February 28, 1996 |
When Nancy Wolfson caught the sight of the purple Jeep in the rearview mirror of her car, she was sure her worst fears had become real. Her father, Leonard Abramson, multimillionaire founder of U.S. Healthcare Inc., the giant medical insurer, had recently received death threats, she told a federal judge yesterday. Abramson took the threats seriously enough to hire full-time security staff for his entire family. And now there was this mysterious purple Jeep that was following her and her security escort from her Blue Bell home to her nearby office at U.S. Healthcare.
January 28, 1997 |
King World Productions Inc. and its syndicated tabloid TV show "Inside Edition" have agreed not to follow, try to tape, or go to the homes of certain relatives of U.S. Healthcare founder Leonard Abramson for the next five years. "This is an unprecedented victory in terms of ascertaining a person's right to privacy," said Philadelphia lawyer John M. Elliott. Last year, Elliott won a federal court order that barred an "Inside Edition" crew from "hounding" and "following" Abramson's daughter, Nancy, and her husband, Richard Wolfson.
January 26, 1988 |
A Montgomery County man yesterday sued U.S. Healthcare Inc., accusing the Blue Bell-based company of fraud, negligence and violations of the Securities Exchange Act in an alleged scheme to artificially inflate the price of the company's stock. The suit, filed in U.S. District Court in Philadelphia, accuses U.S. Healthcare and five of its current or former officers of issuing false and misleading statements about the company while omitting other potentially damaging facts. Bruce Goldman of Plymouth Meeting, a shareholder in U.S. Healthcare, filed the suit seeking class-action status on behalf of at least 1,000 shareholders who bought stock in the company between June 1, 1985, and Aug. 21, 1987.
March 17, 1987 |
Leonard Abramson, president of U.S. Healthcare, the Blue Bell operator of health maintenance organizations, has tapped his friend Dr. Bertram Brown, former president of Hahnemann University, to join his company and launch a new research program. Abramson, who said in a prepared statement that he has been pressing Brown to join his firm for more than two years, immediately demonstrated his unwillingness to pigeonhole Brown - giving him the title of senior vice president. Senior vice president of what?
July 13, 1989 |
A year after being paralyzed from the waist down by a stray bullet during a drug-dealing gunfight in Southwest Philadelphia, 7-year-old Ralph Brooks Jr. is still afraid to go outside without an accompanying adult, says his mother, Kimberly Brooks. He also refuses to be left alone in any room of her Southwest Philadelphia home, says the account representative of Blue Bell-based U.S. Healthcare. "And he still has questions about guns," says Brooks. But she says her son has made great strides in recovering from the bullet wound that nearly killed him a year ago yesterday, sparking intense, well- publicized community protests in Southwest Philadelphia.
April 2, 1996 |
Leonard Abramson, the onetime cab driver who founded U.S. Healthcare, got a $900 million-plus payday yesterday. That's the value to him personally of Aetna's nearly $9 billion purchase of the HMO he founded. The CEO of one of the industry's first and toughest health maintenance organizations already was enormously rich. Abramson's 1993 salary of $3.52 million, based on a 40-hour week, worked out to $1,692.30 an hour. That's not including his $6.3 million in stock options.
July 27, 1997 |
For its first two decades, U.S. Healthcare was run by Leonard Abramson, a trained pharmacist who is widely credited with transforming the company into a health-care juggernaut. Following its sale last year to Aetna Inc., the company - as well as other Aetna subsidiaries - was briefly overseen by Joseph T. Sebastianelli, a lawyer. Now Aetna officials are turning to a banker, Richard L. Huber, who served as Aetna's point man in the $8.9 billion U.S. Healthcare purchase, to lead the giant insurer into the future.
October 3, 1990 |
Independence Blue Cross has agreed to pay U.S. Healthcare Inc. $2 million to settle a four-year-old libel suit over advertising claims attacking the rival health plan. Officials for Blue Cross, the Center City health insurer, agreed to the cash settlement Friday after a flurry of telephone calls between chief executives of the two companies and private negotiations over several months. Details of the settlement were kept secret until yesterday, when G. Fred DiBona Jr., the Blue Cross president and chief executive officer, agreed to disclose the dollar amount.
April 3, 1996 |
The morning after the $8.9 billion mega-merger of U.S. Healthcare and Aetna, those in the health-care industry began reassessing the local medical marketplace. U.S. Healthcare Inc. founder Leonard Abramson comes up a clear winner, with a stake in the merged firm worth more than $900 million in stock and cash. Abramson will own between 2.5 percent and 2.9 percent of the new firm, to be called Aetna Inc. The Blue Bell company's long-time competitor in the Philadelphia market, Independence Blue Cross, downplayed the merger's effect on it. But others said Aetna's deep pockets and national scope would make U.S. Healthcare even more formidable.
August 26, 1996 |
Steve Rockman, chief operating officer of Criterion Communications Inc., explains his mission in terms of the basic principles of new electronic media: "We're taking information and making it digital, taking atoms and converting them to bits. " In practice, for Criterion, of King of Prussia, this means producing cutting-edge multimedia instructional and promotional material for CD-ROMs, interactive public kiosks, and World Wide Web sites on the Internet. The two-year-old company's work goes on display today to an international audience at the Convention Center, where a high-tech conference held by the American subsidiary of German software firm SAP AG is expected to draw 8,000 visitors.