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BUSINESS
November 22, 1991 | From Times Staff and Wire Reports
Real Estate Investors' Suit Settled: A $98.5-million settlement has been reached in a class-action lawsuit that one attorney called one of the five largest securities class-action settlements in U.S. history. David and Ilene Albert of Santa Rosa, Calif., filed the suit two years ago, and a flood of other lawsuits that followed were eventually consolidated into one case with about 30 plaintiffs, 50 defendants and 39 law firms.
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BUSINESS
September 13, 1991 | JUBE SHIVER Jr., TIMES STAFF WRITER
A U.S. bankruptcy judge cleared the way Wednesday for a major creditor of the troubled VMS Realty Partners syndicate of Chicago to foreclose on three Southern California office towers owned by VMS Realty Partnerships. Bankruptcy Judge David H. Coar in Chicago gave Swiss Bank Corp. of Zurich approval to foreclose, lifting a court order that had prevented the bank from taking over the 312,000-square-foot Bank of California Plaza building at 110 West A St.
BUSINESS
November 22, 1991 | From Times Staff and Wire Reports
Real Estate Investors' Suit Settled: A $98.5-million settlement has been reached in a class-action lawsuit that one attorney called one of the five largest securities class-action settlements in U.S. history. David and Ilene Albert of Santa Rosa, Calif., filed the suit two years ago, and a flood of other lawsuits that followed were eventually consolidated into one case with about 30 plaintiffs, 50 defendants and 39 law firms.
BUSINESS
September 13, 1991 | JUBE SHIVER Jr., TIMES STAFF WRITER
A U.S. bankruptcy judge cleared the way Wednesday for a major creditor of the troubled VMS Realty Partners syndicate of Chicago to foreclose on three Southern California office towers owned by VMS Realty Partnerships. Bankruptcy Judge David H. Coar in Chicago gave Swiss Bank Corp. of Zurich approval to foreclose, lifting a court order that had prevented the bank from taking over the 312,000-square-foot Bank of California Plaza building at 110 West A St.
BUSINESS
March 3, 1987
The hotel will be renamed the Four Seasons Biltmore at Santa Barbara. The purchase from the Marriott Corp. by Toronto, Canada-based Four Seasons Hotels and Chicago-based VMS Realty Partners is expected to be completed by the end of this month. No price was announced.
BUSINESS
February 1, 1991 | From Times Staff and Wire Reports
The Stamford, Conn., company reported that its fourth-quarter earnings rose 11% to $235 million, largely because of strength in its document-processing operation. Revenue was up 10% to $5 billion. The company's yearly earnings plunged 65% to $243 million, principally because of a $375-million charge related to discontinuing its VMS Realty Partners unit. Annual revenue at Xerox, which also has substantial insurance and financial services operations, was up 4% to $18 billion.
BUSINESS
April 26, 1990 | From Times wire services
Xerox Corp. today reported a first-quarter loss of $254 million, or $2.93 per share, stemming from its interest in a struggling Chicago-based real estate investment firm. Otherwise, the company reported "good growth" in its document-processing business and a slump in earnings from its financial services division that it attributed to the weak market for property and casualty insurance.
CALIFORNIA | LOCAL
March 19, 1988
As expected, the Centre City Development Corp.--the agency in charge of downtown redevelopment--on Friday postponed a decision on which of three companies should be selected to build a 30-plus-story apartment tower just south of Horton Plaza. The decision gives the three companies until May 17 to refine their proposals, which were submitted last November. Already, two of the firms have told CCDC they are sweetening their plans by increasing the amount of their bid.
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