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Leonard Abramson

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NEWS
February 28, 1996 | By Joseph A. Slobodzian, INQUIRER STAFF WRITER
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.
NEWS
January 28, 1997 | by Jim Smith, Daily News Staff Writer
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.
BUSINESS
January 26, 1988 | By Richard Burke, Inquirer Staff Writer
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.
BUSINESS
March 17, 1987 | By ROBIN PALLEY, Daily News Staff Writer
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?
NEWS
July 13, 1989 | By Donald Scott, Special to The Inquirer
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.
NEWS
April 2, 1996 | by Gloria Campisi, Daily News Staff Writer Staff writer Anthony Twyman contributed to this report
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.
BUSINESS
July 27, 1997 | By Andrea Gerlin, INQUIRER STAFF WRITER
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.
BUSINESS
October 3, 1990 | By Gilbert M. Gaul, Inquirer Staff Writer
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.
BUSINESS
April 3, 1996 | By Marian Uhlman, INQUIRER STAFF WRITER
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.
BUSINESS
August 26, 1996 | By Reid Kanaley, INQUIRER STAFF WRITER
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.
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NEWS
June 14, 2000
Region can set a new standard in flag-waving Today marks the 223d birthday of the U.S. flag. This is the time of year for all Philadelphians to show their patriotism. If not here, the birthplace of democracy, then where? The greater Philadelphia region should set the standard of showing our patriotic pride to the nation and the world. Many homes and businesses creatively hang banners for holidays such as Halloween, springtime, Thanksgiving. Patterns and symbols are everywhere in a unique show of individualism.
BUSINESS
June 8, 2000 | By Karl Stark, INQUIRER STAFF WRITER
Leonard Abramson, the onetime pharmacist who created U.S. Healthcare and sold it to Aetna Inc. for $900 million, announced his resignation from the insurer's board of directors. Analysts said his departure, announced late Tuesday, was part of a housecleaning by Aetna's new chief executive, William H. Donaldson, and followed the exits of several executives whom Abramson had hand-picked before selling the company in 1996. "What we're seeing is the new CEO wanting to make a clean break from all the U.S. Healthcare people and their culture," a managing director at PaineWebber Inc. in New York, William McKeever, said.
BUSINESS
March 19, 2000 | By Susan Warner, INQUIRER STAFF WRITER
One was an old-line, process-driven property and casualty insurance company with an established name, and a corporate history so deep that last week it had to apologize for insuring slaves. The other was a go-go entrepreneurial upstart with a fresh strategy based on managed care, a bitten apple for a corporate logo, and a home base in a little-known suburb of Philadelphia. Now, three years after Aetna Inc., the venerable Hartford, Conn., insurer, bought U.S. Healthcare of Blue Bell, the $8.9 billion acquisition seems more like a bite of the forbidden fruit.
BUSINESS
March 8, 2000 | By Andrea Gerlin, INQUIRER STAFF WRITER
Before Aetna Inc.'s chairman and chief executive officer, Richard L. Huber, resigned under fire late last month, Michael J. Cardillo and two other potential successors stood in the wings waiting for a shot at the top job after his scheduled retirement late next year. Now that the company has become a takeover target, and has named an outside director, investment banker William H. Donaldson, to replace Huber, the fates of the three would-be heirs to the throne hang in the balance.
BUSINESS
July 27, 1997 | By Andrea Gerlin, INQUIRER STAFF WRITER
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.
NEWS
January 28, 1997 | by Jim Smith, Daily News Staff Writer
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.
BUSINESS
August 26, 1996 | By Reid Kanaley, INQUIRER STAFF WRITER
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.
NEWS
April 11, 1996 | By Joseph A. Slobodzian, INQUIRER STAFF WRITER
Calling their conduct "hounding, harassing, intimidating and frightening," a federal judge has barred two journalists from the Inside Edition television program from trying to film or follow two U.S. Healthcare executives or their family. In a ruling filed yesterday, U.S. District Judge Raymond J. Broderick wrote that Inside Edition producer Paul Lewis and reporter Steve Wilson violated the privacy of U.S. Healthcare directors Nancy and Richard Wolfson of Blue Bell when they staked out the Wolfson home for several days in February and then followed the couple to their Florida vacation home.
BUSINESS
April 3, 1996 | By Marian Uhlman, INQUIRER STAFF WRITER
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.
NEWS
April 2, 1996 | by Gloria Campisi, Daily News Staff Writer Staff writer Anthony Twyman contributed to this report
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.
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