Word: kkr
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Dates: during 1990-1999
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Johnson's brazen attempt at highway robbery attracted the attention of Henry Kravis, the pixieish juggernaut from KKR, the New York City firm that had written the book on leveraged buyouts. Kravis, who months earlier had met with Johnson and discussed the possibility of taking RJR Nabisco private, was furious at Johnson for his double-dealing. With his cousin, and KKR partner, George Roberts, Kravis submitted a blow-them-out-of-the-water bid of $90 a share...
...outstanding is Garner's miscasting plus Gelbart's reluctance to pull the trigger on the conniving Johnson. Example: in one scene, the born-to-shop Dr. Cupcake tells Ross a heart- wrenching story about her leg waxer's cousin, who was dumped from his job of 18 years when KKR took over his company. Seeking to illustrate the human carnage of leveraged buyouts, she informs hubby that the man went home and shot himself. Johnson looks concerned. Here, the film is taking real liberties with the truth. This conversation did not take place anywhere in Burrough and Helyar's book...
...triumph came the same day that KKR's crown jewel, RJR Nabisco, reported its first quarterly profit since the grand acquisitor bought it for $25 billion in 1989. RJR eked out a $5 million gain for the first quarter of 1991, in contrast to a $222 million loss for the same period a year ago. The improvement reflected RJR's drive to reduce its towering interest expense...
...KKR conquered another new world last week when it helped finance a winning $625 million bid by Rhode Island's Fleet/Norstar Financial Group for the failed Bank of New England (1990 assets: $22 billion). In its first bank purchase, KKR put up $283 million for its share of the bid, which beat offers from such giants as the Bank of Boston and San Francisco-based BankAmerica...
...KKR may be less pleased when a long-awaited book by New York Times financial writer Sarah Bartlett hits stores later in May. Called The Money Machine and subtitled How KKR Manufactured Power and Profits, the work is said to be a scathing look at co-founder Henry Kravis and his notably secretive institution...