Word: holmeses
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Dates: during 1980-1989
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Robert Holmes a Court, Australia's first billionaire and one of the world's most fearsome corporate raiders, was renowned at home as the Great Acquirer. In the U.S., his targets were the giants USX and Texaco. But when he arrived in his gold-toned Rolls-Royce for a meeting...
Holmes a Court was not at the meeting to announce yet another daring takeover but to concede the end of his boldest dream. In just eight minutes, the raider crisply laid out plans for his Bell Resources company to sell -- at a $206 million loss -- most of its 28% stake...
A week earlier, complying with a directive from Australian stock exchanges for all companies to disclose the damages they suffered in the crash, Holmes a Court gave a stunning account of his companies' net losses, now estimated at $1 billion. Holmes a Court described how his principal companies -- Bell Group...
His empire had a critical weakness: it was constructed largely of passive investments in other companies' stock, rather than outright ownership of plants, equipment and other hard assets. Half of the Bell Group's pre-October assets of $1.8 billion, for instance, were made up of corporate shareholdings. "We were...
Reeling from Oct. 19's plunge, Holmes a Court suffered a devastating blow four days later when Merrill Lynch canceled plans to raise $720 million for him by issuing low-interest securities. In the days before the crash, the Merrill Lynch debt issue seemed destined to give Holmes a Court...