Winn Enterprises

Winn Enterprises, an Anaheim company that has rapidly expanded to become one of the largest dairy products processors in the nation, has moved its headquarters to Los Angeles. The move--the company's second in a year--was made to place Winn's senior executives closer to the company's wholly owned Knudsen Foods subsidiary, said Ted Nelson, Winn's co-chairman. Knudsen and its recently acquired Foremost Dairies unit account for about 95% of Winn's sales, he said.

More than 1,000 California dairy farmers will split a $20-million legal settlement, ending three years of legal battling in a convoluted fraud case against a consortium of banks, attorneys announced Tuesday. The case, which was settled in Los Angeles Superior Court on Monday, alleged that a group of banks used $25 million worth of raw milk as a kind of secret collateral when they financed Knudsen Foods' leveraged buyout of Foremost Dairies.

Winn Enterprises, an Anaheim company that has rapidly expanded to become one of the largest dairy products processors in the nation, has moved its headquarters to Los Angeles. The move--the company's second in a year--was made to place Winn's senior executives closer to the company's wholly owned Knudsen Foods subsidiary, said Ted Nelson, Winn's co-chairman. Knudsen and its recently acquired Foremost Dairies unit account for about 95% of Winn's sales, he said.

A firm that owns the bankrupt Knudsen-Foremost dairy filed a $150-million lawsuit Thursday against Citicorp bank, which refused to advance the ailing dairy money before it went bankrupt. The suit was filed in Los Angeles Superior Court by Winn Enterprises, which is in bankruptcy. It alleges that Citicorp North America loaned Winn, which owns K. F. Dairies (formerly known as Knudsen), $168 million for the leveraged buyout of Foremost in 1986, knowing the companies would go bankrupt.

Olson, a Sherman Oaks-based egg and packaging company, was to sell a 30% interest in the company to Southwest Overthrust Oil & Gas, an affiliate of Anaheim-based Winn Enterprises, for $7.2 million. However, Olson said the deal is off, at least for now, because Southwest wants more time to evaluate the proposal.

Winn Enterprises, parent of the ailing Knudsen Foods dairy concern, announced the creation of an executive committee to function as chief executive of the Los Angeles-based parent. The three members of the committee are: Ted D. Nelson, formerly Winn chief executive; Nelson's half-brother, Dee R. Bangerter, a major Winn shareholder and member of its board of trustees, and Daniel Montano, a Winn trustee.

A firm that owns the bankrupt Knudsen-Foremost dairy filed a $150-million lawsuit Thursday against Citicorp bank, which refused to advance the ailing dairy money before it went bankrupt. The suit was filed in Los Angeles Superior Court by Winn Enterprises, which is in bankruptcy. It alleges that Citicorp North America loaned Winn, which owns K. F. Dairies (formerly known as Knudsen), $168 million for the leveraged buyout of Foremost in 1986, knowing the companies would go bankrupt.

Shareholders of Care Enterprises, the nation's fourth-largest nursing home operator, approved a new corporate charter Thursday that one company founder contended will strip minority shareholders of their rights. By a margin of more than 2 to 1, holders of both classes of Care's common shares endorsed a plan to reincorporate the company in Delaware, adopting at the same time a series of changes designed to stymie hostile takeovers.

The end came hard for Ted Douglas Nelson. The day after he quit Knudsen Foods--the troubled dairy run by his family--his older brothers locked him out of his office and took away his company-owned Mercedes. "Do you know what?" asks a wounded Nelson, 37. "My brother Dee kept his car." Just five days after Nelson lost his car last September, his family lost control of its corporation and most of its fortune.

Winn Enterprises, which last month moved into the Los Angeles offices of its Knudsen Foods subsidiary, Tuesday reported deepening losses on improved revenues during the quarter and the nine-month period ended Dec. 31. The former Anaheim-based company posted a third-quarter loss of $4 million, compared to a loss of $1.1 million a year earlier. Revenues for the period more than doubled to $300.7 million from $129 million. For the nine months, Winn posted a net loss of $6.

The end came hard for Ted Douglas Nelson. The day after he quit Knudsen Foods--the troubled dairy run by his family--his older brothers locked him out of his office and took away his company-owned Mercedes. "Do you know what?" asks a wounded Nelson, 37. "My brother Dee kept his car." Just five days after Nelson lost his car last September, his family lost control of its corporation and most of its fortune.

The new chairman of Winn Enterprises, the parent of ailing Knudsen Corp., said on Tuesday that his first task will be to "return harmony and maintain the viability" of the dairy products company. Daniel C. Montano, a Tustin investment broker and prominent Orange County Republican, acknowleged that Knudsen, which supplies more than 90% of Winn's revenue, is in financial trouble, but he said that its businesses were sound. "It has excellent products," he said.

Winn Enterprises, parent of the ailing Knudsen Foods dairy concern, announced the creation of an executive committee to function as chief executive of the Los Angeles-based parent. The three members of the committee are: Ted D. Nelson, formerly Winn chief executive; Nelson's half-brother, Dee R. Bangerter, a major Winn shareholder and member of its board of trustees, and Daniel Montano, a Winn trustee.

Shareholders of Care Enterprises, the nation's fourth-largest nursing home operator, approved a new corporate charter Thursday that one company founder contended will strip minority shareholders of their rights. By a margin of more than 2 to 1, holders of both classes of Care's common shares endorsed a plan to reincorporate the company in Delaware, adopting at the same time a series of changes designed to stymie hostile takeovers.

Winn Enterprises, which last month moved into the Los Angeles offices of its Knudsen Foods subsidiary, Tuesday reported deepening losses on improved revenues during the quarter and the nine-month period ended Dec. 31. The former Anaheim-based company posted a third-quarter loss of $4 million, compared to a loss of $1.1 million a year earlier. Revenues for the period more than doubled to $300.7 million from $129 million. For the nine months, Winn posted a net loss of $6.

Winn Enterprises, an Anaheim company that has rapidly expanded to become one of the largest dairy products processors in the nation, has moved its headquarters to Los Angeles. The move--the company's second in a year--was made to place Winn's senior executives closer to the company's wholly owned Knudsen Foods subsidiary, said Ted Nelson, Winn's co-chairman. Knudsen and its recently acquired Foremost Dairies unit account for about 95% of Winn's sales, he said.

The new chairman of Winn Enterprises, the parent of ailing Knudsen Corp., said on Tuesday that his first task will be to "return harmony and maintain the viability" of the dairy products company. Daniel C. Montano, a Tustin investment broker and prominent Orange County Republican, acknowleged that Knudsen, which supplies more than 90% of Winn's revenue, is in financial trouble, but he said that its businesses were sound. "It has excellent products," he said.

Winn Enterprises said Thursday that it has signed a definitive agreement to merge its Knudsen Foods Inc. subsidiary with Foremost Dairies Inc., creating one of the largest dairy companies in the West. Fullerton-based Winn, which is both a specialty foods company and a savings and loan operator, did not release terms for the acquisition of the 65-year-old San Francisco dairy other than to say it will be for a combination of cash and notes.

Winn Enterprises, an Anaheim company that has rapidly expanded to become one of the largest dairy products processors in the nation, has moved its headquarters to Los Angeles. The move--the company's second in a year--was made to place Winn's senior executives closer to the company's wholly owned Knudsen Foods subsidiary, said Ted Nelson, Winn's co-chairman. Knudsen and its recently acquired Foremost Dairies unit account for about 95% of Winn's sales, he said.

Despite record revenues, Winn Enterprises of Anaheim announced Monday that first quarter earnings fell 88% largely due to declining profits at its Knudsen Foods subsidiary. Ted Nelson, Winn's chairman, said Knudsen was hit during the quarter by "competitive pricing" in Northern California that eroded profits. However, he said the price slashing had ended. Earlier this year Winn suffered a $900,000 quarterly loss due to price-cutting competition from Carnation Co.