Word: consortium
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Dates: during 2000-2009
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...Jammed into a corporate culture, however, the stirrer lost its sting. In May last year, resigned to Mambo's dwindling sales and street cred, Gazal announced it was offloading the brand, which a private consortium snapped up in January for about a third of what Gazal had paid for it eight years before. The new owners' plan is to revert to the original Mambo recipe of humor, social commentary and art, while stirring in a fistful of contemporary spices. Co-owner Angus Kingsmill told TIME: "We believe Mambo has massive global potential. It would take almost a perfect storm...
...Last year, an old college friend of Kingsmill's, Bret Merriman, suggested they go after Mambo. At that stage interest was high, and Kingsmill thought they'd be priced out. As a successful footwear importer, Merriman, along with the third director, accountant Anthony Woodward, assembled the consortium and invested heavily in it. They wanted Kingsmill as frontman for two reasons. One was his grasp of the surf industry. For three years from 1999, Kingsmill was general manager of beachculture, a retail chain that grew on his watch from eight to 21 stores in Australia and New Zealand...
...sell it, and now, because of the worldwide financial turmoil, it can't - at least, not for a good price. A September tender for a new nuclear power plant - Turkey's first - was ill-prepared, and turned into a fiasco when all the bidders except for one Russian-led consortium dropped out. A three-year agreement with the IMF under which it would provide Turkey loans of as much as $10 billion, if needed, expired in May and hasn't been renewed. In a speech to the IMF this month, Economics Minister Mehmet Simsek gave no hint about when...
...Garcia reached outside his party and picked a left-leaning governor as the new Cabinet chief. But the scandal has not faded. Congress has appointed a special committee to investigate 17 oil and gas exploration contracts awarded in September, including the five given the Norwegian company in a consortium with Peru's state-owned oil company, as well as 36 others handed out in the past two years. The head of the committee, Rep. Daniel Abugattas, said he expects to find a pattern of deceit. "The government has been giving away our natural resources to the lowest bidders under...
...Fortis isn't alone among the banks in that once lauded consortium to fall on hard times; mighty RBS has since written off billions of dollars in sub-prime related losses, and even turned desperately to shareholders in June for some $20 billion in fresh capital. But if both lenders testify to the shaky health of many of the world's biggest banks, Santander, the third leg of the trio, seems to have gone from strength to strength. Indeed, while Fortis was receiving life support on Sunday, the Spanish bank was administering much needed first...