuits and a probe into its accounting practices, filed Tuesday for Chapter 11 bankruptcy protection. The maker of Sunbeam appliances, First Alert smoke alarms and Coleman camping gear said it does not anticipate any work force reductions or plant closings as it reorganizes. "This was a difficult, but absolutely necessary decision for us to make," Chairman and Chief Executive Jerry Levin said.
BUSINESS
August 15, 2000 | From Bloomberg News
Sunbeam Corp. posted a higher-than-expected second-quarter loss and said it will sell its Oster barber, beauty and animal-grooming products business. Sunbeam's shares fell 19%. Sunbeam, the No. 1 U.S. maker of small appliances, said its loss from operations increased to $54 million, or 50 cents a share, from $37 million, or 37 cents, a year ago. Sales fell 7.8% to $609.6 million.
NEWS
October 20, 1985 | Associated Press
A container cap that does not "back off"--or loosen by itself--has been developed by Sunbeam Corp., for leakproof packaging of liquids. Caps with screw threads tend to "back off" and become loose. They are unsuitable for liquid-proof seals, Robert Lehman of Sumbeam said. Snap caps have been used mostly with dry products such as aspirin because most people would not have the strenght to open a snap cap that was tight enough to be leakproof, he said.
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
January 15, 2000 | Associated Press, Reuters
Sunbeam Corp. said it's creating a new division as it unveils a line of "smart" consumer appliances, such as an alarm clock that can turn off an electric blanket or turn on a coffee maker without wires or special programming. Separately, Maytag Corp., maker of washers, dryers and Hoover vacuums, said it's allying with software giant Microsoft Corp. to develop appliances that will talk to each other via computer.
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