Search

This article reports that the reputation of entrepreneur Paul Reichmann and the Reichmann family's Olympia & York Developments Ltd. has been damaged by the bankruptcy of Campeau Corp. Olympia is the richest and most powerful real estate developer in the world. The Reichmann family let Campeau drift into a crisis of confidence.

The article features the Jewish brothers Paul, Albert and Ralph Reichmann, founders of Toronto, Ontario-based Olympia & York Enterprises Ltd., which is considered the world's largest real estate developer. Olympia owns vast lands and properties including New York City's World Financial Center and other buildings. It has acquired Gulf Canada Corp. in 1985 to access Canada's oil, gas and timber reserves. The Reichmann family's journeys from Eastern Europe to Toronto are described.

This article provides information on the recovery of the family-owned real estate company Olympia & York Cos. as of November 1999. Like its newly built First Canadian tower, the Reichmann family is back in the business, though in far smaller and more diverse ways. Office buildings, nursing homes, and even indoor theme parks are the things that the Reichmanns Philip and Paul are now relying upon to rebuild their family legacy. Business scion Paul Reichmann lost much of the family fortune in a big bet on the giant Canary Wharf office complex in London, England in 1992.

This article reports that the bankruptcy of entrepreneur Robert Campeau's U.S. retail chains Allied Stores Corp. and Federated Department Stores Inc. is an embarrassment for real estate developer Paul Reichmann and the Reichmann family's Olympia & York Developments Ltd. The Campeau empire is a complex web of holding companies, financial obligations, and tricky tax strategies.

Focuses on internal problems faced by Reichmann family's real estate company Olympia & York Development Ltd. Decision of Reichmann family to sell twenty percent stake in their U.S. real estate portfolio; Views of company executives on delay in finding suitable bidders for the stake; Concerns of Reichmann brothers--Paul Reichmann, Albert Reichmann and Ralph Reichmann-- regarding succession process. INSET: Where Olympia & York has headaches..