OTHER NEWS - July 1, 1992
From Times Staff and Wire Reports
Reichmanns Tried to Bail Out O&Y;: Canada’s Reichmann brothers have poured about $417 million into their troubled Olympia & York Developments Ltd. since early 1991, according to court documents filed in Toronto. The family injected cash into its privately held company by buying assets through various other private firms, the documents said. But the purchases were not enough to keep the worldwide real estate empire afloat, and the family was forced to put O&Y;’s Canadian assets into bankruptcy protection in May. Its huge Canary Wharf project in London was put into British bankruptcy proceedings shortly afterward.
