Word: antitrusters
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...changes in policy. While insisting that he will vigorously enforce antidiscrimination laws. Smith announced that the Justice Department will not advocate court-enforced busing as a means of desegregating schools. Smith has also sent a clear signal that big is not necessarily bad, thereby dampening the department's antitrust fervor and creating a favorable climate for corporate mergers and takeover attempts...
...than $27 after the deal was announced. Few observers, though, were totally convinced that Marathon's fate has been sealed. Mobil could raise its offer and touch off a bidding war, other oil companies might try to get Marathon, or the Government could rule out any merger on antitrust grounds. The Marathon drama may go on for several weeks...
...frenzied series of weekend meetings, these hired guns huddled with Marathon's board of directors. Wasserstein and Perella told them that Mobil's offer of $85 a share was "grossly inadequate." Flom advised the directors that the offer raised serious antitrust questions. As a result, Marathon sued Mobil in Cleveland's federal district court and obtained a temporary restraining order to stall the takeover bid. Cheney and his staff arranged a satellite broadcast to television stations across the U.S. of Marathon's response to the Mobil offer...
While considering these moves, Marathon will continue to press its case in the courts and before the Federal Trade Commission. Either of them might thwart the Mobil takeover on antitrust grounds...
Hanley has good reason to believe in juries. He represented the MCI Communications Corp. in its antitrust suit against AT&T. In June 1980 a jury found in favor of MCI, and the judge, as required by antitrust law, awarded the company treble damages amounting to $1.8 billion, making it the largest court judgment in U.S. history. It almost did not happen. For tactical reasons, MCI offered at one point to waive its right to a jury. AT&T declined the offer. Says AT&T Chief Trial Counsel George Saunders: "The American jury system is the worst there is, except...