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

Stockholder data

---

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

Commercial Banks, Commercial Banking, Asset sales & divestitures, Acquisitions & mergers, Ontario, Canadian Imperial Bank of Commerce

---

Similar abstracts:

• Abstracts: Bitove wins appeal on Pearson rent. Airlines play down talks on international routes. Senior CAI executives received 1% raises in 1998
• Abstracts: DaimlerChrysler's leaders drive for 'speed.' Automakers may need to trim the fat even more
• Abstracts: YBM'S largest shareholder pushes to replace board. RioCan accuses realfund of delay. Cambridge and partner name mega-mall tenants
• Abstracts: Noma on hunt for buyer or partner. OSC shuts firm for unlicensed currency trading. Ohio's Banc One setting up Canadian credit card unit
• Abstracts: World Cup champs score on cereal boxes. Here's to a new generation

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.