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...that Southland Corp. was ripe for takeover. A roster of raiders were said to be eyeing the company that operates the ubiquitous 7-Eleven chain of 7,700 convenience stores and owns 50% of Citgo Petroleum. Last week the family that holds a 10% interest in Southland made a deft maneuver. John, Jere and Jodie Thompson, whose father Joe founded the firm in 1927, offered to buy the rest of the company for $3.8 billion, or $77 a share, and take it private. Just seven weeks ago, Southland stock traded at $48. But investors may reap yet bigger rewards. Southland...

Author: /time Magazine | Title: DEALS: Keeping It All In the Family | 7/20/1987 | See Source »

Deflecting the tough questions of the committee lawyers with lengthy answers and some deft jabs ("Don't get angry, counsel. I'm going to answer your question"), the combative North brazenly defended many of his actions. He even assailed members of Congress for putting him through what he called "this ordeal." Said North: "I don't mind telling you that I'm angry at what you have attempted to do to me and my family...

Author: /time Magazine | Title: The Fall Guy Fights Back | 7/20/1987 | See Source »

Once again, Reagan's proposed Strategic Defense Initiative may be playing a central role in the Kremlin's thinking. Gorbachev has a history of performing deft flip-flops on whether to demand SDI restrictions as a condition for other arms-control agreements. A year ago, he indicated that an INF deal could be cut separately. That led to October's Reykjavik summit. There the Soviets proposed a package deal, including acceptance of Reagan's zero option on INF in Europe along with deep cuts in strategic weapons and restrictions on SDI. The deal fell apart because Reagan felt Gorbachev...

Author: /time Magazine | Title: The Kremlin's New Cards | 7/20/1987 | See Source »

...zany nerd. Both actors have nifty fun updating these roles. Quaid, flashing the satanic grin patented by Jack Nicholson, ensures that Tuck makes a convincing connection with a friend he cannot embrace until the end of the movie. And Short, late of SCTV and Saturday Night Live, is one deft darling. Jack begins as a wild paranoiac but soon straightens up and loosens up, especially in a maniacal boogie he performs to Sam Cooke's Twistin' the Night Away. If this number doesn't win Short an Oscar, it should at least cop him second prize on Dance Fever...

Author: /time Magazine | Title: Cinema: A Funny, Fantastic Voyage INNERSPACE | 7/13/1987 | See Source »

Delaware Senator Joe Biden came across as the boldest in poking at the others, but he tempered his remarks with deft jokes on himself. "I'm officially 6 ft. 8 in.," said the candidate accused of lacking substance. Pause. "Unfortunately I'm standing on my record." Even the departed Gary Hart was not spared. Instead of the Seven Dwarfs as a designation for the field, Biden noted, the seven deadly sins might be better. "I've got six of them covered -- greed, envy, anger, avarice, gluttony and sloth." Pause. "We've got an opening for lust...

Author: /time Magazine | Title: Jump Shots and Free Throws | 7/6/1987 | See Source »

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