Word: firm
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Dates: during 1980-1989
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...candidates say they have formulated firm stands on rent control...
...Drexel Burnham Lambert and its junk-bond wizard, Michael Milken, the pretense is over and the divorce begins. In court papers filed last week, it was disclosed that Drexel has agreed to fire Milken and withhold his 1988 bonus, estimated at $200 million. Since the investment firm has already agreed to settle criminal-fraud charges against it for a $650 million penalty, denying Milken his money effectively reduces the fine by more than 30%. Milken's attorney, Martin Flumenbaum, castigated the settlement as a "violation of due process, a punishment without trial." Separate criminal charges against Milken for securities fraud...
...Tennessee company clucked loudly at Tyson's advances and turned to another chicken producer interested in acquiring some of Holly Farms' juicy parts. Omaha-based ConAgra, the No. 2 grower, agreed on a so-called lockup arrangement in which the Nebraska firm can buy some of Holly Farms' operations if the marauding Tyson succeeds in taking over. ConAgra, which already controls 20% of the U.S. beef industry, 33% of the lamb market and nearly 10% of broiler production, would like to bring Holly Farms' Weaver frozen-chicken label into the same shed with its Armour, Banquet and Country Pride brands...
...stock for employees. At the same time, corporations seeking to repel raiders can use an ESOP as a way to put a chunk of the company into relatively friendly hands. "Every corporate treasurer is looking at it," says Paul Mazzilli, a principal at the Morgan Stanley investment firm. In recent months, three major corporations -- J.C. Penney, Ralston Purina and Texaco -- spent a total of $1.75 billion on ESOPs to shore up their takeover defenses. Procter & Gamble announced plans in January to spend $1 billion to boost its ESOP from 14% of outstanding shares to 20%, partly to ward off raiders...
...regional edition of TIME, the value of ESOP shares has risen from 6 cents in 1975 to $5 currently. The company's 3,500 workers own 18% of its stock, with the prospect of eventually acquiring an additional 12%. In the case of Stone Construction Equipment, a small firm in Honeoye, N.Y., company heir Alan Stone no longer wanted to run the operation, so he sold it two years ago to his 200 employees for $4.5 million. Since then, annual revenues have jumped from $12 million to $30 million. The company's shares are scheduled to be distributed to employees...