Slimmer Divi but Siemens Is Solid as Ever

At its last meeting, Siemen's stockholders learned that the dividend was to be reduced. For awhile, this reduction caused panic for investors already jittery because of the pressure the German market came under after the stock market crash. Despite this reduction, which was linked to profit performance, the dividend compares favorably with the net dividend paid before the system was changed. Mergers and acquisitions continue to play an important part in the company strategy -- with the US as an attractive target -- because it is the largest electrical market in the world. Further, joint ventures continue to be a part of worldwide strategy; recently, Westinghouse Electric and Siemens formed a company by deciding to combine their factory automation operations. While borrowing requirements for this huge firm are few, foreign subsidiaries do use the capital markets. Approximately half of the sales are international, with about 70% in Europe.

Full text: Euromoney, Jul 1988

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Rite Aid Stock Falls on Bribe Charge

Carolyn J. Lukensmeyer, Governor [Richard F. Celeste]'s chief of staff, said Rite Aid representatives and pharmacy board officials met on March 28 with Richard Murray, a Celeste aide, ''to work out business details related to the transfer of ownership.'' She said there was no mention of an appointment to the board at the meeting. But she said a board staff member had said then that Rite Aid had told Mr. [Melvin Wilczynski] its ''monetary proposal included an agreement that Wilczynski resign from the pharmacy board.'' Walter Loeb at Morgan Stanley said ''some people are speculating that there could be a takeover or buyout of Rite Aid'' if the Ohio charges lead to changes in the company's management. He added, ''In my opinion, this is disruptive but not necessarily a negative long-term situation.''

Full text: New York Times, May 2, 1989

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CEO Addresses Stockholders Commercial Federal 'To Stick to Basics'

"The basics have always been at the heart of our business, and we think that there is no better time to get back to them," William A. Fitzgerald told about 150 people at the Omaha company's annual stockholders meeting. Stockholders asked three questions during the 30-minute meeting, held at the Holiday Inn at 72nd and Grover Streets: will Commercial Federal be profitable in fiscal 1990-91; can the company raise $70 million in new capital by next June 30; and why is the stock price so much lower than its book value. The company's $32 million loss in fiscal 1990 was caused by a $47 million addition to reserves for possible loan losses, Fitzgerald said, a step caused by new federal regulations governing S&Ls.Addition to Reserves

Full text: Omaha World - Herald, Nov 20, 1990

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Ballard makes money each time he gets sick

Still, the question of redeveloping the site for a new Maple Leaf Gardens and an office or commercial centre after [Harold Ballard] dies is far from settled. November '86: Amid rumors that Ballard's health is failing, Toronto investor [Morton Shulman] announces he has been accumulating Gardens shares. Stock trades as high as $169 from $141 (this is before the 5-for-1 split). Star photo (Spremo) Harold Ballard at Maple Leaf Gardens; chart stock prices for Maple Leaf Gardens 1987-1988

Full text: Toronto Star, Aug 12, 1988

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How a Real Estate Highflier Flamed Out

Residential Resources Mortgage Investments Corp., a Phoenix, Arizona, real estate investment trust (REIT), is in a Phoenix bankruptcy court just 6 months after its $68.6-million initial public offering. Residential's investments are in residuals, i.e., volatile byproducts of complex mortgage financings that could become practically worthless if interest rates rose. If Residential's lenders prevail in bankruptcy court, investors could be wiped out. Residential's founder and former chairman, James C. Marshall, helped transform bundles of mortgages into precise instruments through use of the collateralized mortgage obligation (CMO), which fixed a flaw in traditional mortgage securities, such as those from the Government National Mortgage Association (Ginnie Mae). In a CMO, the Ginnie Maes are pooled to back bonds that are designed to return principal at fairly regular intervals. As competition heated up, the CMO business was being driven by residuals. The complexity of the residuals led traders to call them the "toxic waste" of the mortgage business. When interest rates rose in December 1988 and pushed down the market price of residuals, Residential was forced into bankruptcy court.

Full text: Business Week, Mar 6, 1989

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GTECH Chief Rebuts Critics at Meeting of Shareholders

PROVIDENCE -- Frustration over GTECH Corp.'s shrinking profits and sliding stock price boiled over yesterday at the company's annual meeting. Guy B. Snowden, chairman and chief executive officer of GTECH, the world's largest lottery system manufacturer, spent 45 minutes at the Providence Marriott lectern defending everything from the generosity of executive salaries and perks to the efficacy of lending directors money at low interest so they can buy company stock. "It would appear to me, Mr. Snowden, that with the losses GTECH has incurred (from discontinued subsidiaries), with the stock price down to $10.25 this morning, and looking at the increases in compensation" outlined in the company prospectus, "that this management team is benefiting at a time when the earnings of this company are nil," said one shareholder, Eugene A. Nadeau of Warwick. (excerpt)

Full text: Providence Journal, Aug 11, 1988

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Tell trade gripe to the exchange

Full text: Houston Chronicle (pre-1997 Fulltext), Oct 15, 1990

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