Word: lytton
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...savings-and-loan business, no one rivals Charles A. Wellman of Los Angeles as a surgeon for sick companies. In the past three years, he has substantially cured five firms that were suffering from serious financial maladies. Last spring, Wellman succeeded the ousted Bart Lytton as president and chief executive officer of California's Lytton Financial Corp., a huge but ailing holding company with total assets of $682 million. Now Wellman is involved in conducting his most intricate operation yet, which, if successful, will transform three weak S&Ls into one thriving $1 billion enterprise...
Under a deal devised with the help of Kidder, Peabody & Co., a group of blue-chip investors has agreed to give Lytton Financial a $25.5 million transfusion. The holding company will sell $8,000,000 worth of common stock to pay off a crippling burden of debt. To rebuild its reserves, the company's largest subsidiary, Los Angeles-based Lytton...
...also will sell the group of investors $17.5 million in debentures that are convertible into the common stock of Lytton Financial...
When the securities actually change hands next month, Lytton S&L plans to merge with two smaller Southern California savings-and-loan associations, Equitable of Long Branch (assets: $318 million) and Mission of Santa Ana (assets: $39 million). The mammoth merger was approved by the Federal Home Loan Bank Board two weeks ago, but financial men are more fascinated by the audacity of the move than by its size. Says one competitor: "Wellman is converting three alley cats into a pedigreed lion...
Tempting Bait. Equitable, also headed by Wellman, and Mission need more capital, but neither is large enough to raise it easily. Thus they can use the aid of the Lytton holding company, which, thanks to its listing on the New York Stock Exchange, has readier access to Wall Street money. Even so, Wellman had to offer investors some tempting bait. They will pay substantially less than the current market price for the Lytton stock, which closed last week at $11.50 a share...