California Insurance Commissioner Roxani Gillespie moved Monday to liquidate Mission Insurance Cos., marking what is believed to be the largest such shutdown in the history of the insurance business in the state.
Storer Communications, fighting off a shareholder group that wants to liquidate the company, is considering three courses of action ranging from a tender offer for about one-third of its outstanding shares to acceptance of either a "white knight" or a leveraged buy-out proposal, sources in the financial community said Thursday.
A group of investors said Tuesday that it will seek control of Storer Communications Corp. in order to liquidate the Miami-based cable-television operator and owner of seven television stations.
Storer Communications Inc., under siege by a group of shareholders who want to liquidate the company, attacked the proposal Monday as flawed and unrealistic, and it vowed that current management can double the market value of Storer's stock within four years if left to its own devices.
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