Word: investors
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Dates: during 1990-1999
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...their passengers. In the unorthodox agreement, Northwest will buy 14% of Continental's common shares--but 51% of the company's voting shares--effectively creating a domestic and international network to compete with megacarriers like United and American. The Continental shares are being sold by Air Partners, controlled by investor David Bonderman. Continental was operating on a wing and prayer five years ago when Air Partners and Air Canada (which since sold its shares) each invested about $50 million to lift the carrier out of bankruptcy. Last week Air Partners sold its remaining shares for $519 million. The alliance will...
Instead of simply being given to the government, these funds would be placed in diversified investments until the investor turns 65 and the balances are annuitized...
Certainly, some investors who live off dividends would cut and run. But there are powerful pro-investor arguments for dumping the dividend. One is that many investors reinvest dividends anyway and incur transaction costs to do so. But the main argument is that dividends are taxed as ordinary income, a marginal rate of up to 39.6%, while long-term stock gains are taxed as capital gains, a much lower rate of 20%. So it makes sense for companies to use their cash to buy back stock. Yes, a bear market could devour this strategy. But as long...
...thinks about little else than the revolution. When he gets together with old friends, they reminisce on the glorious past of the revolution. Every day he personally takes charge of large matters, like the relationship with the church, and small, like details of a financial transaction with a foreign investor. No matter what subject comes up for private discussion, Fidel soon turns it to preservation of the revolution. Aware than many in the country no longer believe in the orthodoxies of Marxism, he has cleverly redefined the revolution into a code for Cuban sovereignty, national identity and social justice that...
They weren't the only ones. In February a FORTUNE article documented the unfolding family discord. Vulture investors began buying up stakes and pressing a sale or spin-off of Dow Jones Markets (estimated 1996 sales: $833 million). One investor, Michael Price of Franklin Mutual Advisers, snapped up 6% of Dow Jones and vociferously pushed for a sale of the whole company...