Word: inc
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Dates: during 1980-1989
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...largest corporations. While all debt-laden acquisitions are risky, LBOs replace the stock on corporate balance sheets with loans that must be repaid, leaving executives with little room for error. "Running an LBO is different from running other companies," says Wilbur Ross, a senior managing director of Rothschild Inc., a New York City investment firm. "The reaction time at LBO companies has got to be a lot quicker, because they must generate cash fast enough to beat those interest-payment deadlines...
...TIME INC. MAGAZINES...
...that the agency was "inept" in probing the activities of staffer Ronald Saranow of Los Angeles. Saranow is suspected of using his influence as one of the most powerful officers of the IRS Criminal Investigation Division to encourage two tax probes against foes of Los Angeles-based jeansmaker Guess, Inc., for whom Saranow planned to work after his retirement in 1987. Saranow has denied any wrongdoing...
...friendly mergers back in vogue? Just three days after the Delaware Supreme Court gave Time Inc. and Warner Communications the go-ahead to join forces, another megamerger was announced. Bristol-Myers (1988 sales: $6 billion) and Squibb ($2.6 billion) said they had agreed to an $11.2 billion stock swap that would create the world's second largest drug company. The friendly merger would be the largest so far in the current race to create globe-spanning pharmaceutical giants. The new company, with headquarters in Manhattan, would bring together such products as Bristol-Myers' Bufferin painkiller and Windex glass cleaner with...
...TIME INC. MAGAZINES...