Dean Witter Reynolds

Objectives and Approach. The fund aims to provide a total return (the combination of income and growth of capital) to investors based on exposure to optimal income streams in investment markets.

From Wikipedia, the free encyclopedia. Low float short squeeze potential play at its finest. Among Witter's original partners were his brother Guy and their cousins Jean C.

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Jul 10,  · SAN DIEGO, July 10, /PRNewswire/ -- Sempra Energy today announced that it is commencing concurrent offerings (the equity offerings) of $ billion of shares of its common stock .

Reynolds was incorporated in as Reynolds Securities in advance of an initial public offering. By early , there was speculation that Merrill Lynch would sell shares to the public. Reynolds initial public offering and shortly thereafter Dean Witter's IPO was part of a rush of Wall Street firms to sell an interest in their privately held businesses to public investors, following Merrill Lynch's initial public offering.

Meanwhile, the firm was continuing its expansion, acquiring its first international offices in Lugano and Lausanne, Switzerland. DWRO in what was then the largest securities industry merger in U. The resultant company, Dean Witter Reynolds, was the fifth largest broker in the U. One year later Dean Witter Reynolds became the first securities firm to have offices in all 50 U. Sears' core retail business was facing several challenges, and the company decided to diversify into new businesses, including financial services.

Sears, which was already in the financial services business through its ownership of the Allstate Insurance Company announced a major acquisition initiative in financial services. In addition to the acquisition of Dean Witter, Sears also acquired Coldwell Banker, the real estate brokerage company in Sears named Philip J. At the time of the Sears acquisition, Dean Witter Reynolds had a retail broker force of over 4, account executives in over locations with over 11, employees in total.

Under Sears ownership, in , the firm launched the Discover Card , a new brand of credit card outside the well established Visa , MasterCard and American Express networks. It carried no annual fee, which was uncommon at the time, and offered a typically higher credit limit than similar cards. Discover offered merchant fees significantly lower than those of other widely accepted credit cards. Eventually Discover grew to become one of the largest credit card issuers in the U.

Sears' financial services initiative proved highly successful as Discover grew through the late s and early s. Furthermore, the substantial investment in the Discover business also began to pay off, with the business becoming highly profitable. The early s were also a period of rapid growth for Dean Witter Reynolds as its strategy of focusing on the distribution of proprietary mutual funds through its extensive retail brokerage network began to bear fruit.

Dean Witter Reynolds and Discover Card. Dean Witter was one of many tenants whose offices were evacuated as a result of the World Trade Center bombing , which took place during the firm's spinoff from Sears. Following, the firm's merger with Morgan Stanley, the firm's headquarters would be moved to Broadway on the edge of New York's Time Square.

Dean Witter was the first big brokerage company to get into the online trading business when it bought a small San Francisco-based outfit called Lombard Brokerage in In , Morgan Stanley Group, Inc. Although Morgan Stanley was the more prominent partner, Dean Witter's focus on retail investors, mutual funds and credit cards which were seen by the stock market as generating more stable cash flows than Morgan Stanley's investment banking business, had by the time of the merger made it the more valuable partner in terms of market capitalization.

Instead, they combined the names of the two firms and put the Morgan Stanley Dean Witter brand on almost all of its operations. Eventually, to foster brand recognition and marketing, the Dean Witter name was dropped from the retail services division in , leaving the current name Morgan Stanley. The following is an illustration of the company's major mergers and acquisitions and historical predecessors:.

The House of Morgan est. From Wikipedia, the free encyclopedia. This is NOT a good look no matter what their excuse is. And the timing is right when the shorts are piling up. Should see a dead cat bounce soon though As part of the acquisition, the crypto company will bring on Earn's founder and CEO as its first-ever chief technology officer.

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Sempra Energy expects to use the net proceeds from these offerings and the related sale of shares of its common stock pursuant to the forward sale agreements referred to below to repay outstanding commercial paper, to fund working capital and for other general corporate purposes.

Morgan are acting as joint bookrunners of the equity offerings and representatives of the underwriters. In connection with the common stock offering, Sempra Energy expects to enter into forward sale agreements with an affiliate of Citigroup and an affiliate of J.

If, however, the forward purchasers determine in good faith, after using commercially reasonable efforts, that the forward sellers are unable to borrow and deliver to the underwriters any such shares of common stock, or that the forward sellers are unable to borrow, at a stock loan rate not greater than a specified rate, and deliver to the underwriters any such shares, or if the forward sellers elect not to borrow such shares of common stock because specified conditions are not satisfied, Sempra Energy will issue and sell to the underwriters a number of shares of common stock equal to the number of shares that the forward sellers did not borrow and deliver.

Sempra Energy will not initially receive any proceeds from the sale of common stock sold by the forward sellers to the underwriters. Instead, subject to its right to elect cash settlement or net share settlement subject to certain conditions, Sempra Energy intends to deliver, upon physical settlement of such forward sale agreements on one or more dates specified by Sempra Energy occurring no later than December 15, , an aggregate number of shares of its common stock to the forward purchasers equal to the number of shares sold by the forward sellers in the common stock offering, in exchange for cash proceeds per share equal to the applicable forward sale price per share, which will initially be equal to the public offering price per share in the common stock offering less underwriting discounts and commissions.

The initial forward sale price is subject to subsequent adjustment from time to time as provided in the forward sale agreements. Unless earlier converted, each share of Mandatory Convertible Preferred Stock will automatically convert into a variable number of shares of Sempra Energy's common stock on the mandatory conversion date, which is expected to be July 15 , The number of shares of Sempra Energy's common stock issuable on mandatory conversion will be determined based on the average volume-weighted average price of Sempra Energy's common stock over the trading day period commencing on and including the 21st scheduled trading day prior to July 15 ,