Leucadia National

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Leucadia National Corporation (NYSE: LUK) is a holding company that, through its subsidiaries, engages in mining & drilling services, telecommunications, healthcare services, manufacturing, banking and lending, real estate, and winery businesses with a market cap of about $6.6 billion as of 12/06. Leucadia is known as a "mini Berkshire Hathaway" with an average annual return of over 22%.

Leucadia's highest profile move to-date (as of 2005) was a bid in 2004 to acquire 50 percent of telecommunications company MCI's common stock. However, after MCI received higher bids from other companies, Leucadia withdrew from the bidding process. [1]

Leucadia executives Ian Cumming and Joseph Steinberg both graduated in the same Harvard Business School Class of 1970. They joined Leucadia around 1979. Ian Cumming (a Vancouver native) and Joseph Steinberg each own about 13% of Leucadia's shares. [2]

Leucadia is headquartered in New York City, but has additional offices in Salt Lake City, Utah.

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[edit] Executives as of 2007

  • Ian M. Cumming
Chairman, Chief Exec. Officer and Chairman of Exec. Committee
Total 2006 pay was $7,896,730 (as presented in 4/17/2007 proxy statement.)
  • Joseph S. Steinberg
Pres, Chief Operating Officer, Director and Member of Exec. Committee
Total 2006 pay was $7,916,645
  • Joseph A. Orlando
Chief Financial Officer and VP
Total 2006 pay was $1,344,259
  • Thomas E. Mara
Exec. VP and Treasurer
Total 2006 pay was $1,584,930
  • H.E. Scruggs
VP
Total 2006 pay was $877,373

[edit] Trivia

The company's name comes from the seaside town in Southern California and was chosen randomly after several other choices were rejected during the incorporation process. Cumming and Steinberg spotted the sign along the freeway and suggested it as an alternative.(2007 Annual Report)

[edit] Other Investments

WMAC Investment Corp., a subsidiary of Leucadia, is the largest backer of Pershing Square Capital Management L.P., a Delaware-incorporated investment partnership. William Ackman is the founder of the $300 million+ activist hedge fund Pershing Square. The Fund had 40%+ returns over the past 2 years.[citation needed]

[edit] External links

[edit] Regulatory Filings

[edit] References

* Leucadia National Corporation Annual Report 2007