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BUSINESS
July 20, 1988
USG Corp. reported that Settsu Corp. of Japan disclosed it has acquired a 9.6% stake in the Chicago-based building materials company as a "friendly long-term investment." Settsu, a giant paperboard producer based near Osaka, said separately that it had bought 4,993,100 USG shares as part of a strategy to invest in U.S. industrial leaders.
BUSINESS
July 13, 1988
USG Corp. said it settled a lawsuit with Merrill Lynch & Co. over claims that the investment concern used confidential information gained while representing USG to help Desert Partners L. P. in a later bid for the building supplies company. The offer was withdrawn after USG announced a restructuring. A spokesman for Chicago-based USG declined to provide any details of the out-of-court settlement.
BUSINESS
January 12, 2001 |
Building-products manufacturer USG Corp. said it plans to take a $904-million pretax charge against its earnings in 2000 for costs associated with restructuring and with pending asbestos liability cases and lawsuits anticipated through 2003. The charge will reduce the company's earnings by $12.83 a share for the fourth quarter and by $12.11 for the year.
BUSINESS
October 7, 1987
USG Corp., the country's largest gypsum producer, kept silent on a possible takeover attempt by a partnership of two Texas oilmen. "Our answer to the press all day has basically been no comment," USG spokesman David Grabill said when asked for a reaction to the acquisition of a 9.83% stake in the company by Desert Partners of Midland, Tex. Desert Partners, headed by Cyril Wagner Jr. and Jack E. Brown, filed papers with the Securities and Exchange Commission saying they had paid $224.
BUSINESS
June 5, 2001 |
Building materials maker USG Corp. said it is exploring strategic options, including a possible Chapter 11 bankruptcy filing, because of rising asbestos litigation costs and the slow progress of legislation that could control the costs. Chicago-based USG said lawyers for asbestos plaintiffs have sharply increased settlement demands in the wake of Chapter 11 filings by other companies. Its U.S.
BUSINESS
June 26, 2001 |
USG Corp. succumbed to multimillion-dollar asbestos claims, filing for Chapter 11 bankruptcy protection for the second time in the Chicago firm's 99-year history. The nation's No. 1 maker of wallboard became the eighth company in the last 18 months to turn to bankruptcy court to shield it from the financially debilitating effects of asbestos litigation. USG's major domestic subsidiaries also filed Chapter 11 petitions, including United States Gypsum Co., USG Interiors Inc. and L&W Supply Corp.
BUSINESS
February 25, 1988 |
Desert Partners LP, a takeover firm led by two Texas oil barons, said Wednesday that it proposes to buy gypsum maker USG Corp. for $2.1 billion, well below the $2.5-billion price tag it indicated it could pay in October. The $42-a-share takeover offer followed by two days a federal court decision dismissing a USG request to bar Desert Partners from increasing its 9.38% stake in the company, the nation's largest wallboard maker. USG's stock shot up $4.
BUSINESS
May 4, 1988 |
USG Corp. announced Tuesday that it has sued broker Merrill Lynch & Co., charging it with illegal use of confidential information in providing advice to USG's hostile bidder Desert Partners LP. Earlier, USG's shares jumped sharply in reaction to a recapitalization plan USG announced late Monday as it stepped up efforts to elude a takeover by Desert Partners. Shares of USG finished up $3.125 at $44.
BUSINESS
May 3, 1988 |
USG Corp., fighting to thwart a hostile takeover, said Monday that it will restructure and pay shareholders $42 a share in cash and debt securities plus stock in a newly recapitalized company. The plan is valued at $2.2 billion, USG said. The USG proposal follows a conditional new offer by Desert Partners LP over the weekend to boost its existing bid of $42 a share to $45, or $2.3 billion, if a friendly deal can be worked out.
BUSINESS
November 28, 2000 |
Warren Buffett continues to look to the building-materials business for bargains. Shares of USG Corp. (ticker symbol: USG) soared almost 30% on Monday after Buffett's Berkshire Hathaway Inc. reported holding a 14.98% stake in the biggest U.S. maker of wallboard. Chicago-based USG's shares jumped $4.44 to $19.38 after Berkshire disclosed its investment of 6.5 million shares in a Securities and Exchange Commission filing.
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BUSINESS
May 12, 2006 |
Billionaire Carl Icahn lost at least $66 million when shares of a company he bet against soared, a regulatory filing indicates. American Real Estate Partners, Icahn's publicly traded holding company, "shorted" 2.5 million shares of a company in bankruptcy in late 2004, according to a filing with the Securities and Exchange Commission. Icahn borrowed and sold shares in anticipation they would fall. Instead, the stock climbed.
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BUSINESS
January 31, 2006
* Calpine Corp., the power producer that filed the biggest U.S. bankruptcy case of 2005, hired Scott Davido as its chief financial officer, tapping an executive who guided rival NRG Energy Inc. through bankruptcy protection in less than eight months. * USG Corp., the No. 1 maker of gypsum wallboard, agreed to pay as much as $3.95 billion to settle asbestos liability claims and emerge from 4 1/2 years of bankruptcy protection.
BUSINESS
November 15, 2004 |
W.R. Grace & Co., a maker of chemicals and building materials, filed a bankruptcy reorganization plan that would limit its asbestos-related debts to $1.61 billion and leave shareholder interests mostly intact. The 150-year-old company filed for bankruptcy in April 2001 to cope with more than 325,000 asbestos-injury lawsuits. It submitted the recovery plan Saturday to the U.S. Bankruptcy Court in Wilmington, Del.
BUSINESS
February 16, 2002 |
Halliburton Co. shares rose 11% after a federal judge issued a temporary stay on more than 200,000 pending asbestos claims against its Dresser Industries unit. Shares of the Dallas-based oil field services and construction firm closed up $1.61 at $16.27. Halliburton was the seventh-most-actively traded issue on the New York Stock Exchange. Halliburton's announcement helped lift shares of chemical firm W.R. Grace & Co. 4.8%, to $2.42, and stock of construction materials maker USG Corp. 4.
BUSINESS
June 26, 2001 |
USG Corp. succumbed to multimillion-dollar asbestos claims, filing for Chapter 11 bankruptcy protection for the second time in the Chicago firm's 99-year history. The nation's No. 1 maker of wallboard became the eighth company in the last 18 months to turn to bankruptcy court to shield it from the financially debilitating effects of asbestos litigation. USG's major domestic subsidiaries also filed Chapter 11 petitions, including United States Gypsum Co., USG Interiors Inc. and L&W Supply Corp.
BUSINESS
June 5, 2001 |
Building materials maker USG Corp. said it is exploring strategic options, including a possible Chapter 11 bankruptcy filing, because of rising asbestos litigation costs and the slow progress of legislation that could control the costs. Chicago-based USG said lawyers for asbestos plaintiffs have sharply increased settlement demands in the wake of Chapter 11 filings by other companies. Its U.S.
BUSINESS
January 12, 2001 |
Building-products manufacturer USG Corp. said it plans to take a $904-million pretax charge against its earnings in 2000 for costs associated with restructuring and with pending asbestos liability cases and lawsuits anticipated through 2003. The charge will reduce the company's earnings by $12.83 a share for the fourth quarter and by $12.11 for the year.
BUSINESS
November 28, 2000 |
Warren Buffett continues to look to the building-materials business for bargains. Shares of USG Corp. (ticker symbol: USG) soared almost 30% on Monday after Buffett's Berkshire Hathaway Inc. reported holding a 14.98% stake in the biggest U.S. maker of wallboard. Chicago-based USG's shares jumped $4.44 to $19.38 after Berkshire disclosed its investment of 6.5 million shares in a Securities and Exchange Commission filing.
BUSINESS
March 18, 1993 |
Building materials giant USG Corp. filed one of the largest prepackaged bankruptcy reorganization cases ever in a quest to emerge from a mountain of debt accumulated in a 1980s takeover battle.
BUSINESS
January 1, 1991 |
Building Supplies Maker USG to Restructure: Faced with a weak construction market, Chicago-based USG has developed a plan to restructure its debt. It will issue new stock, put a unit on the auction block, extend its debt repayment schedule and offer to swap debt for stock. Weakened 2 1/2 years ago by a costly defense against a hostile takeover attempt, USG lost $11 million in the third quarter on sales of $538 million.
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