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BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | August 15, 1997
Alex. Brown Inc. expects its merger with Bankers Trust New York Corp. to be completed by Sept. 1, Brown's chairman said yesterday.A. B. "Buzzy" Krongard, chairman and chief executive of the Baltimore-based brokerage and investment banking firm, said the company has passed all regulatory hurdles."
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BUSINESS
November 24, 1994
Penril DataComm reports lossPenril DataComm Networks Inc. said yesterday that delays in shipping some of its electronic products contributed to a net loss of $974,000 on sales of $15.4 million in its fiscal first quarter, which ended Oct. 31.The performance was down significantly from last year's first quarter, in which the company earned $507,000 on sales of $18.5 million.Chairman Henry Epstein said the Gaithersburg-based company would be restructuring over the next several weeks and take a charge in the second quarter.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | July 1, 1998
Directors and employees of Alex. Brown Capital Advisory & Trust Co. led a buyout of the company yesterday from parent Bankers Trust New York Corp. for an undisclosed price.Michael D. Hankin, president and chief executive of Brown Capital, said nine directors and 70 employees raised the money to buy the Baltimore-based company, which manages $2.9 billion in assets for institutions and wealthy families."It is a good story," Hankin said. "It is kept local, and the employees end up owning a meaningful part" of the company.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,SUN STAFF | April 22, 1997
Alex. Brown Inc. will light up the exterior of its new 30-story headquarters tonight, becoming the latest downtown landmark to become aglow after dark.The investment firm's decision to illuminate the 1 South St. skyscraper comes roughly three months after it consolidated more than 900 employees from eight downtown offices to the $90 million office tower. Just several weeks ago, the investment bank recently agreed to merge with Bankers Trust New York Corp."We had originally planned to put the Alex.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | April 26, 1997
Three weeks after it announced its plans to acquire Baltimore-based Alex. Brown Inc., Bankers Trust New York Corp. signed a definitive agreement yesterday to buy NationsBank Corp.'s $133 billion-asset institutional trust business.The deal will increase Bankers Trust's global assets under custody to nearly $2 trillion. Bankers Trust will gain 465 institutional customers, including corporations, nonprofit organizations, public agencies and union pension plans.Terms of the transaction were not released.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | April 4, 1997
Shares of Alex. Brown Inc.'s stock jumped 7.9 percent yesterday on speculation that it is in merger talks with Bankers Trust New York Corp., the nation's seventh largest banking company.The Baltimore-based brokerage and investment banking firm's stock ended the day up $3.25 a share to close at $44.625. Wednesday the stock closed at $41.375 a share, a low for the year.A. B. "Buzzy" Krongard, Alex. Brown's chairman and chief executive, and Mayo A. Shattuck III, president and chief operating officer, were said to be traveling and could not be reached for comment.
BUSINESS
By BLOOMBERG NEWS | April 18, 1997
NEW YORK -- Bankers Trust New York Corp.'s first-quarter earnings rose 22 percent, as revenue from securities trading, derivatives and other businesses surged, the company reported yesterday.The nation's seventh largest bank said first-quarter net income rose to $169 million, or $1.89 a share, from $138 million, or $1.52, in the same period last year.The results exceeded analysts' expectations of $1.84 a share, according to a survey of 12 analysts by IBES International Inc. Bankers Trust shares rose 38 cents to $75.38.
NEWS
By Lyle Denniston and Lyle Denniston,SUN NATIONAL STAFF | October 4, 1995
WASHINGTON -- A federal judge continued yesterday to restrict Business Week's right to publish a story about sealed court documents, but simultaneously made those papers public.Thus, a major constitutional battle over the First Amendment, already running longer than many such battles in the past, took on a bizarre but still serious character and seemed sure to remain in the courts for at least several more days.The unusual turn of events in a pair of rulings by U.S. District Judge John Feikens left the magazine and its competitors free to write about a new development in a major corporate legal fight but kept Business Week at least technically restrained.
BUSINESS
By New York Times News Service | April 13, 1994
Procter & Gamble Co. said yesterday that it would take a $102 million after-tax charge against its third-quarter earnings as a result of having been "badly burned" in two derivatives contracts.The contracts, which soured as interest rates rose, were entered in hopes of "managing" its interest rate exposures, said Erik G. Nelson, senior vice president and chief financial officer at P&G.The chairman and chief executive of P&G, Edwin L. Artzt, said in a statement last night that the company was considering legal action against Bankers Trust New York Corp.
BUSINESS
By David Conn and David Conn,Staff Writer | March 18, 1993
NationsBank Corp. said yesterday that it will buy Chicago Research and Trading Group Ltd., one of the world's largest options and government bond trading firms, for $225 million in cash.CRT performs securities risk-management services for its clients, trading in so-called "derivatives," or products derived from underlying financial instruments or commodities, such as stocks, bonds, currencies and oil. Some common derivatives include options, futures and interest-rate swaps."On our own we can provide some of the complex products that our corporate customers need," said NationsBank Chairman and Chief Executive OfficerHugh L. McColl.
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