Word: buyouts
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Most pervasive, however, has been the use of "kinder, gentler." Since August, journalists have conjured up the images of a kinder, gentler Congress, Soviet Union, FCC, sitcom and leveraged buyout. The Washington Post even reported that the IRS was preparing a "kinder, gentler 1040." New York Times columnist William Safire feels that the epidemic (to which TIME itself has not been immune) has taken hold because journalists need such pithy lines to play on. Says Safire: "It's catnip, and we're all cats...
...Drexel still displays its characteristic moxie. The firm is handling a $3.5 billion junk-bond offering as part of the $25 billion leveraged buyout of RJR Nabisco. For its share in financing history's largest takeover, Drexel expects to take in $229 million before expenses. Many clients still profess their allegiance. Says raider and oilman Pickens, who relied on Drexel's financing clout to make bids for Gulf Corp. and Phillips Petroleum: "I have the highest regard for Fred Joseph...
MOST BODACIOUS BIDDER RJR Nabisco chief Ross Johnson and some colleagues offered to buy out the company for $17.6 billion in a deal that could have netted Johnson $100 million. The bidding eventually hit $25 billion, but RJR directors rebuked Johnson and awarded the company to the Manhattan buyout firm Kohlberg Kravis Roberts. Last week the House Energy and Commerce Committee announced a probe of the deal...
...anatomy of the recent leveraged buyout of RJR Nabisco by the firm of Kohlberg, Kravis, Roberts--helped out by some $20-40 million from Harvard's endowment--sounds great on paper and is worth as much. Leveraged buyouts, in which huge companies are bought and sold and divided and merged solely for the purpose of raising the stock values, are running wild in America...
After all, the only ones that lose out when a leveraged buyout is closed are the government, since the loans taken out by companies are tax-deductable, the economy, since leveraged buyouts have caused the level of business debt to double to more than $1.8 trillion in the past five years, the company employees who are often either laid off or uprooted across the country by the restructuring process, and the consumers, who don't get new products at better prices, but the same products at higher prices because a hostilely-bought company has to use all available funds...