Word: icahn
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Dates: during 1980-1989
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...settlement of $300 million. New York Yankees Owner George Steinbrenner aimed RICO against investment partners whom he charged with selling him their interests in a joint venture without informing him of all necessary facts. Dubious charges of racketeering are especially common in takeover attempts. When Corporate Raider Carl Icahn moved in on Dan River Inc. in 1982, the company tried to fend him off with a RICO suit. A business-world hardballer Icahn may be, but a racketeer? A federal appeals court refused to allow it. "RICO has a life of its own," says Illinois Federal Judge Milton Shadur disapprovingly...
...dramatic as the Eastern deal was, it was only the first installment of the one-two punch that rocked the airline business in a single week. Four days later TWA Chairman Carl Icahn said the carrier would buy St. Louis-based Ozark Air Lines for $225 million. That union would increase TWA's annual traffic by 30%, to some 27 million passengers, and strengthen its position as the fourth- largest U.S. airline. The merger would be a coup for Icahn, a New York financier who gained control of TWA only seven months ago. Though a TWA-Ozark deal was already...
...Monday--At a private auction in Washington, the Administration sells the National Park system to General Dynamics Corp. and the Supreme Court--along with a 25-year supply of black robes--to Carl Icahn, and sells a 99-year lease on the Department of Health and Human Services to a pan-Arab investment consortium. The total proceeds...
...borrowed money to acquire a firm. R.H. Macy, one of the most celebrated U.S. retailers, is putting together a similar plan. In entertainment, the American Broadcasting Co., whose treasures include Dynasty, is now the crown jewel of the Capital Cities Communications empire. In transportation, Corporate Raider Carl Icahn is flying off with...
...hand are corporate raiders and many economists, who argue that takeovers and mergers help to make businesses more efficient. The threat of a takeover can be an effective way of dislodging inept managers. To Carl Icahn, the typical chief executive is merely "a nice guy, a good drinking buddy." Sir James Goldsmith, a feared acquisitor who gained control of the Crown Zellerbach paper company last summer, told Congress that he has freed firms from "the dead hand of the bureaucrat" who produced only "complacency, ossification and decline...