REAL ESTATE
From Times Staff and Wire Reports
New Sign of Trouble at Olympia & York: Thomas S. Johnson--just hired to help troubled Olympia & York Developments Ltd. escape a debt crisis--said he’s in talks with the company about their relationship, and two newspapers reported that he might quit. Johnson, ex-president of Manufacturers Hanover Trust Co., joined the Toronto-based real estate company, the world’s biggest commercial landlord, as president late last month. The move followed disclosures that Olympia & York was seeking to restructure about $18 billion in bank debt. Unidentified sources quoted by the Wall Street Journal and the Globe and Mail of Toronto said friction had grown between Johnson and Paul Reichmann, whom he replaced as president.
