Word: junks
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Dates: during 1980-1989
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...Curb corporate raiding. Dukakis has latched on to an important issue, but he is wrong to talk as if all mergers and acquisitions are equally bad. Friendly combinations may improve U.S. competitiveness. The more disturbing deals are the hundreds of hostile takeovers carried out by raiders financed with junk bonds. No wonder corporate executives focus on short-term profits and their companies' stock prices if they constantly have to look over their shoulders for a raider. Even worse, hostile takeovers often saddle the target companies with huge debts that make them weaker than they were before the raid. The solution...
...should Third World debt be reduced? At the World Bank-IMF meeting, the Japanese presented a general plan. Borrowers would exchange some loans for long-term bonds, unofficially dubbed "junk debt." Interest on those notes would be guaranteed by special funds set up by the IMF, although the money would come from the debtor countries. Remaining commercial bank debt would be rescheduled. Brady, in what was seen as an attack on the plan, suggested that the Japanese proposal would transfer private debt to the public sector -- that is, to taxpayers -- since the notes would be insured by an IMF-administered...
...inexplicably broken apart. Years later, a police officer tracked his missing son to Los Angeles through information supplied in a dream by Elvis. The singer's face suddenly materialized in the wood paneling of a woman's pantry door. His voice counseled an overweight woman to lay off junk food. The late star, a frequent hospital visitor, has offered words of comfort to a woman giving birth, to another in a near death experience, and to a young girl dying of complications from Down's syndrome, whose last words were "Here comes Elvis...
Flush with cash, Haft raised $250 million more in junk-bond financing for his Dart Group, which owns 262 Trak Auto and 212 Crown Books shops. Within a year, Dart mounted unsuccessful takeover campaigns for the May department stores, the Jack Eckerd drugstore chain and Beatrice. Profits on those raids: $13.2 million. The Hafts' biggest score came in October 1986, when the Safeway company paid Dart $59 million to go away, so that the chain's management could execute a $4.1 billion leveraged buyout of the firm. Dart's total take at the Safeway checkout stand: $137 million. Six months...
...Milken: "It will turn completely on Boesky's credibility, and Boesky has a clear motive to lie and fabricate." For its part, the SEC claims that it has substantiated its case with transaction records and testimony from Drexel employees, most notably Charles Thurnher, a senior vice president in the junk-bond department. Says Gary Lynch, the SEC enforcement chief: "We are determined to litigate this to a conclusion...