Word: crashing
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Dates: during 1980-1989
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...more immediate deterrent to takeovers is the market's volatility. Wild gyrations in prices make it difficult for raiders to know what to bid for a company. Although Minneapolis-based Raider Irwin Jacobs has been boosting his stake in Greyhound and IC Industries since the crash, he is wary of making any big moves. Says he: "You don't do business in the eye of a hurricane...
...even more attractive with the Dow at 1800." Manhattan Financier Asher Edelman has spent $72 million since late August to accumulate 11.5% of Foster Wheeler, a New Jersey-based construction company; much of the buying came as the firm's stock tumbled, from $21 to $11.25, amid the crash. Paul Bilzerian, a Florida investor who has made more than $50 million in profits since 1985 from corporate raids against such firms as Allied Stores and Hammermill Paper, is mulling a run at Singer...
...that, among other things, would put a $5 million cap on interest deductions for debt resulting from takeovers. The measure would inhibit corporate raids, and many Wall Streeters believe the specter of the possible tax change depressed takeover stocks and thus played a role in setting off October's crash. Raiders hope the anti-takeover provision will die in House-Senate conference when lawmakers realize that the tax could drive stock prices still lower...
...crucial question is how many raiders have weathered the market's tempests with enough cash to bankroll new deals. Several prominent players claim to have pulled out of stocks before the crash, and may still have sizable cash reserves. At Drexel Burnham Lambert, which last year financed more takeovers than any other Wall Street firm, Chief Executive Frederick Joseph contends that "there is still a lot of capital out there." If that is true, the takeover game could soon become as fast paced as it was in pre-crash days...
Many portfolio managers who became stars during the bull market emerged from the crash notably tarnished. George Soros, 57, who until Black Monday was regarded as one of the canniest investors in Wall Street history, saw his Quantum Fund drop some 36%, to $1.67 billion. Other stars emerged overnight. Elaine Garzarelli, 36, a research analyst and fund manager for Shearson Lehman Bros., had emphatically predicted a collapse exactly one week before Black Monday in an interview on Cable News Network. Her stock fund, the Sector Analysis Portfolio, reportedly gained 5% during the week of the crash because Garzarelli had moved...