Word: collared
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Dates: during 1990-1999
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...TEAMSTERS UNION EMBRACED him as a blue collar hero, but lately the troops have begun to wonder if President Ronald Carey is mostly crusading for himself. Nowadays his calls for reform get no respect. Not even when Carey called his four regional headquarters "fertile ground for corruption and Mob influence" and sent a small army of agents to audit their books last month. One regional office in Maryland simply changed its front-door lock. A Chicago office kept Carey's agents waiting in the lobby, where the music was cranked up and the phones were switched off. Last week...
...that Farrakhan is highlighting are important to the African-American community, and no one else is highlighting them." She cites his attack on welfare as "subsidizing single women to have babies," his complaint that the Federal Government spends more on prisons than on education and his charge that white-collar crime is not considered as heinous as other offenses. In meetings with the Congressional Black Caucus, Farrakhan proposed unconventional rehabilitation methods -- one member recalls a plan to transport prisoners and addicts to Africa as an alternative to the chaos of the ghetto -- and was hailed for offering creative alternatives...
...increased dividends. After several such options were rejected, Greenhill turned to one of his whiz-kid investment-banking strategists, Michael Levitt, 35, who described a scheme he said would blow away Diller. The novel plan called for issuing a type of security, called a contingent value right, CVR, or "collar," that would guarantee the value of Viacom's bid if Viacom stock failed to reach a certain price level within three years of the merger. The guarantee could cost Viacom an extra $1 billion or so under the worst scenario, but if the stock hit or surpassed the target...
According to some key participants, the Blockbuster deal nearly died aborning -- a close call that could have scuttled Viacom's chances of winning Paramount as well. The trouble began shortly before Christmas, when Blockbuster president Steven Berrard demanded that Viacom provide a separate collar to protect Blockbuster shareholders, who were to receive $8.4 billion in cash and Viacom stock in exchange for their company. While Greenhill later championed a collar for Paramount shareholders, he rejected Berrard's demand out of hand. Reason: Viacom stock was falling fast, and if the plunge accelerated, the company would have to issue more shares...
...ensuing conversation, Levitt asked, "How can you guys not agree on this?" Retorted Berrard: "What would you say if you were advising Blockbuster?" That gave Levitt the opening he needed to persuade Berrard to * start talking again to Viacom. The upshot: Viacom finally agreed to a revised collar that would compensate Blockbuster shareholders for any drop in Viacom stock over a one-year period. That satisfied Blockbuster, which had originally insisted on compensation for any stock drop at the closing of the merger...