Word: reichmanns
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...acre Canary Wharf office complex in London, Olympia & York has changed the face of some of the world's great cities. But last week the biggest builder on earth sought shelter in bankruptcy court in Toronto and New York City after its owners, Canada's secretive Reichmann brothers, struggled vainly for months to restructure $12 billion of debt. While the action marked one of the largest real estate bankruptcies ever, it covered only a portion of Olympia & York's vast holdings -- including its 72-story Toronto headquarters and the rest of its Canadian operations. Notably absent were the firm...
...Canada's Reichmann family tries history's largest private refinancing...
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...
...things the FBI knows about Cirillo, according to the agency's records, is that he benefited from no-show employment at Olympia & York, the construction giant owned by Toronto's Reichmann brothers. A spokesman for O&Y confirms that Cirillo was employed as a "laborer" for eight months in 1986 at the site of the World Financial Center in Manhattan but was "laid off for lack of work." Cirillo is far from unemployed, crime fighters contend, since Gigante may be bogged down in court for some time. As Cirillo's friends down at the fish market would say, if they...
...reassure creditors, the corporation's directors last week banished Robert Campeau from all U.S. operations and said he would confine himself to developing Canadian real estate. The twelve board members included Albert Reichmann, chairman of Olympia & York Developments, a Canadian real estate giant that has invested $700 million in Campeau Corp. and holds a 38% stake in the company. Emerging from four days of meetings in Toronto's pink marble Scotia Plaza, the directors said they had vested control of the U.S. stores in a voting trust to be run by a board of U.S. trustees...