Word: iacocca
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...IACOCCA Erstwhile savior of Chrysler a defendant in a lawsuit. The plaintiff: Chrysler...
Chrysler filed suit against Lee Iacocca, claiming that its former chairman helped a failed takeover bid by disgruntled shareholder Kirk Kerkorian. The automaker says Iacocca, who retired in 1992 but stayed on for two more years as a $500,000-a-year consultant, gave confidential corporate information to Kerkorian during the Las Vegas billionaire's push to take over the company last spring. The suit seeks to force Iacocca to repay Chrysler for money and services received since shortly after his retirement, when they say he began meeting with Kerkorian, and cites Iacocca's "exorbitant" $42,000-a-month...
...folly of comical proportions--the worst single deal in the history of money." Kerkorian, who said today through a spokesman that he has no plans to sell his 36 million shares, had offered to increase his ownership to 90% of Chrysler ina deal backed by former Chrysler chairman Lee Iacocca. "This deal simply couldn't be done," says McWhirter. "None of the traditional debt instruments were there to finance it, and no syndicate bank wanted that type of exposure." Chrysler strenuously opposed his plan to help finance the deal with $7.3 billion of Chrysler's cash reserves. Had the deal...
...financier Kirk Kerkorian was in that predicament last week as his bid to acquire Chrysler for $23 billion, or $55 a share, seemed close to collapse. Not a single bank or financial partner has come forward to provide cash for the buyout since Kerkorian and former Chrysler chairman Lee Iacocca proposed it on April 12. That lack of support has caused Chrysler stock, which jumped nearly $10 a share to $48.75 on the day of the announcement, to fall back since then and close last week at $43.25. "This deal is dead in the water," says Lehman Brothers' analyst Joseph...
That's a lot of glitz for a man universally described as low key, soft-spoken and unfailingly polite. But in a crunch he can be ruthless in taking a company apart. The company he is aiming at now is the one Iacocca spent the best years of his life preserving. "I've got 47 years of good reputation at stake," says Iacocca. "I don't want to be tainted as somebody who went in there for a quick buck." Even so, the quick bucks are a good bet. It's all the rest that...