Word: bonding
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...main player is Maxxam, a Houston conglomerate that issued junk bonds in order to purchase the lumber firm that formerly owned the forest. Among the bond buyers: the infamous Columbia Savings & Loan of Beverly Hills, which was seized by the government in January. The seizure has left Uncle Sam holding Columbia's share of the Maxxam bonds. Maxxam, left short of cash by the takeover, has increased the cutting and selling of the redwood timber, thus infuriating local conservationists...
...Avenue. "It is absolutely Mephistophelian to say that a child in Head Start should pay so that a child in Detroit can get more health care. Those are not choices," says Sara Rosenbaum, director of the health division at the Children's Defense Fund in Washington. Republican Senator Christopher Bond of Missouri denounced the plan as pitting "one city's babies against another city's babies." Florida Governor Lawton Chiles, who chairs the National Commission to Prevent Infant Mortality, said it amounted to "robbing Peter to pay Paul...
Parretti has faced ballooning troubles since acquiring the studio. He has been slapped with two lawsuits, one just two weeks ago, by producers who claim he sold the rights to shared properties -- the Pink Panther films and the James Bond films -- too cheaply. In January a court in Italy upheld an old conviction for fraudulent bankruptcy that Parretti has been fighting for nearly a year. The entrepreneur has also been shamed in Hollywood's most public court, the box office. All the films MGM has released since the acquisition (including Rocky V, Not Without My Daughter and Desperate Hours) have...
...since its October low. Daily trading volume since January has averaged 195 million shares, 19% higher than a year ago. If this keeps up, the securities industry will post its most profitable quarter in nearly a year. Assets of mutual funds -- including risky small-company and junk-bond funds -- grew a record $59 billion in January, and the frenetic pace continued in February. "This is the first popular war since World War II," explains Bill LeFevre, senior stock-market strategist for Tucker Anthony. "You could very well see the consumer celebrate by buying that postponed car, TV or refrigerator. This...
After a year of seemingly endless legal trauma for Drexel Burnham Lambert and Michael Milken, each got unexpectedly favorable news last week. Federal Judge Kimba Wood recommended that the former junk-bond king be eligible for parole after serving only 36 to 40 months of the 10-year sentence she imposed on him for securities violations. Wood based her decision on the financial damage done to investors and companies as a result of Milken's confessed misdeeds, which she calculated to be $318,000, less than a day's pay during Milken's highest-flying years and far less than...