Word: investors
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Dates: during 1980-1989
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...snags: Where was Capital Cities going to get the money to buy the network? To help solve that problem, Murphy called in a longtime friend, Warren Buffett, 54, a soft-spoken and secretive investor from Omaha. Buffett, who owns 41% of Berkshire Hathaway, a diversified investment firm, is an old hand at deals involving communications companies, but he acknowledges his friend's expertise too. As he told TIME last week, "Murph needs an adviser like Carl Lewis needs a tail wind." Berkshire Hathaway currently owns 13% of < the Washington Post Co., 8% of Affiliated Publications, whose flagship property...
...decades of acquisition and diversification, Capital Cities now consists of seven television stations (four of them ABC affiliates), 54 cable- TV systems, 12 radio stations, 27 weekly newspapers, 10 dailies and 45 other publications, including those of the Fairchild group (Women's Wear Daily, W and M) and Institutional Investor...
...Ohio has been hardest hit by the E.S.M. scandal. Within days of the collapse, Cincinnati's Home State Savings Bank (assets: $1.4 billion), which may have lost up to $150 million as an E.S.M. investor, was shuttered by state banking authorities after a run on its deposits. That triggered a statewide panic when depositors at other thrifts, which had no dealings with E.S.M., rushed to withdraw their money, fearing that their savings were in jeopardy. At mid-week, the Ohio legislature created a $90 mil- lion emergency fund to supplement insurance for the savings and loan associations, but even that...
Questions were also raised about the involvement in the E.S.M. failure of Marvin Warner, Home State's owner and a U.S. Ambassador to Switzerland during Jimmy Carter's presidency. Warner, a major investor in the Florida firm and an owner of the Birmingham Stallions of the U.S. Football League, liquidated his own holdings in E.S.M. in January. Yet he insists, "I am one of the biggest victims." Last week Warner resigned from his powerful position as chairman of the Ohio Building Authority in the wake of the Home State closing...
...verdict stands, the money will go to Micro/Vest, a California-based investor group led by John Martin-Musumeci, a former ComputerLand employee. Formed in 1981, Micro/Vest paid Marriner $1.9 million for Millard's note, before ComputerLand shares zoomed in value. Marriner sold to avoid a legal battle after Millard disputed its claim to ComputerLand stock...