Word: coniston
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Dates: during 1990-1999
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Among corporate raiders, Coniston Partners was the ultimate upstart. Some of its targets had barely even heard of Coniston until it was too late. The firm's runs against such companies as Gillette and the Allegis travel conglomerate brought returns of more than 40% to the small pool of investors who put a minimum of $5 million apiece into Coniston's funds. But as raiding went out of fashion, the firm's success began to wane. Last week Coniston said it would disband the $700 million pool that funded its takeover bids and proxy fights. But partners Keith Gollust, Paul...
...power of the proxy was evident last week when the directors of UAL agreed to sell the parent company of United Airlines to its employees for $4.5 billion, or $201 a share. They had little choice. Coniston Partners of New York, which owns 11.8% of the company, had threatened a proxy campaign at the shareholders' meeting on April 26, which would have replaced the directors with another board more amenable to a buyout...