Word: olympia
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...financial and real estate markets that the Reichmanns, Canada's multibillionaire developers, were desperately short of one essential commodity -- cash. Brothers Paul and Albert responded, characteristically, with silence. Last week, though, they were forced to talk. In a brief communique, they admitted that their global real estate holding company, Olympia & York, was suffering a "liquidity crisis." As a result, the company would meet with its bankers to restructure debts totaling an estimated $20 billion...
Less than two days after that announcement, the Toronto headquarters of Olympia & York lobbed another bombshell by reporting a shake-up of the firm's management. To help confront its bankers, O&Y named a new president to replace Paul Reichmann: Thomas Johnson, 51, the former president of Manufacturers Hanover Trust. As financial advisers, the Reichmanns signed up some well- respected Wall Street names: investment banker James Wolfensohn and Robert S. ("Steve") Miller, who helped engineer the Chrysler bailout 12 years ago. Still, O&Y spokesman Peter Rosenthal stressed that "Paul and Albert remain the primary stockholders...
...crowd of American lenders. The investment firm of Keefe, Bruyette & Woods estimates Citicorp's exposure to debt at $500 million. With a total of $11 billion in American commercial real estate loans on the bank's books, the U.S "impact is significant," says Keefe, Bruyette president James McDermott. "The Olympia & York news is a wake-up call that commercial real estate remains public enemy No. 1 for U.S. banks, especially Citicorp...
...Olympia & York is feeling the sting of sharply reduced real estate values, which are down by as much as 50% in some Manhattan and Toronto locations. But the most serious problem facing the family enterprise is London's $6.9 billion Canary Wharf project. A 71-acre office complex in the out-of-the-way Docklands area, it is the largest commercial property development in Europe. London faces a glut of 40 million sq. ft. of unused commercial space, though, and 40% of Canary Wharf remains vacant. Even that figure is deceptive, because many of Canary Wharf's tenants only signed...
...Development project, 450 jobless workers since 1989 have collected lump-sum payments averaging $4,200. Among the SEED startups: a plumbing business, a money-management firm, a landscaping company and a tanning salon. Ronald Wilmoth, 43, used his $7,000 check as part of his financing to buy the Olympia, Wash., electronics store where he had worked for 21 years before being laid off in 1990 when the chain that owned the store went bankrupt. Says Wilmoth, who employs six workers: "I would have never tried this before. I was too comfortable to take chances...