Word: steinberger
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...York Financier Saul Steinberg, 44, has compiled a fear some record as a corporate raider. So when he acquired 12.2% of Walt Disney Productions, the movie and amusement-park company appeared to be in danger. But Wall Streeters are now saying that Steinberg's battle plan looks like so much huffing and puffing. Though he has said he may buy nearly 50% of Disney stock, Steinberg's search for other investors to go in with him has so far been fruitless. Also, his fight to unseat Disney's board of directors looks doomed...
Last week Steinberg hit his biggest obstacle to date. A U.S. judge refused to prevent Disney from buying Arvida Corp., a land-development firm, for up to 3.8 million Disney shares...
...Steinberg had sued to block the deal, saying that Disney paid too much for Arvida in an at tempt to stop a takeover. If the sale occurs, about 25% of Disney stock will be in the hands of shareholders friendly to management, hurting Steinberg's plan to gain control...
Stories about the incriminating footage first surfaced on the day of Morgan's funeral. Robert Steinberg, a Beverly Hills lawyer with a flair for self-promotion, announced that a mysterious blond woman carrying a Gucci bag had handed him three of the videotapes. When he was asked for proof, Steinberg claimed that the tapes had been stolen from his office. A grand jury later indicted him for filing a false robbery report. Marvin Mitchelson, the celebrity divorce lawyer who filed Morgan's palimony suit, insists that a White House aide confirmed over a year ago that there were...
Disney's troubles have kept its stock price low enough that some Wall Streeters believe the company (1983 revenues: $1.3 billion) could soon be a takeover target. Last week Reliance Financial Services, a company headed by New York Financier Saul Steinberg, announced that it had quietly bought a 6.3% stake in Disney. Reliance described its move as simply an investment, but some observers think Steinberg may try to gain control of Disney by teaming up with other large buyers of its stock...