Word: greenmailed
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...Street last week as fresh controversy swirled around the Street's takeover titans -- and the agency that oversees them. Widening its probe of illegal insider trading, the Securities and Exchange Commission revealed unsettling new details of the Ivan Boesky case, while disputes flared over the use of so-called greenmail tactics in takeover battles...
...stop a takeover bid by Goldsmith last month, Goodyear agreed to buy back the raider's 12.6 million shares of the company for $52.50 apiece, nearly a 22% premium over their market value of $43. Such buyouts at a premium not available to other shareholders are known as greenmail...
...suit, Smith Barney claims that Goodyear Chairman Robert Mercer and Goldsmith made misleading public statements before their agreement was announced, implying that they would not reach a greenmail settlement. Smith Barney, which had paid more than $47 each for nearly 1.3 million shares of Goodyear, expecting a price spurt during the takeover struggle, took a paper loss of $17 million when the value of the stock flattened overnight. In addition to Smith Barney's action, six other lawsuits have been filed by Goodyear shareholders. They want the same price for their shares that Goldsmith...
...have helped persuade Revlon Group Chairman Ronald Perelman to give up his hostile $4.1 billion offer to buy Gillette, the razor-blade maker. Probably more important, though, was the ! fast $34 million that Revlon earned by promising to back off. Investors branded the payoff as a clear case of greenmail, since Gillette agreed to buy back Perelman's 13.9% stake in the company at a premium price that was unavailable to other shareholders...
...Bass and his brothers bought and sold 9.9% of Texaco's shares for a swift profit of $300 million. Manhattan Financier Saul Steinberg earned $60 million that year by buying 11.1% of Walt Disney Productions and then reselling it to the company at a premium, a practice known as greenmail. Boesky made much of his fortune by guessing -- and sometimes knowing -- where the corporate raiders would strike next. Says an eminent Washington securities lawyer: "The millions and millions that are made out of nonproductive deal making represent the collapse of real morality in our markets...