Word: firmed
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Dates: during 1960-1969
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...explanation: it is really Waldorf that wants Restaurant Associates. In fact, Waldorf already owns 19% of the firm (an investment that cost a mere $1,100,000), has options to acquire up to 49% control and enough cash to exercise them. So cozy are the two concerns that they already have headquarters in the same Manhattan building and, for the past year, have shared the same chairman, Martin Brody, 43, a former industrial caterer. The link between the two: Coffee Importer Abraham F. Wechsler, a founder of Restaurant Associates, whose family also has large holdings in Waldorf...
...partner. Restaurant Associates specializes in distinctive touches, from a sybaritic menu at the Forum (truffle-stuffed quail wrapped in Macedonian vine leaves) to the farm market displays of fresh vegetables, fruits and gourds that decorate the Top of the Fair restaurant at the World's Fair (which the firm took over this year). To wring a profit from its three restaurants in Manhattan's gargantuan new Pan American Building, President and Chief Executive Joseph H. Baum, 44, relied on novel dazzle. Result: the Trattoria's casual dolce vita atmosphere to woo after-theater crowds, Charlie Brown...
Better Alive than Dead. It was a sorry pass for Bill Zeckendorf, the onetime office-building manager who joined Webb & Knapp in 1938, bought control and built it from a small conservative firm into a freewheeling real estate empire, the world's largest. In 1959, its banner year, Webb & Knapp had assets of nearly $300 million, owned hotels, office buildings, shopping centers, housing developments and valuable parcels of land in 17 states and Canada...
...when his debts reached a staggering $104 million, Zeckendorf has kept Webb & Knapp alive by fast financial footwork. The company lost $19.6 million in 1962, $32.3 million in 1963. Zeckendorf has lost or sold all of his hotels, one to Goldman & DiLorenzo, partners in a fast-rising real estate firm (TIME, March 12) that has bought other Zeckendorf buildings and is thriving on Webb & Knapp's decline. He also launched a number of money-raising operations. This year, in a complicated series of transactions based on the sale of a promising and diversified company affiliate, he reduced Webb & Knapp...
...Long Island home. "I'm not a chemist by any means," he explains, "but things change so fast in chemistry today that any man would have to study just as hard as I do to keep up." Grace's studies have paid off for the firm that he heads, W. R. Grace...