OTHER NEWS - May 21, 1992

O&Y;’s Bondholders Want Bankruptcy Changes: Angry bondholders of Olympia & York want a Canadian judge to sharply revise a bankruptcy order they say unfairly lumps all creditors together. The showdown between groups of bondholders and Olympia & York Developments Ltd. was scheduled for today in the Ontario Court of Justice in Toronto. Investors say Judge Robert Blair’s order allows Olympia & York to shift cash from some of its Toronto office buildings to bail out the massive Canary Wharf project in London. Bondholders say a judge shouldn’t be able to divert cash from rents in buildings securing their bonds to shore up other pieces of Olympia & York, said Leigh Walzer, a securities analyst for Jefferies & Co. in New York.