Word: dunlap
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Dates: during 1990-1999
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...board moved swiftly. Within days it discovered that business was much worse than Dunlap had let on just weeks before. What he had termed an aberration--the inventory glut--was in fact a continuing problem. Dunlap was fired June...
...tried repeatedly to get Dunlap or his lawyer on the phone but was unsuccessful. And I should note for the record that in the past I have written favorably of Dunlap, whose policy of fast and deep cost cutting at troubled companies, I believe, makes sense. Clearly, though, I was wrong about how far he could take Sunbeam...
...falls to another turnaround pro, Jerry Levin, 54, to pick up the pieces, and few expect fast answers. "The business is in lousy shape," says Andrew Shore, an analyst at Paine Webber. Shore, a Dunlap critic who recently baited Chainsaw Al by publicly asking him to work for $1 a year until the stock recovered, pegs any turnaround at two years...
...Perelman. Levin's selection is no accident. On March 2, Perelman sold Coleman to Sunbeam in a stock swap, and he is now Sunbeam's second-largest investor, with a 13% stake. The largest is activist money manager Michael Price, who controls 17%. As a measure of how quickly Dunlap's career unraveled, Price only two weeks earlier had publicly, emphatically supported Dunlap. But he became as willing as anyone for the ax to fall...
...hindsight, there were warnings. A Barron's article in the June 8 edition questioned Dunlap's accounting methods, and a FORTUNE article with the same date suggested that his job was in jeopardy. Another bell ringer might have been massive selling by insiders at Coleman in March, beginning only days after the company agreed to be bought by Sunbeam. The Coleman folks had to sell, or lose, their stock options. But by moving so quickly, they bolstered the view that Dunlap had grossly overpaid. Indeed, nine Coleman insiders, including Levin, cashed out 581,000 shares, according to CDA Investnet--near...