Word: ands
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Dates: during 1980-1989
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The raiders have often been victims of their success. Fancying themselves managers as well as marauders, they built huge but shaky empires that rested on debt. Result: their vast borrowings at sky-high interest rates left companies ranging from TWA to Allied department stores awash in red ink. "Many of...
The raiders' troubles have hit Wall Street like a line of falling dominoes. Defaults by overburdened borrowers have crippled the junk-bond market, which finances many takeover deals. Only $11 billion of junk bonds were issued for mergers and acquisitions in the first nine months of 1989, in contrast to...
That is bad news for Wall Street, where buyouts have propped up stock prices and brought in fat advisory fees. Faced with a drop in the number of mergers and acquisitions, which fell 29% during the July-September quarter compared with 1988's third period, major investment firms have announced...
The Toronto Tycoon. A former shop foreman who became one of Canada's top real estate developers, Robert Campeau in 1986 went on a U.S. shopping spree. Campeau, 66, paid $3.6 billion for Allied Stores and won Federated Department Stores for $6.6 billion in a celebrated 1988 battle with R.H...
Since then one reversal after another has hit Bilzerian and the company. Sentenced in August to four years in prison for violating tax and securities laws in previous raids, Bilzerian is appealing that conviction. Singer, renamed Bicoastal after Bilzerian sold eight of twelve divisions to meet $120 million in annual...