Word: itt
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Dates: during 1980-1989
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...would saddle the company with a riskier load of debt, the old bonds get clobbered. No sooner had Johnson disclosed that he wanted to buy RJR Nabisco, for example, than the company's $5 billion of outstanding bonds lost 20% of their value. Furious bondholders, including Metropolitan Life and ITT, immediately sued for damages. Declared Metropolitan Life chairman Creedon: "No one in his right mind wants to invest in corporate bonds anymore." In fact, the LBO binge has created a financial innovation called the "poison put," which guarantees bondholders against the risk of buyouts and other unexpected deals that might...
...fire broke out at the Albert H. Gordon Track and Tennis Center (ITT) on Thanksgiving Day, damaging the exterior of the building and charring some stored maintenance equipment, according to the Harvard police...
...fire burned a field equipment storage center that cuts into the side of the ITT, which faces Bright Hockey Center. The fire destroyed the wooden section of a security fence which protects the storage center...
Yesterday, the ITT wall and lawn equipment near the wooden fence were still covered with soot. But the fire apparantly did not extend through the entire storage center since most of the fence is metal chain link...
Take the case of Scott. The longtime message from ITT had been to "do O.K. and stay out of trouble," recalls Tadd Seitz, now president of O.M. Scott & Sons of Marysville, Ohio. "There was no great push for excellence." But after Seitz and his fellow managers bought the unit in 1986 for $133 million, they promptly came out with several new products that ITT executives had blocked. Among them: Winterizer, a compound that protects lawns during the winter. ITT management, Seitz says, had feared that Winterizer might sabotage sales of other Scott lawn-care products. But it has become...