Word: gillette
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Dates: during 1990-1999
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...days to get out of my house," George Gillett is explaining about his downhill run into bankruptcy. "I had to buy back my clothes. I had to buy back my dogs." Don't waste any sympathy on Gillett--he certainly doesn't expect any. Because Gillett is king of the hill again. Actually, 11 of them. His Booth Creek Ski Holdings Inc. has acquired 11 ski resorts in just over a year, the latest being Loon Mountain in New Hampshire. He's part of a trend in which four big companies--Vail Resorts, American Skiing, Intrawest and Booth Creek...
...Gillett's riches-to-rags-to-riches story is a perfect proxy for the way capital has snowballed down Wall Street in the past two decades--and by the way, don't expect a moral to this tale. In the 1980s Gillett was busy building a billion-dollar empire based on the odd combination of meatpacking and television stations, much of it financed by the junk bonds of Drexel Burnham Lambert, led by the now infamous Michael Milken. Drexel pumped out high-risk securities the way snowmaking machines create instant winter. Gillett, a Wisconsin boy, loved...