Word: bidder
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...awards. If competition forced the big schools to work to entice students, smaller schools would go all out to get their students. Implicit in the colleges' argument is the assumption that education at all these schools is of equal value and hence should not be sold to the "highest bidder. Yet, in a competitive system, the same number of students would accept admission, and the rule of "need-based" aid should insure that the most money would go to the most needy students...
...Frank scandal "stained" the institution he serves? Perhaps, but certainly not as much as the many members of Congress who regularly use their positions for financial gain and sell their votes to the highest bidder, as the staff editorial rightly points out. Has he abused the public trust? If, as is expected, the Ethics Committee finds that Frank knew nothing about the prostitution ring being run out of his Capitol Hill apartment and clears him of any wrongdoing, the answer is no. Finally, will this episode irreparably impair his ability and effectiveness in fighting for the liberal causes that...
...directors had put the company up for sale in March when they originally agreed to acquire Warner. If that had been found to be true, Time would have been obligated under Delaware law to seek the maximum immediate return to shareholders by auctioning the company to the highest bidder. Paramount's argument that Time's directors were selling the company to Warner rested partly on the fact that the exchange ratio of the proposed stock swap would have given Warner stockholders 62% of the shares of the combined company. In Paramount's view, that situation amounted to a transfer...
...stockholders with only the prospect that their stock would appreciate over the long run. Moreover, the process of getting Government approval and working out legal details required a 3 1/2-month gap between the announcement and the stockholders' vote on the deal, which left enough time for a hostile bidder to marshal his forces...
...else failed, Time could seek a so-called white knight to save it from Paramount's grasp. But almost any bidder with enough financial backing could jump into the fray without being invited. Moreover, Wall Street analysts believe that all three companies are now up for sale, since their stock is falling into the hands of speculators who will gladly sell to the highest bidder. "I bet none of the three companies will exist a year from now," says Ellen Greenspan, a leading Wall Street arbitrager...