Raw deal. (Wall Street West).After a recent legal settlement, L.A. could lose one of its quirkiest public companies. Westminster Capital Inc., a holding company with investments in point-of-purchase display and audio-visual equipment rental and sales controlled by the Canadian Belzberg family, has settled with shareholders over allegations that its management tried to take the company private at too low a price. The settlement, which is subject to the approval of the Delaware Chancery Court The Chancery Court of York is an ecclesiastical court for the Province of York of the Church of England. The presiding officer, the Official Principal and Auditor, has been the same person as the Dean of the Arches since the nineteenth century . , stems from a June lawsuit filed against Westminster by plaintiff Barry Blank, who alleged that insiders, including the Belzbergs, had made a tender offer to take the company private for $2.80 was unfair. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the filing, Beverly Hills-based Westminster agreed to pay Blank, who owns 349,300 shares, $3.00 a share and to pay an additional 20 cents a share to investors who tendered their stock. Officials from Westminster declined comment. Blank's lawyer, Robert Harwood, did not return calls. Westminster, which is headed by chairman and chief executive William Belzberg, is the surviving entity of Far West Savings & Loan, a defunct DEFUNCT. A term used for one that is deceased or dead. In some acts of assembly in Pennsylvania, such deceased person is called a decedent. (q.v.) institution the Belzberg family used to buy junk bonds junk bond, a bond that involves greater than usual risk as an investment and pays a relatively high rate of interest, typically issued by a company lacking an established earnings history or having a questionable credit history. from Drexel Burnham Lambert Drexel Burnham Lambert was a major Wall Street investment banking firm, which first rose to prominence and then was driven into bankruptcy in the 1980s by its involvement in illegal activities in the junk bond market, driven by Drexel employee Michael Milken. . Far West was changed to Westminster and with $26 million extracted from what was left from Drexel in the mid-90s various investments were made. |
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