Word: investors
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Dates: during 1980-1989
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...huge tax cuts enacted in 1981 gave a big boost to the charter boom. Among other things, the legislation increased the tax credit on new business investments and accelerated depreciation rates. One result: an investor who buys a $100,000 yacht in order to rent it to vacationers immediately receives a 10% investment credit that cuts his tax bill...
...that is only the beginning. The investor, who typically leases his yacht to a firm that operates charter fleets, can write off interest costs and virtually all other expenses associated with the purchase and can further slash his taxes by fully depreciating his boat over five years. Even the price of air fare to and from the mooring place can sometimes be deducted as a cost of inspecting the craft...
...source of the following list is the Investor Responsibility Research Center in Washington, D.C., a public-interest group which monitors ethical issues related to corporate operations. Data on company size is from the 1984 Standard and Poor's Register and from company spokesmen. Because the University publishes a full list of its investment holdings only once a year, figures for Harvard's holdings in each company are as of the June 30m 1984 tabulation. Each company listed was still in the Harvard portfolio as of February, according to the ACSR...
...Says Senator Howard Metzenbaum, an Ohio Democrat: "Pickens makes a crusade out of what he's doing because he can make a lot of money." Many critics have labeled Pickens a greenmailer, a charge he hotly denies. The term describes a type of corporate blackmail in which a big investor buys up stock and threatens to take over a company. His real intention, though, is solely to scare management so that it will buy back his shares at a price that is higher than the market value of the stock and thus not available to other shareholders...
...Greenmailer. One of Icahn's partners in the Phillips struggle is Saul Steinberg, 45, an expert in the fine art of greenmail. In that corporate maneuver, an investor buys up a large block of stock in a company and threatens to take it over in hopes that the firm's management will become frightened and buy the shares back at a higher price than the stockholders can get, just to get rid of the raider. Last summer, in such a ploy, Steinberg bought 11.1% of Walt Disney Productions. After a long battle with Disney management, he sold the stock...