Perelman is likely to get a larger stake in Sunbeam
Article Abstract:
Sunbeam Corporation granted the Ronald O. Perelman holding company, MacAndrews & Forbes Holdings Inc., five year warrants to purchase 23 million Sunbeam shares at an exercise price of $7 a share. Sunbeam agreed to give MacAndrews & Forbes the rights to increase its shares in exchange for guarantees that it would not sue Sunbeam. Perelman sold the Coleman Company to Sunbeam for a large chunk of Sunbeam stock. Sunbeam ran into problems, and Perelman's investment took a nose dive. MacAndrews & Forbes agreed to release Sunbeam from any legal claims arising from the Coleman deal and Sunbeam's bad performance. The suit could have forced Sunbeam into bankruptcy. MacAndrews & Forbes is the second largest share holder of Sunbeam.
Comment:
Sunbeam Corporation granted the Perelman holding company five year warrants to purchase 23 million shares
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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Sunbeam is facing a bleak outlook ..
Article Abstract:
Sunbeam Corp.'s stock continues to fall and its warehouse inventories rise after the dismissal of its chairman and CEO two weeks ago. The company's outlook is unfavorable given its confirmation of a SEC investigation of its accounting practices. The investigation has led Arthur Andersen LLP to withhold its opinion of a new bond offering by Sunbeam until the SEC completes its work. Sunbeam may also default on its $1.4 billion loan owed to Morgan Stanley Dean Witter & Co., Bank of America and First Union. Industry analysts at American Express Financial Advisers, which holds 3.8 million Sunbeam shares, are reluctant to provide a valuation of Sunbeam at a time when investor losses in the company are growing.
Comment:
Sunbeam faces uncertain future as stock falls after management shakeup
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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Sunbeam and ousted chief executive sign cooperation agreement
Article Abstract:
Albert J. Dunlap, the ousted chief executive officer and chairman, and Sunbeam Corp. have formed an alliance to address a number of shareholder lawsuits that arose from the company's controversial accounting practices. The deal might help the company to resolve the settlement of the ex-CEO's severance package. Industry analysts said that the company admitted that it required the ex-CEO's cooperation to defend itself against an SEC investigation, which is focused on various accounting irregularities, and the shareholder lawsuits.
Comment:
Has formed an alliance with Albert J. Dunlap, the ousted CEO and chairman, to deal with shareholder suits
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1998
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