June 20, 1989 |
Tustin-based MAI Basic Four Inc., which is pursuing a hostile takeover of Prime Computer Inc., said today its president and chief executive officer, William B. Patton Jr., will resign to pursue personal and business interests. Patton, whose resignation takes effect Sunday, will be temporarily replaced by William Weksel, a member of the board who previously was president. MAI Basic Chairman Bennett LeBow launched the billion-dollar takeover bid for Natick, Mass.-based Prime in November.
June 21, 1990 |
Following a trend in the tobacco industry, Liggett Group Inc. said today it will restructure its operations with an eye toward diversification in an apparent bid to boost its lagging earnings. Liggett, which like its competitors has had to deal with bad publicity, also said it plans to change its name to Brooke Group Ltd. Under the restructuring, Liggett will be split into two subsidiaries--Liggett & Myers Tobacco, to be renamed Liggett Group, and Impel Marketing Inc.
January 11, 1990 |
MAI Basic Four Inc., shaking up operations after its ill-fated attempt to take over Prime Computer Inc. earlier this year, has named Fred D. Anderson Jr. president and chief operating officer and moved up William Weksel to chairman. The changes are part of a restructuring the Tustin computer company has launched to create an "entrepreneurial environment" in each of seven new business units, said Bertrand Weidberg, MAI's general counsel.
December 20, 1988 |
MAI Basic Four filed a motion Monday in a Massachusetts federal court seeking to vacate an order preventing the Tustin computer maker from pursuing its $970-million hostile offer for Prime Computer. On Dec. 9, a federal judge issued an order blocking the offer, saying MAI had understated the role that its investment banker, Drexel Burnham Lambert, is playing in the hostile bid. U.S. District Judge A.
May 2, 1991 |
In another sign of a rocky corporate restructuring, MAI Systems Corp., Tustin, said Wednesday that Fred D. Anderson Jr. has resigned as president and chief operating officer to pursue other interests. Anderson, 46, is the second top officer to leave the computer reseller since November, when Chairman William Weksel departed to pursue other interests. Bennett S. LeBow, the New York financier with an 80% stake in MAI, is serving as chairman. Fred Anderson will be succeeded by Peter S.
August 19, 1989 |
MAI Basic Four Chairman Bennett S. LeBow, having failed in his recent hostile bid for Prime Computer, plans to raise his personal stake in MAI to 51% by investing $30 million in the Tustin computer maker. The announcement comes a week after MAI said it expects to report a "significant" third-quarter loss and is laying off 400 people--or nearly 10% of its work force.