CALIFORNIA - News from Feb. 5, 1985
Herbert Kunzel, the 76-year-old bankruptcy specialist who led Itel Corp. through its Chapter 11 reorganization, will retire as chairman in April, the company said. His successor is Samuel Zell, a Chicago financier who recently purchased about 22% of the equipment-leasing firm’s common stock and common stock warrants.
Zell, 42, received a seat on Itel’s board of directors last November after Equity Financial & Management Co., of which Zell is chairman and general partner, disclosed that it had accumulated a 10.8% stake in Itel.
In December, Zell purchased additional stock and warrants from Smith-Vasiliou Management Co., a New York investment group, said Itel spokesman David P. Swearingen. Smith-Vasiliou had earlier disclosed the purchase of an 8.8% share of Itel and said at the time that it was considering a takeover.
Kunzel, who untangled the massive bankruptcy of Westgate California Corp. before taking on Itel, will retire April 18 with the close of Itel’s annual shareholders’ meeting, according to a company announcement.
William P. Twomey, who became president and chief executive on Sept. 19, 1983--the day Itel, then a computer-leasing firm, emerged from Chapter 11--will remain in those positions, Swearingen said.
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