Word: junks
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Dates: during 1980-1989
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...zoomed in annual volume from about $250 million in 1980 to nearly $45 billion last year. The buyouts included household names like R.H. Macy, Beatrice, TWA and Safeway Stores. In such deals an investor group, often headed by a company's own executives, uses bank loans and high-interest junk bonds to buy a firm and take it private. Almost without exception, the group immediately slashes costs, lays off workers and sells divisions to reduce debt; the managers may eventually reap huge profits by selling the streamlined company back to public investors...
...largest U.S. drugstore chain. Revco plunged into an LBO that year after Herbert Haft, chairman of the Dart Group of retailing companies, made a bid for the Twinsburg, Ohio-based firm. With advice from Salomon Brothers, Revco chairman Sidney Dworkin led a $1.3 billion LBO financed largely by junk bonds that paid more than 13% interest. The company then expanded its line of merchandise to include video players and ^ electronic appliances in the hope of boosting business. Bewildered customers began shopping elsewhere, and Revco fell short of its sales and earnings targets. Revco became the largest LBO to seek bankruptcy...
...felony counts stemming from illegal stock-trading schemes. They were fined a total of $3.8 million. The case marked the first time the Racketeer Influenced and Corrupt Organizations Act has been used against Wall Street executives, and thus lays the groundwork for the Government's prosecution of junk-bond king Michael Milken, formerly of Drexel. Since Drexel was Princeton/Newport's main partner in the illegal trades, evidence from the trial is likely to be used again, against Milken...
...tiny Nereid's highly elongated and tilted orbit. But 1989-N1 is just "sitting there," says Voyager project scientist Torrence Johnson, of the Jet Propulsion Laboratory. Johnson expects that the probe will discover more moons, shedding light on Triton's origins. "All of the outer planets have lots of junk around them," he notes. Jupiter, Saturn and Uranus have at least 15 moons apiece. "It would be amazing if we got to Neptune and didn't find a bunch of these things...
...tremendous buildup of business debt during the long expansion leaves the economy even more exposed to the effects of a recession. Since late 1982, corporate debt has more than doubled, from $1.1 trillion to $2.2 trillion. Investors in junk bonds, the high-yield securities that account for $225 billion in debt, could be among the first to feel the pinch. According to a study conducted for a group of junk-bond issuers by the economic consulting firm Data Resources, 1 out of every 8 will default if the economy falls into a soft landing. A major recession could produce...