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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: October 30, 1995
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(Date of earliest event reported)
HELLER FINANCIAL, INC.
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(Exact name of registrant as specified in its charter)
Delaware
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(State or other jurisdiction of incorporation)
1-6157 36-1208070
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(Commission File Number) (IRS Employer Identification Number)
500 West Monroe Street, Chicago, Illinois 60661
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(Address of principal executive offices) (Zip Code)
(312) 441-7000
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
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On October 30, 1995, Heller International Corporation, parent of Heller
Financial, Inc. (the "Registrant") issued a press release announcing the death
of its Chairman and Chief Executive Officer, Michael S. Blum. Mr. Blum also
served as the Chairman and Chief Executive Officer of the Registrant. A copy
of the press release is attached.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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(c) Exhibits
99 Heller International Corporation - Announcement of the Death of Chairman
and Chief Executive Officer Michael S. Blum
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Dated: October 30, 1995
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HELLER FINANCIAL, INC.
By: RICHARD J. ALMEIDA
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Richard J. Almeida
Title: Executive Vice President and
Chief Financial Officer
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EXHIBIT INDEX
Exhibit Sequentially
Number Numbered Pages
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99 Heller International Corporation - Announcement 4 - 6
of the death of Chairman and Chief Executive
Officer Michael S. Blum
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Heller International Corporation
Announces the Death of Chairman and Chief Executive Officer
Michael S. Blum
(Chicago, IL -- October 30, 1995) -- Michael S. Blum, Chairman and Chief
Executive Officer of Heller International Corporation, died suddenly on Sunday,
October 29, of natural causes in Berlin, Germany. He was 56 years old.
Heller plans to hold a special board of directors' meeting within the next
two weeks to determine a successor. In the interim, the company will operate
under the auspices of the Executive Committee. The Fuji Bank, Limited, Heller's
parent company, has expressed a high degree of confidence in Heller's progress
and direction as well as in the management team which Blum put in place during
his five years as head of the company.
At the time of his death, Blum had been on a goodwill trip to Germany with
the American Jewish Committee. His body will be brought back to Chicago later
this week. Information regarding funeral arrangements is not yet available.
Blum joined Heller in 1986 as President of Heller Real Estate Financial
Services and Executive Vice President of Heller International Corporation. He
became Vice
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Chairman of Heller Financial, Inc., Heller International's primary operating
subsidiary, in 1987 and Chief Executive Officer in late 1990.
At the start of his tenure as Heller's CEO, Blum set out a clear vision for
the firm. He and his team adopted a strategic business approach that centered
on the development of Heller's core businesses and the expansion into new market
niches. At the same time, Blum fostered a corporate culture that promoted
teamwork, creativity and confidence-building. A prominent part of this strategy
was to establish a customer-intimate marketing culture along with solid credit
discipline. Under his leadership, Heller Financial has enjoyed three
consecutive years of record operational performance, buttressed by strong
reserves and liquidity, and a growing equity base.
"Mike understood the paramount importance of client relationships, and took
pains to ensure that Heller had the right people in each job. As saddened as we
are, we are also grateful that Mike left Heller a strong company, well-
positioned for the future," said Richard J. Almeida, Chief Financial Officer.
He added, "Just last year, Heller celebrated its 75th anniversary. Mike was
especially pleased that upon reaching such a milestone, the firm was, in his
words, 'back on track'."
Prior to joining Heller, Blum worked for General Electric Company beginning
in 1967 and held a variety of senior management positions. When he left in
1986, he was Senior Vice President and General Manager of General Electric
Credit Corporation's real estate businesses, which encompassed real estate
lending, mortgage insurance, mortgage banking and an industrial bank. He was
also an officer of the General Electric Company. Blum received his Bachelor of
Civil Engineering degree from the City College in New York in 1960 and his
Master's of Business Administration from Rutgers University in 1965.
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Blum's leadership was not limited to his firm, and he maintained a
steadfast interest in community and cultural issues. A strong and vocal
advocate for quality education, he was an active board member of Chicago Cities
in Schools organization, and encouraged Heller's employees to take an interest
in their local communities in some meaningful way. Blum was on the board of
directors of Providence-St. Mel School, and a member of the Urban Land Institute
and the Executive Club. In addition, he served on the Board of Governors of the
Chicago Chapter of The American Jewish Committee and was an Advisory Board
Member for Northwestern University's J. L. Kellogg Graduate School of
Management. Over the years, Blum also served as a Director for both Fuji Bank
and Trust Company and Fuji Securities, Inc.
Blum is survived by his wife, Sandy, and three children, Jan, Emily, and
Jennifer. Also surviving him are his daughter-in-law, Tammy and his two
grandsons, Matthew and Zachary.
Heller International Corporation is a wholly owned subsidiary of The Fuji
Bank, Limited, one of the world's largest banks. Heller International
Corporation's primary subsidiary is Heller Financial, Inc., which provides U.S.-
based clients with cash flow financing, real estate financing, factoring and
working capital loans, equipment financing and leasing, asset-based finance and
equity investments. The company also operates in European, Asian, and Latin
American countries through joint venture and wholly owned companies that
specialize in factoring, asset-based finance, acquisition finance, leasing,
vendor finance and trade finance.
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