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...nasty proxy fight, strong-armed the board into rejecting a $36-a-share takeover offer and assumed the post of chairman. Two years later, the company accepted a $70-a-share bid from Eli Lilly & Co. "I felt vindicated," boasted Icahn at the time. Then there was National Energy Group, where he turned a $300 million investment in the company in 2003 into a $1.5 billion payoff when it was sold in 2006, according to Icahn. (See the top 10 bankruptcies...
...City will likely see an earlier and faster rally than those that focus on regional markets, analysts say. There have already been signs of improvement in Las Vegas, where traffic has increased in the past four months, although gaming revenue remains flat, says Bill Lerner, chief executive of research group Union Gaming Group. Also, some companies like MGM Mirage (MGM) who were buried under a mountain of debt and teetering on bankruptcy a year ago have managed to restructure their debt issues and are no longer on analysts' bankruptcy watch lists...
Boyce and Moore found that an individual's rank, viewed this way, was a stronger predictor of happiness than absolute wealth. The higher a person ranked within his age group or neighborhood, the more status he had and the happier he was regardless of how much he made in dollars (or, in the study's case, pounds). "What we're trying to do is understand and explain why, over 30 to 40 years, the large economic growth we have experienced hasn't made us any happier," says Boyce. "If absolute income matters, as we increased our income, everybody should...
...traditionally soggier south China has been battling drought. Premier Wen Jiabao spent the weekend touring drough-stricken villages in Yunnan province, where many areas have received half the usual rainfall. Sixteen million people in the region are now suffering drinking water shortages, according to state media. The Dai ethnic group, which is concentrated near the Burmese border in western Yunnan, has even been encouraged to cut back on the amount of water used during the upcoming Water Splashing Festival it celebrates each year to mark the arrival of spring...
...Pope also wrote that a team of Vatican inspectors would be sent to dioceses, seminaries and religious congregations in Ireland. But victims' groups were unimpressed, charging that the papal letter had failed to address the cover-up of child abuse by the Irish Catholic authorities exposed in recent weeks. "He didn't apologize for anything the church has done, only for the actions of pedophile priests," says Andrew Madden, who was abused as an altar boy and is a member of the victims group One in Four. "[The Church's actions] weren't just down to errors of judgment. This...