Word: buyout
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Considering that the Steinberg story took precedence over the Reagan-Gorbachev summit, the RJR-Nabisco corporate buyout, then-Secretary of State George Schultz's refusal to grant PLO leader Yasir Arafat a visa and the electoral victory of Benazir Bhutto '73 in Pakistan, can we believe that Newsweek had anything in mind except appealing to our "most primitive fascinations...
...such controversy was Harvard's investment in Kohlberg, Kravis, Roberts & Company, which took over RJR-Nabisco this fall in a leveraged buyout. Under the conditions of Harvard's agreement with KKR, the University did not have the right to refuse participation in the buyout or investment in RJR-Nabisco...
Since the RJR deal--the largest-ever leveraged buyout--critics from members of Congress to economic policymakers have questioned the ethics of such hostile takeovers...
Because Kelso's method of paying for the stock-purchase plans was to borrow against corporate assets, ESOPs also gave rise to the leveraged buyout. But Kelso never intended his technique to be used for buyouts that would put all of a company's stock in the hands of a few investors and top managers. "That is a perversion of my idea," says Kelso, now 74. "Instead of making economic power more democratic, they make it more plutocratic...
Critics fault the Harvard Management Corporation (HMC) for contributing $20 to $40 million to a limited partnership of 70 investors whose funds were used in the $24.3 billion buyout of food and tobacco giant RJR Nabisco last November...