Word: firemanning
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...stock offering was a spectacular success and an unlikely one. Last week American Express, the $12.9 billion (1984 sales) financial-services conglomerate, sold to the public 54% of Fireman's Fund, its property-and-casualty-insurance subsidiary. Investors snapped up 35.2 million shares for a total of more than $900 million. It represented the country's largest initial public offering ever...
American Express was hardly selling off one of its crown jewels. In the past 2½ years, Fireman's had underwriting losses of $1.8 billion. William McCormick, formerly a top American Express executive, has been Fireman's president since December 1983. Last June the subsidiary was put up for sale, but no corporation wanted to buy it. "They couldn't sell it to anyone else, so they sold it to the public," explains one analyst...
...were investors so eager to buy? The fund earned $20 million for the three months ending Sept. 30. American Express also helped its own cause. When it came to selling the Fireman's stock, its Shearson Lehman Bros. division turned into a high-powered marketing machine. CORPORATIONS "It's Just That Awful Word...
Despite the odds, Turner retains one of the most bullish attitudes ever seen in the business world. "I fantasize about everything," he once said, "being a fireman, an Indian chief, climbing mountains. Anything is possible." In trying to reach the lofty summit of CBS, Turner may find that this time he is scaling a sleeping volcano. --By Stephen Koepp. Reported by Marcia Gauger/New York and Lee Griggs/Chicago
...time, and it was originally feared that 95 children were among the victims when the buildings were totally destroyed. But on Saturday it was learned that the two bus-loads of children had left the scene safely. Many other people died. "We reached the Erika," said one fireman, "and there was nothing there. It was just gone." Explained Painter Giovanni Grandi, who had been in a nearby chalet: "I saw the Miramonti go down. It was like an enormous hand had just come to knock it down...