Word: itt
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...1960s and 1970s, ITT was the most voracious of a new breed of corporate giants that came to be known as conglomerates. Under the leadership of Harold Geneen, Wall Street's original Pac-Man, ITT gobbled up more than 275 companies; at one time the corporation produced everything from hydroelectric turbines to Twinkies. At its 1980 peak, ITT had annual revenues of more than $18 billion and was the 13th largest U.S. corporation. But as the company became more and more bloated, its debt surged, while profits and the value of its stock sagged...
...reaction of Co-Captain Steve Ezeji-Okoye told the whole story. While the Northeastern runners were prancing around the ITT track, the Crimson middle distance standout was sitting on the infield banging his head against the ground...
...group of stockholders finally lost patience last July, when ITT slashed its quarterly dividend 64%, to 250. The dissidents started a letter-writing campaign urging ITT's management to take a highly drastic measure-liquidation-which they figured could net them twice the current value of their shares...
...ITT officials are probing whether someone in the company helped the unrest by supplying names of unhappy stockholders to other dissidents. Gerrity, for one, has privately criticized Araskog's leadership. But the publicist, who suffered a heart attack on the day of the dividend cut, denies his involvement. Says he: "If I was orchestrating this, I must have been doing it from my hospital...
Araskog hopes to strengthen ITT by raising more cash. Last week the company agreed to sell parts of its Eason Oil subsidiary for $240 million. But Araskog's time is running short. Two weeks ago, Minneapolis Investor Irwin Jacobs snapped up more than 3 million of ITT's 139 million outstanding shares. No one knows whether Jacobs has a power grab in mind, but his usual prescription for laggard companies like ITT is clearly spelled out in his nickname: "Irv the Liquidator...