OTHER NEWS - Aug. 13, 1992

U.S. Investors to Bid on O&Y; London Project: Major Wall Street investors, including CBS Inc. Chairman Laurence A. Tisch, are expected to make a bid exceeding $570 million for Olympia & York’s Canary Wharf project in London, a source close to the deal said. A group of 11 bankers is scheduled to gather in London today to hear details of the bid by Tisch and Lewis Ranieri, a former Salomon Bros. vice chairman, said the source, who requested anonymity. The deal was engineered by Paul Reichmann, one of Olympia & York’s owners, the source said. O&Y;, based in Toronto, lost control of the $6-billion Canary Wharf project in the dock lands of East London in May when it placed the project under British insolvency protection. O&Y; was unable to reach agreement with bankers on restructuring the project’s billions of dollars in debt.