Word: coniston
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...attacks on Allegis from all sides. Its pilots were pressing to buy the airline because they felt Ferris was spending too much time and money buying hotels, to the detriment of the company's core business. Meanwhile, dissident shareholders, led by a trio of Manhattan-based investors called Coniston Partners, launched a campaign to oust management, arguing that the company would be worth far more if it were broken into pieces and sold. The critics pointed to the firm's lackluster financial performance: its net income was only $11.6 million last year on revenues of $9.2 billion, and the airline...
...United Air Lines, Hertz, and the Westin Hotels and Hilton International chains -- announced a ploy much like Harcourt's. The Allegis directors authorized a cash payment of $60 a share, worth some $3.5 billion. The move came two days after the New York City-based investment firm of Coniston Partners declared that it owned 13% of Allegis' shares and wanted to gain control of the 16- member board...
...Coniston was less than impressed with Allegis' move. Said Partner Augustus Oliver: "We are currently evaluating it." Translation: a further battle is possible. Allegis stock, meanwhile, closed the week at 86 1/2, up 15 from the previous week. Said Robert Joedicke, an airline analyst for the Shearson Lehman Bros. investment house: "Like a soap opera, this isn't going to be decided tomorrow...
...scorned the company's name change, which is expected to cost UAL about $7.3 million. Allegis, Trump said, was "better suited to the next world-class disease." Along with the boyish billionaire, the Wall Street rumor mill named as possible UAL takeover partners the New York investment firm of Coniston Partners and the Chicago-based Pritzker family, which controls Braniff and owns 1% of UAL's shares...
Died. Donald Campbell, 45, British speed seeker; in the crack-up of his jet-powered boat; on Coniston Water, England (see SPORT...