Word: gencorp
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...brutal competition in sports equipment won't go away soon--but some brands will. "There's only room for so many," observes Eliasch, who recently bought Penn Racquet Sports from yet another conglomerate, GenCorp. Head is planning an IPO to finance some additional acquisitions. Eliasch is a scratch golfer, and golf brands are struggling. Could he be teeing something...
...decision is a dramatic rebuke and potential financial disaster for RKO's parent company, Akron-based GenCorp (formerly General Tire and Rubber). Unless the ruling is overturned on appeal, the value of RKO assets -- now estimated to be worth $750 million or more -- could plummet by 90%. Reason: most of the value of a broadcasting station resides in its license. Nonetheless, GenCorp may be able to salvage some of its RKO investment. The company has agreed to sell its highly regarded KHJ-TV to the Walt Disney Co. for $217 million and three radio stations to other buyers...
...William Reynolds, GenCorp's chairman, called the judge's decision last week "unprecedented and unjustified." A spokesman for GenCorp claimed that the company fired the employees responsible for the misdeeds. The decision against GenCorp could conceivably be appealed all the way to the U.S. Supreme Court...
...Continental, to boost its share of business in the Rocky Mountain region substantially. Frontier, the 15th-largest U.S. carrier, would provide connections to Continental flights in Denver and in other cities that are served by the two airlines. Lorenzo may not be able to acquire Frontier without a fight. GenCorp, an Ohio-based company that holds a controlling interest in Frontier, had been planning to sell the carrier to its union employees for $17 a share. The workers may well decide to oppose the offer by Lorenzo, who is known throughout the airline industry as a union buster...
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