NYC 9/11 Public Portal Document
Subj: <ProQuest> Order<356529329>
Date: 9/18/2001 1:33:53 PM Eastern Daylight Time
From: [email protected] (ProQuest)
To: [email protected]
The following article has been sent by a user at NEW YORK PUBLIC
LIBRARY via Proquest, an information service of the
ProQuest Company
Behind the scenes wrangling preceded Cantor court fight
The Investment Dealers' Digest: IDD
New York
May 13, 1996
Authors:
5sLA f Sh_q SIT d
Willoughby, Jack
Volume: 62
Issue: 20
Start Page:
ISSN: 00210080
Subject Terms: Settlements & damages
Investment bankers
Executives
Corporate govemance
Case studies
Classification Codes: 9190: US
9110: Company specific/case studies
8130: Investment services
4330: Litigation
2400: Public relations
Geographic Names: US
Companies:
Company Name: Cantor Fitzgerald & Co Inc
DUNS: 04-310-6376
Abstract:
In the few hours of court hearings that preceded
a quickly-negotiated settlement
on the ownership of Cantor Fitzgerald last week, the
waning parties shed
light on internal maneuvering that led up to the court
battle. Howard
Lutnick, president and now managing general partner,
revealed an aborted
attempt to buy out the Cantor family's stake in mid
-1995. The attempt
was called Project Omega, and it would have
bought out the majority stake
owned by B. Gerald Cantor and his wife Iris. Lutnick
testified that he
and 2 other partners joined in negotiations to
buy control of the firm
in mid-1995 when Bernie Cantor was not yet
critically ill. The 3 partners
were willing to pay between $150 million and
$175 million to the Cantors
and as much as $300 million for control of the firm
over time. The terms
of the settlement announced Tuesday, stem
from the Omega negotiations.
TueWey, September 1!, 2001 llmerlu Onllne: Ro10 Page: t
NYC-WTC 000136339
OCR can misread numbers and units. Confirm readings against the page image before using them.