Word: investors
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Dates: during 1980-1989
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...looming anniversary of 1987's crash had prompted many on Wall Street to search for comparisons between 1987's boom and this year's. In an investor newsletter dated Oct. 1, Shearson Lehman Hutton cited twelve ways in which this year's rally seemed more likely to last. Among them...
...airline industry is in the grip of takeover fever. After fending off bids from Los Angeles oilman Marvin Davis, the management and employees of No. 2-ranked United in Chicago are attempting to take their company private for an estimated $6.7 billion. And last June an investor group led by Los Angeles financier Alfred Checchi paid $3.6 billion for No. 4-ranked Northwest Airlines. Of the four largest U.S. carriers, only No. 3, Delta, has yet to take a direct hit in the takeover wars. And its turn may come...
...directors of UAL, the parent company of United Airlines, approved a bid by the carrier's management and pilots' union to buy out the second largest U.S. carrier for $6.75 billion. In the highly leveraged deal, employees would own 75% of the company, top managers would get 10% and investor British Airways would have 15%. Beverly Hills billionaire Marvin Davis, who had bid $6.19 billion for UAL, said he would match the management group's offer if that package were to fail. In Washington a takeover group headed by Los Angeles investor Alfred Checchi outlined its $3.65 billion purchase...
...sort of stores that stiff their suppliers. But since the spring, several fashion houses have withheld shipments to the swank Manhattan department stores because of late payments. The stores have been caught in the enormous debt problems of their current owner, Australia's Hooker Corp., which is controlled by investor George Herscu. Last week Hooker's U.S. holding company sought protection from its creditors under Chapter 11 bankruptcy...
...profit of $325 million. Davis picked up another $50 million by buying the Beverly Hills Hotel from the family of insider trader Ivan Boesky in 1986, then turning around and selling it to the Sultan of Brunei. Even Davis' "dry hole" takeover attempts often pay off. While Los Angeles investor Alfred Checchi won Northwest with a $4 billion bid, for example, Davis pocketed an estimated $30 million by selling his shares after the price...