Word: laventhol
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...industry's crisis has already toppled some stalwarts. Laventhol & Horwath, the big Philadelphia-based firm, filed for bankruptcy last year after it became the target of several lawsuits stemming from its auditing and consulting work. L&H had paid more than $50 million in claims before folding. Another major failure could be imminent, some analysts believe. The average Big Six firm has total capital of nearly $3 billion, but in light of recent damage awards, even that amount could be eroded. Of the Big Six, Ernst & Young may be the most exposed because of its focus on the financial industry...
...these recessionary times, the Times sees clouds forming on its economic horizon. For more than two decades, it has waged a costly battle for suburban and San Diego readers, wooing them with regional editions of the Times, each tailored to local audiences by an on-site staff. While publisher Laventhol says he has no intention of ceding these outposts to entrenched regional and local newspapers, the Times has shelved ambitious plans to extend its reach into Northern California, the Northwest and, eventually, the Pacific...
While it was minding everyone else's business, Laventhol & Horwath apparently should have been minding its own. Last week Robert Levine, CEO and executive partner of the Philadelphia-based accounting firm, announced that gallons of red ink added up to a black day and that the company was filing for Chapter 11 protection from its hordes of creditors. Ultimately, it was neither creditors nor clients who pulled the plug on the failing firm; it was Laventhol's partners themselves. Confronted by an $85 million bank debt and enormous litigation costs, the partners decided they could not afford to save...
With its legendary aggressiveness, Laventhol accrued a record haul of $345 million from 50 offices across the country in fiscal 1990. But size was its demise. "In their quest for rapid growth, they took on some clients that they shouldn't have," says Arthur Bowman, editor of Bowman's Accounting Report, a trade newsletter, "either in industries that they didn't understand or clients who were running very risky ventures." But if the 360 Laventhol partners are licking their wounds, its 3,400 remaining employees are left with even less: job hunting in the emaciated financial industry. Some...
...when borrowers could no longer meet payments, often because homeowners lost their jobs or business owners suffered from plunging sales as the energy-based economy declined. In many cases the loans should never have been made. Observes James Noteware, national director of real estate for the accounting firm of Laventhol and Horwath: "A lot of what the thrift institutions are passing on to the Government is really junk...