Word: pension
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...legal malpractice was the one that drew Lawyer Freidberg into the field. In 1967 Rosemary Smith, a Sacramento housewife, sued to divorce her husband, a retired general in the state National Guard. Her lawyer advised her that she had no claim to a share of her husband's pension. Then after the settlement she learned that such benefits are indeed considered community property in California. Mrs. Smith decided to sue her counsel. Three lawyers declined to take the case; Freidberg accepted it, took the attorney to court and eventually won a judgment of $100,000. Early last year...
...Hoffa, the domineering president of the Teamsters from 1957 to 1971, were once good friends but became bitter enemies when they were imprisoned together in Lewisburg, Pa., Provenzano for extortion and Hoffa for jury tampering, fraud and conspiracy. Tony Pro wanted Hoffa to use his influence to reinstate the pension that Provenzano had lost when he went to the penitentiary. But Hoffa refused, and Provenzano reportedly threatened to "bury" his old comrade...
Selling Grandma. The firms selected for takeover, says Felix Rohatyn, a partner in the investment house of Lazard Freres, are usually "very solid, stable, unglamorous, medium-size companies." Also, their stock is primarily held by individual investors rather than such institutions as mutual funds and pension funds, which would be more likely to compare the tender-offer price with book value and reject it. But some Wall Streeters speculate that takeover attempts may soon be made against companies controlled by institutions that are getting tired of holding undervalued shares. Says William Chatlos, a partner in Georgeson & Co., a proxy solicitor...
Banks Agree. The municipal workers' unions were persuaded to contribute to the rescue from their pension funds. They agreed to invest $2.5 billion in city securities and to refinance $700 million in bonds issued by the Municipal Assistance Corp. and $450 million in city notes. The New York banks, too, were persuaded to cough up still more in assistance. By promising to balance the state budget, now in deficit by an amount estimated anywhere from $300 million to $700 million, Carey won agreement from the banks to refinance $550 million in city notes and $1.1 billion in MAC bonds...
Nowhere has the News' new purposefulness been more apparent than in its coverage of the city's financial troubles. The paper was warning about runaway pension costs, one of the main factors in the present crisis, as long as four years ago, when a series of News stories persuaded the New York legislature to put a freeze on future increases in state pension-plan membership. In a recent issue of [Morel the journalism review, Financial Commentator Louis Rukeyser rated the News' editorials on the city's financial plight as more cogent and less partisan than those...