Word: computerland
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...founder and owner of ComputerLand, William Millard, 53, built a billion-dollar business on an old-fashioned notion: it is better to be feared than loved. Since the firm's start in 1976, Millard has ruled his 1,100 employees and more than 800 franchisees with an autocrat's hand, making unilateral decisions and railing against anyone who challenged his judgment. Until recently, that style worked wonders. ComputerLand (1984 sales: $1.4 billion) is the world's largest chain of computer stores, with 820 outlets in 24 countries, including China. Profits are expected to reach $20 million this year. Millard...
...hard-driving entrepreneur is now in retreat. Last week, in a coup engineered by angry franchisees, Millard was forced to step down as ComputerLand's chief executive officer. He and his daughter Barbara, 27 whom Millard installed as president last November, relinquished all day-to-day operating control of the Oakland-based company...
Millard, whose family owns more than 95% of ComputerLand, is also scrambling to overturn a March verdict in which a California jury awarded 20% of the company's shares to a group of investors that includes a former employee. The judgment ordered Millard to pay $115 million in punitive damages for refusing to deliver stock owed to the investors. It was one of the stiffest such awards in California history. Millard must post a $25 million bond by early November to appeal the ruling...
...verdict stands, the money will go to Micro/Vest, a California-based investor group led by John Martin-Musumeci, a former ComputerLand employee. Formed in 1981, Micro/Vest paid Marriner $1.9 million for Millard's note, before ComputerLand shares zoomed in value. Marriner sold to avoid a legal battle after Millard disputed its claim to ComputerLand stock...
...Micro/Vest was more than willing to fight. In last week's first round, the jury awarded Micro/Vest the ComputerLand stock it sought, which may be worth $400 million. It also ordered Millard, who plans to appeal the ruling, to pay Micro/Vest $125 million in punitive damages for trying to renege on his debt...