Word: buyouts
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Dates: during 2000-2009
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...recently than his company's $886 million loss during 2000. For instance, why did he claim to be a 1987 Stanford graduate when he had spent only three years there? Everything looked rosy last spring when Pacific Century paid $36 billion for Cable and Wireless HKT, the biggest corporate buyout in Asia outside Japan. The Stanford admission may have made credibility as big a problem for Li as profitability...
...Service," and he edited one on "The Simple Life." As Business editor toward the end of the '80s, he had many encounters with the darker side, including a cover story called "A Game of Greed," in which RJR-Nabisco chief Ross Johnson's callous quotes about his proposed leveraged buyout of the company helped seal his deal's failure...
...wholesale business, but the cooking aroma led passersby to clamor for the doughnuts, a demand met by cutting a window through a wall to handle retail. An ugly conglomerate, Beatrice Foods, bought Krispy Kreme in 1976 only to spin it off to franchisees in a 1982 leveraged buyout. Today the family of Joseph McAleer Sr., who led the LBO, holds roughly 25% of the shares...
...mathematics of obtaining capital has been the single biggest obstacle to the raiders' staging a full-fledged return, says Howard Marks, chairman of Oaktree Capital Management. "Buyout firms were able to purchase venerable U.S. icons in the '80s because they could borrow 20 times their money," he notes. (Remember those "highly confident" letters, as in, "I'm highly confident I can borrow the money to take over your company, bub," that Milken and pals used so effectively to terrorize CEOs?) "If you wanted to buy a company for $10 billion, you could probably do it on $400 million in equity...
Warm and friendly dealmakers. These are indeed very different times. But with capital getting easier to find and plenty of stocks still down, buyout kings may find that even the Ramones can still make sweet music...