Word: interests
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Dates: during 1980-1989
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...plus weeklies are mostly undistinguished moneymakers. An intellectual who counts Samuel Beckett as his favorite writer, Ingersoll nonetheless publishes papers that condescend; they entertain more than educate or inform. He blasts other newspapers for giving reporters free reign to pursue investigative and analytic stories he considers of limited interest. Says Ingersoll: "There has been a general breakdown of discipline in American newsrooms in the past generation. It got to the point by the early '80s where you couldn't get the best young reporters to aspire to be editors anymore...
...deadline for repayment of loans from its U.S. investment bankers: First Boston, Paine Webber and Dillon, Read. Campeau averted the crisis by arranging a $250 million loan from real estate giant Olympia & York, a major Campeau stockholder owned by Toronto's Reichmann family. As a result, Campeau's controlling interest in the firm he founded in 1949 slipped below a majority stake, from 53% to about 43%, while the Reichmann holdings increased from 24.5% to some...
...Even as he scooped up retailers, Campeau made plans to build dozens of big department stores. While he spun off such acquisitions as Brooks Brothers and Bonwit Teller to pay part of his $11 billion debt, he insisted that his remaining chains could churn out enough cash to make interest payments, finance expansion and yield profits as well. Instead, the cash registers rang slowly as the retailing industry suffered from stagnant consumer spending...
...plans to mount its usual theatrical holiday display of luxury goods. But by the time the gold, frankincense and furs are gone, the mecca for wealthy consumers may be yielding its profits to a new owner. Campeau, meanwhile, must find more ways to meet $1 billion in annual interest payments. Says retailing analyst Walter Loeb: "He's going to have to sell more than just Bloomingdale's to get out of the hole he's dug for himself...
...Wonder instead why roughly 10,000 West Indian men, chiefly Jamaicans, come to South Florida each winter to do it. That is what Alec Wilkinson, a staff writer for The New Yorker, did when he came across this information in a 1984 newspaper story. Other questions aroused Wilkinson's interest as a reporter. Among them: Is it not odd that a major domestic cash crop should be so heavily dependent on imported black labor? What is going on down there? For the next four years, Wilkinson paid a number of visits to South Florida trying to find...