Word: cashes
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Dates: during 1980-1989
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...than $800 million to buy 9.6% of Texaco's stock for an average of $37 a share this year, many Wall Streeters applauded his gutsy vote of confidence in the bankrupt oil giant's chances for recovery. But after the October stock crash, Holmes a Court faced a severe cash squeeze. Sensing a distress sale, another renowned raider, TWA Chairman Carl Icahn, entered the picture last week. TWA bought about half of Holmes a Court's stake in Texaco for $348 million, or just $29 a share. The Australian's loss so far on his ill-timed oil-patch foray...
...packed with fascinating rules of thumb from a bygone age. Read Iacocca's book and you'll get nothing but attitude and abstraction. Iacocca would probably tell you to keep your money in real estate or mutual funds. But poker player Johnny Moss has more practical advice: keep your cash in a wad with a rubber band around it--"so's you can throw it in the bushes case you're hijacked...
...customers. The airline has begun keeping on call at the Newark, Denver and Houston airports "hot spares" -- fueled-up planes with standby crews ready to step in if another jet develops difficulties that prevent its takeoff. The airline is spending $60 million this year on employee training. Customers receive cash rebates of $10 to $50 for filling out "report cards" grading the carrier's performance. Capping these efforts is an advertising blitz featuring full-page confessionals in major publications. "We grew so fast that we made mistakes," concede the ads, which promise an "intensified commitment to quality...
...have to focus on the economy. Some analysts think that Texas Air's enormous $4.5 billion debt would make the company vulnerable in a recession. But Lorenzo notes that Texas Air has $1.2 billion in cash. And, he says, Continental's low costs and fares would make the company more able than most competitors to weather an economic downturn. Says Lorenzo: "We're putting a lot of blood, sweat and tears into a company that has the attributes to be successful." Maybe so, but the fastest way to make customer confidence take off might be to turn a divided work...
...wells in Guatemala to about 2.5 million acres of rich timberland in Washington, Oregon and Louisiana. And because he liquidated most of his French and British holdings in recent months -- "I've got my bundle," he likes to say in these postcrash days -- he has $300 million in cash and short-term securities. That success not only makes him a potentially major predator in today's markets but gives him the freedom to lecture the world on his views...