Word: broker
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Once he is engaged by a customer bent on merger, the broker calls upon his pals, partners and researchers-and his own know-how-to draw up a list of companies that can at least be flirted with. Then he telephones or visits the top executives of those companies-doors are always open to the leading bankers-and discreetly sounds them out, never revealing the name of his client until the two firms agree to become serious. When the two begin active courting, the investment bankers act as chaperons, or sometimes referees, help to work out the terms...
...bankers who bring off mergers stand to collect handsome fees: about 1 % of the purchase price on a huge deal or 3% on a medium-sized one. To earn this the broker contributes copiously of his savvy, research and time. The merger talks between American Home Products and Ekco Products (pots and pans) dragged on for five years, but were well worth the effort for the merger broker. On that $163 million deal, Lehman Bros, collected...
Engelhardt tries to keep boards from underbuilding or overbuilding, from going overboard for fads or neglecting useful innovation. He is often the broker between ambitious school administrators and hard-nosed board members, or between visionary boards and a skeptical public. Generally, the test of his adjudication comes when taxpayers vote on a bond issue; he does not get his full .5% commission unless the issue passes and plans are approved. Working nationwide out of a clapboard rural headquarters in tiny Purdy Station, N.Y., his firm of Engelhardt, Engelhardt and Leggett now proposes some $380 million in school construction a year...
Gartland is no flaming radical. He is an insurance broker, Irish and Roman Catholic, born and raised in Boston. He admits privately that de facto segregation never bothered him until the school boycott of 1963, when he was already serving on the school committee. His concern first manifested itself when, as a minority of one, he proposed that the school committee discuss the boycott leaders' grievances. After the second school boycott in February, 1964, Gartland finally succeeded in mustering the two additional votes necessary to bring about a meeting. Gartland finally succeeded in mustering the two additional votes necessary...
...problems and not just gone blundering ahead." Actually, Ike's reply to Skinner's letter back in 1961 was little more than a note of cautious interest written, in fact, by Eisenhower's secretary. But it was enough for Skinner, 41, who teamed up with Insurance Broker John Rosenkrans, 40, a fellow vestryman at Seneca Falls First Presbyterian Church. Together they sought support of state Presbyterian Church officials who, Skinner recalls, told them: "You two guys can't start a college-you're out of your minds...