Word: renehan
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According to Harvard's outside counsel Richard W. Renehan, Merrill Lynch advised Harvard that the Lomas stock was "as liquid as commercial paper" and of "investment grade." Harvard listened, and sunk $45 million into the company's "preferred" stock...
...hearing earlier this month, Renehan said that Merrill Lynch had salvaged Lomas from collapse early in 1989--before Harvard made its investment--with an "eleventh hour purchase" of Lomas stock to protect the company from seizure by banks...
...Merrill Lynch made no mention of "its clandestine role in propping [Lomas] up, or of the big deal... in the works" when it sent private placement information to Harvard, according to Renehan...
...fact, Renehan says he's not even sure whether the suit will go to court. But, he adds, the Merrill Lynch response will help to provide "the answers to some of these questions...
Harvard is not the only one to bring in multiple counsel on this case. Renehan says he expects that Merrill Lynch attorney Kathleen Comfrey, a lawyer at New York's Sherman and Sterling, will be joined by a member of a Boston firm sometime in the next few weeks...