Word: del
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Dates: during 1980-1989
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...Hara and Del Valle, two nonfamily members who were brought in to run the company a decade ago, won the support of many of the Bacardi heirs for the privatization plan, but another faction rose up in opposition. The dissidents feared that they would lose their voice in management and that removing the stock from public trading would hurt its value. Said a discontented family member: "The reasons put forth in the proxy statement are not sufficiently weighty to put the company through this trauma...
...same standards for producing Bacardi rum. Puerto Rico-based Bacardi Corp. is the only portion of the empire that is a publicly traded company, and that is the point of contention. Last year Bacardi Corp.'s two top officers, Chairman Alfred O'Hara and President Manuel Luis Del Valle, launched a campaign to take the Bacardi Corp. private. In a proxy statement, they said such a move would "reduce the diversity of stockholder interests, thereby simplifying the corporation's management decisions...
Meanwhile, O'Hara and Del Valle devised a plan to reduce the number of shareholders to fewer than 300, which would eliminate the SEC reporting requirements that apply to a public company. Management proposed to do this by declaring a reverse stock split of one share for every 1,000 shares. Anyone holding fewer than 1,000 shares would have to accept a cash payment of $41 a share, and that would whittle the total number of stockholders to below the magic 300 level...
...charge that Aquino has been too soft on the 18-year-old Communist insurgency, which has intensified since the collapse of a cease-fire agreement last February. The day after the election, ten policemen were killed in an ambush by the Communist New People's Army in Surigao del Sur province on Mindanao. At week's end 38 people were killed in scattered guerrilla attacks around the country, bringing the number of insurgency-related deaths this year to more than 1,000. Said a top-ranking general: "The soldiers are not free to move or do what they think ought...
Other Nieman Fellows include Elinor Brecher of The Louisville [KY] Courier-Journal, Frank Del Olmo of The Los Angeles Times, Robert Hitt III, of The Columbia Record, John MacCormack of the Dallas Times Herald, Dale Maharidge of The Sacramento Bee, Michele McDonald of The Virginian-Pilot, Eileen McNamara May of The Boston Globe, Lindsay Miller, a producer with Public Broadcasting Service, William Sutton, of The Philadelphia Inquirer, and Gene Weingarten, of the Miami Herald...