Thomas Taylor group presses for seat on Loewen board
Article Abstract:
Loewen Group Inc., a Burnaby, British Columbia-based funeral services company, has been asked to accomodate one director from the investor group TMI-FW into its board. The request was made by TMI-FW, a group led by Texas strategist Thomas Taylor, after it increased its interest in Loewen from 7.6% to 9%. The inclusion of a director from TMI-FW in Loewen's board is anticipated to hasten the call for reforms in the company. One analyst said that the Taylor decision is welcome news, saying that it indicates that outside investors want to participate more in the decision-making process. The head of a special directors' committee said that the request from Taylor's group is welcome because the company has been searching for outside directors.
Comment:
Is asked to accomodate one director from the investor group TMI-FW into its board
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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CIBC acquires Ray Loewen's total stake in firm he founded
Article Abstract:
Canadian Imperial Bank of Commerce (CIBC) has purchased Ray Loewen's C$10 million worth of shares in Loewen Group Inc. The move followed after Loewen, who is Loewen Group's founder, loaned C$145 million from CIBC in 1997 to purchase stock in his own firm. After calling the loan, CIBC assumed ownership of Loewen's shares in Loewen Group and applied C$91 million against the balance of his loans. CIBC spokesperson Katherine Gay refused to acknowledge the rumors that CIBC's move was prompted by margin calls that was brought about by the decreasing value of Loewen's assets.
Comment:
Purchases Ray Loewen's C$10 mil worth of shares in Loewen Group Inc
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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