Word: buyouts
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Even so, Beck thrived at the Oppenheimer investment firm from 1979 until 1985, when he provoked disbelief by pledging to put up $75 million of his own money to rescue a deal. He was fired and then joined Drexel, where he advised buyout king Henry Kravis in his $25 billion takeover of RJR-Nabisco. When Burrough confronted Beck about his tales, the Wall Streeter denied telling most of them. Now Beck has apparently gone AWOL. Drexel, which received his resignation in the mail three weeks ago, says it has been unable to get in touch with...
...Federated Department Stores in 1980s takeover fights. Included in the deals were such prominent chains as Jordan Marsh, Bon Marche, Abraham & Straus and Burdines. But while the raids made Campeau a high-rolling business celebrity, they left his Toronto-based Campeau Corp. with more than $10 billion of leveraged-buyout debt and interest charges so high that the stores could not produce enough income to meet them...
Many suppliers blame the 1980s buyout binge for the Campeau debacle. In the process of arranging enormous loans for overreaching raiders, the lenders and investment bankers paid little or no attention to whether the buyouts could survive over the long haul. The toll has been particularly heavy among retailing companies. In a study of 25 retail buyouts between 1983 and 1985, the Ernst & Young accounting firm found that nearly 40% had gone bankrupt or slashed their operations. For big-eyed shoppers like Campeau, the buyouts might have looked tempting, but they were hardly bargains...
...witnessed such a stunning reversal of regional fortunes. The new winners include Midwestern farmers and Rustbelt manufacturers whose prosaic products, from corn to machine tools, are in hot demand around the world. Among the losers are Wall Street investment bankers, whose earnings have plunged with the waning of the buyout binge, and defense contractors across the country, who can expect new cutbacks as the cold war ends...
Least Timely Utterance. RJR Nabisco chief Ross Johnson, who was proposing a $25 billion buyout of the company, stood to make $100 million on the deal but failed to show much sympathy for the employees who might be transferred or laid off. They had, he said, "very portable types of professions." RJR's board decided Johnson did too. They fired him, after selling the company instead to leveraged-buyout specialists Kohlberg Kravis Roberts...