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Article: Charitable efforts left wanting? Philanthropist goes to court over losses from meltdown of AIG.(UP FRONT)(American International Group Inc.)(Glorya Kaufman)
- Article from:
- Los Angeles Business Journal
- Article date:
- September 21, 2009
- Author:
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It turns out that another of L.A.'s big philanthropists got stung by the near collapse of insurance giant American International Group Inc.
Glorya Kaufman, widow of Donald Kaufman, the late co-founder of homebuilder Kaufman & Broad, is known for supporting the performing arts. But even as she gave $20 million in March to the Performing Arts Center of Los Angeles County--its second largest gift ever--she was smarting from some big-time losses.
Kaufman said her husband's trusts lost more than $50 million when the government pumped billions into the insurer a year ago to stave off its failure, taking a huge equity stake that dropped existing AIG shares to ...