Word: buyouts
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Dates: during 1980-1989
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...will split $46 million in fees. Morgan Stanley, Socal's investment banker, has received $1 million so far, and will be paid $15.5 million more when more than half the Gulf shares are acquired. And Bank of America, which arranged a $14 billion credit line to finance the buyout, will collect $500,000 for that service...
...Norton Simon, Mahoney and his fellow investors plan to employ a maneuver known as the leveraged buyout. They will borrow the necessary cash primarily from banks, using the company's assets as collateral. This could permit Mahoney, who now controls only about 3% of the company, to pull off his gambit with minimal personal investment or risk...
National's stock has climbed almost $10, to $23, since the buyout began to look promising last year. Most security analysts view the deal as favorable for National, the fourth largest steel producer in the U.S. Closing Weirton would have saddled the company with $180 million in pension costs, according to one study. About one-third of the workers started with the company at least 30 years ago, which makes them eligible for full retirement benefits. They have chosen to stay on the job anyway. To induce them to vote for the plan, National will assume all pension costs...
...because of the flood damage. "Most people here don't have much choice," says former Times Beach Mayor Charles Yarbro. But many insist they will go permanently only if they get what they consider a fair price for their property. And some, no matter how attractive the federal buyout money, still want to stay, the health dangers notwithstanding. "The damn dioxin doesn't bother me as much as the river," insists Michael Keeler, 42, a lifetime resident who owns a four-bedroom ranch house. Says Gerald Johnson, 51: "If we are forced out, then we're forced...
...Corp. was locked in a bitter and ultimately losing takeover battle in September as company directors huddled to plot strategy. Among their hurried decisions: a so-called golden parachute for Chairman William Agee and 15 other Bendix officers. The chute, which was designed to protect the executives following a buyout by another company, guarantees Agee an $805,000 annual salary for five years even if he is fired. That lucrative arrangement was presumably authorized by the board's compensation committee and approved by the directors, as is typical in such cases. But at Bendix there was a twist. Equitable...