Replies to post #70300 on Lehman Brothers Financial SA (LEHNQ)

[cottonisking]

U.S. v. Lehman Brothers Holdings and L-3 Communications ...
https://www.justice.gov/.../us-v-lehman-brothers-holdings-and-l-3-communications-holdings - Cached22 Jul 2015 ... Lehman Brothers Holdings Inc. and L-3 Communications Holdings, Inc. Case
Type: Civil Merger. Case Violation: Horizontal Merger. Market:.

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"Lanza started L-3 with LaPenta and funding from Lehman Brothers, each representing one of the L's in the company name. It initially included business units that Lockheed no longer wanted. Lanza's style, which included allowing many of the acquired companies to continue to operate independently and to keep their names, has always been considered risky by Wall Street. "

http://www.washingtonpost.com/wp-dyn/content/article/2006/06/07/AR2006060701179.html


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"Lockheed Martin received $503.8 million for selling 65 percent of its ownership in the ten companies. After the sale, a limited partnership led by Lehman Brothers owned half of L-3; Lockheed Martin retained a 35 percent interest and a management group accounted for another 15 percent. Lockheed agreed to invest $43.75 million in L-3, Lehman invested $62.5 million, and the management group provided $43.75 million. Another $375 million was financed with bank debt and high-yield bonds. The name of the new company came from Lanza, LaPenta, and either Lockheed or Lehman Brothers, according to varying reports."

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L-3 Communications Holdings, Inc. History
Advertise Here
Address:
600 3rd Avenue, 34th Floor
New York, New York 10016
U.S.A.
Telephone: [phone]
Fax: [phone]

Website: www.L~3Com.com
Public Company
Incorporated: 1997
Employees: 14,000
Sales: $1.91 billion (2000)
Stock Exchanges: New York
Ticker Symbol: LLL
NAIC: 334220 Radio and Television Broadcasting and Wireless Communications Equipment; 334290 Other Communications Equipment Manufacturing; 334512 Search, Detection, Navigation, Guidance, Aeronautical, and Nautical Systems and Instruments; 336412 Aircraft Engine and Engine Parts Manufacturing; 336413 Other Aircraft Parts and Auxiliary Equipment Manufacturing; 421610 Electrical Apparatus and Equipment, Wiring Supplies, and Construction Material Wholesalers; 551112 Offices of Other Holding Companies
Company Perspectives:
L-3 Communication's goal is to be the leading mezzanine supplier to prime contractors. The company will do so by investing in its core technologies and acquiring companies that enhance or complement its current technologies.
Key Dates:
1997:
Lockheed Martin spins off ten Loral companies to form L-3.
1998:
L-3 goes public in a very successful IPO.
1999:
Another stock offering fuels continued expansion.
2001:
L-3 begins setting sights on larger companies, offers more shares.
Company History:
L-3 Communications Holdings, Inc., through its L-3 Communications Corp. subsidiary, operates companies that produce secure communication systems, training systems, microwave components, avionics and ocean systems, telemetry, instrumentation, and space and wireless products. Its customers are mostly defense and intelligence agencies, as well as aircraft manufacturers and defense contractors. L-3 also supplies the commercial telecommunications industry. L-3 maintained a 60 percent defense, 40 percent commercial product mix. Like its predecessor Loral Corporation, L-3 Communications has undergone phenomenal growth, orchestrated by former Loral executives Frank Lanza and Robert LaPenta.
Origins
Loral Corporation was an assemblage of defense units acquired from Fairchild, Ford, IBM, Unisys, and others between the mid-1970s and mid-1990s by Wall Street investor Bernard L. Schwartz. In April 1996, Lockheed Martin acquired most of these businesses for $9.1 billion. Two Loral executives, COO Frank Lanza and comptroller Robert LaPenta, joined Lockheed Martin as executive vice-president and vice-president, respectively. Loral's space businesses formed a separate firm, Loral Space & Communications Ltd., run by Schwartz.
Lockheed Martin, which had been formed in 1995 by the merger of Lockheed Corp. and Martin Marietta Corp., began to divest noncore units after the massive Loral acquisition. It sold its stake in the Martin Marietta construction materials business in 1996.
Lanza, described by the Washington Post as "a taciturn New Yorker admired for his creativity and engineering genius," reportedly felt stifled by the bureaucratic corporate atmosphere at Lockheed Martin. An electrical engineer by training, Lanza had joined Loral in 1972 and was named president and chief operating officer in 1981. Along the way, he was instrumental in growing the company from modest origins to a $7 billion giant.
In 1997, as he approached traditional retirement age, Lanza convinced his new employer, Lockheed Chairman Norman R. Augustine, to spin off ten former Loral companies to form L-3 Communications. ("It took me less than half an hour to get a yes," Lanza later told Business Week.) Lanza finally got a chance to be CEO, and numbers whiz LaPenta was named president and chief financial officer.
The ten businesses spun off had annual revenues of $650 million and 4,900 employees. The largest of these were Wideband Systems in Salt Lake City and Communications Systems in Camden, New Jersey. Also included were two northern California companies, Randtron and Narda-Microwave, which manufactured microwave antennas for military applications. These two together had fewer than 400 employees.
Lockheed Martin received $503.8 million for selling 65 percent of its ownership in the ten companies. After the sale, a limited partnership led by Lehman Brothers owned half of L-3; Lockheed Martin retained a 35 percent interest and a management group accounted for another 15 percent. Lockheed agreed to invest $43.75 million in L-3, Lehman invested $62.5 million, and the management group provided $43.75 million. Another $375 million was financed with bank debt and high-yield bonds. The name of the new company came from Lanza, LaPenta, and either Lockheed or Lehman Brothers, according to varying reports.
http://www.fundinguniverse.com/company-histories/l-3-communications-holdings-inc-history/

[cottonisking]

Successors: Nomura Holdings, Barclays, L-3 Communications


What made L-3 Communications a Lehman Brothers successor? A large asset transfer transaction! LBHI's CTs track and follow asset transfers.

wider focus: financial services? yes! no! yes! maybe!

"Number of employees >38,000 (2016)
Website l-3com.com "


"In December 2016, L-3 announced that, effective 31 December 2016, the company name would be changing from L-3 Communications Holdings, Inc. to L3 Technologies, Inc. to better reflect the company's wider focus since it's founding in 1997."


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Lehman Brothers

Investment company
Lehman Brothers Holdings Inc. /'li?m?n/ was a global financial services firm. Before declaring bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States, doing business ... Wikipedia
Ceased operations: 2008
Founded: 1850, Montgomery, Alabama, United States
Headquarters: New York City, New York, United States
Founders: Henry Lehman, Emanuel Lehman, Mayer Lehman
Parent organization: Lehman (Cayman Islands) Ltd
Successors: Nomura Holdings, Barclays, L-3 Communications

http://www.google.ca/search?q=lehman+brothers&hl=en-CA&gbv=1

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In December 2016, L-3 announced that, effective 31 December 2016, the company name would be changing from L-3 Communications Holdings, Inc. to L3 Technologies, Inc. to better reflect the company's wider focus since it's founding in 1997.

???

https://en.wikipedia.org/wiki/L-3_Communications

[JOVI]

name change : reason ?

Telecommunications company CenturyLink said it would buy Level 3 Communications in a cash-and-stock deal with an equity value of about $24 billion to expand its fiber optic network and high-speed data services for business clients.

http://www.wsj.com/articles/centurylink-to-buy-level-3-communications-for-25-billion-1477911639