Theodore Forstmann

Demonstrating low-income parents' pent-up desire to flee faltering public schools, 3,750 Los Angeles families Wednesday won four-year scholarships that will enable them to send their children to private or parochial schools next fall. The families were among 40,000 across the nation picked at random by computer for the coveted funds, ranging from $500 to $1,600 a year. Los Angeles received the most scholarships; Chicago and New York received 2,500 each. The lottery, which drew 1.

Wall Street investor Ted Forstmann, until Tuesday one of Michael Ovitz's partners to bring football back to Los Angeles, is now reportedly one of 10 bidders trying to purchase the Washington Redskins. Although Ovitz has yet to define the financial contributions of his 10-man ownership team, it has been believed from the outset that Forstmann, an acknowledged billionaire, would be one of the major players in financing a proposed $350-million stadium for Carson.

Two wealthy supporters of private school vouchers are scheduled to announce today in New York the creation of a $200-million fund to help low-income families in Los Angeles, Chicago and other cities pay tuition for their children. The fund, set up by venture capitalist Theodore J. Forstmann and heir to the Wal-Mart store fortune John T. Walton, would far exceed the amount now being spent on such scholarships nationally, school choice advocates said.

A privately financed program aimed at promoting educational choice and helping poor city children attend private schools began accepting applications Monday in Los Angeles and 37 other cities. It will award more than $140 million in scholarships to 35,000 grade school students next year. The new program, called the Children's Scholarship Fund, is by far the largest such private aid effort in the country targeting children from kindergarten through eighth grade.

Occupying a prominent spot in Theodore Forstmann's office, right next to the picture of him with George Bush, is a joke gift that the corporate buyout specialist received recently at his 50th birthday party. It is a phony newspaper advertisement in a silver frame. Printed to look like the quarter-page "tombstone" ads that financial companies take out to trumpet completion of big deals, it says: "We are pleased to announce the acquisition of the remaining assets of Kohlberg Kravis Roberts & Co.

A Wall Street banker plans to donate millions of dollars to help thousands of poor Los Angeles children attend private schools of their choice in the fall of 1999, mirroring a similar philanthropic effort in the nation's capital. Corporate takeover specialist Theodore J. Forstmann said the Los Angeles project would be a larger version of the one he launched last fall with Wal-Mart heir John Walton, in which the pair donated $6 million to give vouchers to 1,000 Washington children.

Wall Street investor Ted Forstmann, until Tuesday one of Michael Ovitz's partners to bring football back to Los Angeles, is now reportedly one of 10 bidders trying to purchase the Washington Redskins. Although Ovitz has yet to define the financial contributions of his 10-man ownership team, it has been believed from the outset that Forstmann, an acknowledged billionaire, would be one of the major players in financing a proposed $350-million stadium for Carson.

Demonstrating low-income parents' pent-up desire to flee faltering public schools, 3,750 Los Angeles families Wednesday won four-year scholarships that will enable them to send their children to private or parochial schools next fall. The families were among 40,000 across the nation picked at random by computer for the coveted funds, ranging from $500 to $1,600 a year. Los Angeles received the most scholarships; Chicago and New York received 2,500 each. The lottery, which drew 1.

A privately financed program aimed at promoting educational choice and helping poor city children attend private schools began accepting applications Monday in Los Angeles and 37 other cities. It will award more than $140 million in scholarships to 35,000 grade school students next year. The new program, called the Children's Scholarship Fund, is by far the largest such private aid effort in the country targeting children from kindergarten through eighth grade.

Two wealthy supporters of private school vouchers are scheduled to announce today in New York the creation of a $200-million fund to help low-income families in Los Angeles, Chicago and other cities pay tuition for their children. The fund, set up by venture capitalist Theodore J. Forstmann and heir to the Wal-Mart store fortune John T. Walton, would far exceed the amount now being spent on such scholarships nationally, school choice advocates said.

A Wall Street banker plans to donate millions of dollars to help thousands of poor Los Angeles children attend private schools of their choice in the fall of 1999, mirroring a similar philanthropic effort in the nation's capital. Corporate takeover specialist Theodore J. Forstmann said the Los Angeles project would be a larger version of the one he launched last fall with Wal-Mart heir John Walton, in which the pair donated $6 million to give vouchers to 1,000 Washington children.

Occupying a prominent spot in Theodore Forstmann's office, right next to the picture of him with George Bush, is a joke gift that the corporate buyout specialist received recently at his 50th birthday party. It is a phony newspaper advertisement in a silver frame. Printed to look like the quarter-page "tombstone" ads that financial companies take out to trumpet completion of big deals, it says: "We are pleased to announce the acquisition of the remaining assets of Kohlberg Kravis Roberts & Co.

Forstmann, Little & Co., a New York investment firm that lost a takeover bid for Revlon earlier this year, has joined the list of possible bidders for the Daily News. Forstmann's general partner, Theodore Forstmann, met with executives of the newspaper, which is owned by Chicago-based Tribune Co. Forstmann said he is interested in buying the paper but declined to say whether his firm, which specializes in leveraged buy-outs, would operate the paper itself or was acting on behalf of a client.

Buyout strategist Theodore Forstmann is trying to put together a $1.5-billion fund that would finance acquisitions of companies using debt, it was reported today. Forstmann, who has long opposed the use of high-yield junk bonds to fund buyouts, is planning to offer investors in his fund yields of 1 percentage point above the interest rate on five-year Treasury bonds, the Wall Street Journal said. Those Treasury issues now yield about 8.