Word: marriotts
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Dates: during 1990-1999
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...statement, Marriott said Harvard and three other holders of its preferred stock had agreed to dismiss their case in Delaware court against the hospitality giant in exchange for "an immaterial payment" from Marriott...
Under a plan approved by Marriott shareholders on Friday, the corporation will divide into Marriott International, a hotel operation; and Host Marriott, a real estate, airport and toll road concessions business that will carry most of the company's $2.9 billion debt...
Earlier this month, Harvard asked William T. Allen, the chancellor of Delaware's equity court, for a restraining order preventing the split, arguing that the University's endowment performance would be hurt. The University also charged that Marriott's method of using a special dividend to accomplish the split was illegal...
...Marriott is pleased with the settlement," Stephen F. Bollenbach, executive vice president and chief financial officer for the company, said in the Marriott statement. "It allows us to bring the litigation to a close and to focus our attention on the timely completion of the special dividend...
According to the terms of the split, Harvard will no longer receive a dividend on its preferred stock, and those shares will be convertible only into shares of the highly leveraged Host Marriott...