Word: buyouts
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...stocks you pick go down, you make money. Short a stock at 40 that drops to 30, and you've made ten bucks. It may be too late to short United Airlines, which dropped from 294 to 140 before news of the latest buyout plan (you'd have made $15,400 shorting 100 shares), but with the Dow Jones industrial average only 4% below its Jan. 2 all-time high, there's still plenty of room for stocks to fall...
...employees for $4.5 billion, or $201 a share. They had little choice. Coniston Partners of New York, which owns 11.8% of the company, had threatened a proxy campaign at the shareholders' meeting on April 26, which would have replaced the directors with another board more amenable to a buyout...
...financiers who loaded companies down with debt are now cashing in on the overleveraged firms' troubles. Not since merger madness first hit corporate America in the mid-'80s has so lucrative a financial field opened up so swiftly. Says Robert Miller, a Manhattan attorney who advises failing companies: "The buyout business of the 1980s has become the turnaround business of the 1990s." Concurs bankruptcy adviser Jay Alix: "To us, LBO means large bankruptcy opportunity...
Drexel's most egregious technique was to force companies into unwanted deals, executives say. In one battle that wound up in court, Staley Continental, a food producer based in suburban Chicago, accused Drexel of trying to pressure Staley executives into launching a buyout bid for their company. Before Staley's $220 million suit reached an out-of-court settlement in 1988, the sensational charges were the talk of Wall Street. "They appealed to your greed," says Robert Hoffman, who was Staley's chief financial officer at the time. "And if that didn't work, they appealed to your fear that...
...investors are watching carefully for signs of weakness in the ultimate deal: the 1988 buyout of RJR Nabisco, which Kohlberg Kravis Roberts, headed by Henry Kravis, acquired for $25 billion. The battle for RJR combined all the excesses of the era, pitting Milken and Kravis against Cohen and F. Ross Johnson, the RJR chairman who stood to make more than $100 million by winning the fight. The victorious Kravis walked off with $75 million in fees alone as part of his prize...