Word: agreement
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Dates: during 1980-1989
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Teledyne's statement said: "The company's decision to enter a plea agreement and make a settlement with the government primarily came from the recognition that a former employer, Michael Savaides, had entered into a corrupt and illegal arrangement with William Parkin, a consultant to Teledyne Electronics, and Fred Lackner, with whom the company had no relationship...
...because Siegel disapproves of the way Warner spends money on generous executive compensation (for Ross alone in 1987: $4.5 million in salary and bonus) and corporate amenities like the six-bedroom Acapulco villa for entertaining movie stars. Siegel also apparently believes that Warner is being undervalued in the merger agreement. When the proposed deal came up before Warner's board for a vote, Siegel abstained, while all the other members approved. Time and Warner officials, who are trying to convince Siegel of the merger's merits, admit that he could take legal steps to delay the transaction, but they insist...
...slow in integrating the various divisions. Only the cable and books operations will be immediately combined. All others will continue to operate as separate units, with Warner's old divisions reporting to Ross and Time's to Munro and Nicholas. Five years down the road, according to the merger agreement, the management will be unified, with Nicholas as the chief executive. "We're not going to crash these two companies together," said Nicholas. Both Time and Warner believe their greatest opportunities for cooperation and growth lie overseas. Ross, for example, hopes to use Warner's worldwide film-and-TV-distribution...
...launch a bid for the airline. Icahn briefly considered such a bid last fall. He found the idea interesting, he said, but did not want to interfere in Eastern's collective-bargaining process. Lorenzo was cool to the suggestion. "Our major goal at the moment is coming to an agreement with our unions," he said. "I can't imagine how having someone like Icahn get involved will do anything but interfere with the process...
...choosing bankruptcy, Lorenzo has won some breathing room, but he has also given up considerable power. Under federal law, Eastern management will have 120 days to submit its reorganization plan to the bankruptcy court. In the meantime, the airline can resume normal operations if it reaches an agreement with its unions. But the rules have changed since Lorenzo's previous foray into Chapter 11 with Continental. Management can no longer toss out union contracts under Chapter 11 without the court's approval...