Word: lazard
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Dates: during 1970-1979
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...Felix the Fixer done it again? No one can yet say for sure, not even Felix G. Rohatyn, the 46-year-old Austrian-born partner in the New York investment-banking firm of Lazard Frères & Co. But Rohatyn has at least got the machinery started for a complicated and inventive deal between Textron Inc. and Lockheed Aircraft Corp. that will add new luster to Lazard Frères' reputation as masters of the art of rescuing faltering corporate giants by arranging mergers, reorganizations or financial aid. Says one Rohatyn admirer in the treasurer's office...
Such financial legerdemain has become a specialty of Lazard and Rohatyn since the late 1960s, when Lazard Chairman Andre Meyer turned pessimistic about the future of conventional investment banking (basically, the underwriting of stock and bond issues) and decided to diversify. Lazard, the American arm of an international firm that also has offices in London and Paris, pushed into investments in oil wells, cattle herds and California vineyards, and organized a "mergers and reorganizations" group-a kind of financial salvage crew-under Rohatyn...
...section has had great success. In 1967 Lazard Partner Stanley De J. Osborne arranged the merger with McDonnell Aircraft that kept Douglas Aircraft from going under; later, Partner Howard S. Kniffin helped Boise Cascade spin off a number of enterprises in mobile homes and chemicals that were doing little for it but lose money. Meyer, still active at 75, last week headed off a threatened proxy fight at the Signal Cos. (shipping, Mack trucks, radio stations, the California Angels baseball team) by getting an Italian investment group to buy a major interest...
...disinterested third party a block of Hartford stock that the company had bought before the merger agreement. ITT sold them to an Italian organization, Mediobanca, under an agreement approved by the IRS. It has since developed that a then-secret agreement between ITT's investment bank, Lazard Freres and Co., and Mediobanca modified the terms of the contract. A former Securities and Exchange official has testified that in his opinion, no legitimate sale ever took place...
...FRED ASTAIRE AND GINGER ROGERS BOOK by ARLENE CROCE 191 pages. Outerbridge & Lazard...