Word: gaffed
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...December 1984, Union Carbide has been locked in one battle after another. Even as it faces up to $100 billion in lawsuits filed on behalf of the Bhopal victims, the Danbury Conn.-based firm (1984 sales: $9.5 billion) is struggling to fend off a hostile takeover by GAF (1984 sales: $731 million), a manufacturer of building and chemical products. In a defensive move, Carbide decided last week to sell its consumer businesses for some $2 billion. That will help the firm raise money that can be used to pay for a buy-back offer for 55% of its stock...
Heyman spent the beginning of his career in the public sector before becoming the Chief Executive Officer of the GAF Corporation...
Heyman, chair and CEO of GAF Corporation, a maker of commercial roofing materials, made the gift out of a concern for the decrease in the number of law graduates going to Washington. Before entering the private sector, the now-billionaire Heyman began his career as a lawyer for the United States Justice Department...
...Maryland, is a guide. A jury in the largest such trial in American history ruled that four U.S. companies will have to pay punitive damages of up to 2 1/2 times their share of compensatory -- or actual -- damages. Translated, that could mean more than $1 billion in payouts for GAF, the Keene Corp., Pittsburgh Corning and Porter Hayden Co., and their insurers...
Thus begins the latest chapter in the tangled history of GAF. Seized by the U.S. government in 1942 for its links to Nazi Germany's I.G. Farben, infamous inventor of the poison gas used in Hitler's concentration camps, the company was owned by the feds for the next two decades. During the early 1980s, GAF fought a bitter two-year battle in boardrooms, courtrooms and newspaper ads against Heyman's ultimately victorious takeover effort. Since then, in the words of one analyst, "Heyman made a lot of money, and he made a lot of people a lot of money...