Word: knolls
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Dates: during 1980-1989
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Sotheby's sees Taubman as a White Knight who will fend off an unfriendly takeover attempt by two other wealthy Americans, Marshall Cogan and Stephen Swid. Cogan and Swid head General Felt Industries, a New Jersey maker of carpet backing, and Knoll International, a manufacturer of office furniture. The two, both art collectors, acquired 29.9% of Sotheby's stock and announced that they wanted to buy the rest. Sotheby's was apoplectic. Chief Executive Graham Llewellyn threatened to "blow my brains out" if the bid succeeded, and Sotheby's staff of experts in London warned they...
...weeks ago, the Sotheby's board flatly rejected a $90 million tender offer made by Marshall Cogan and Stephen Swid through their company, Knoll International Holdings. Based in Saddle Brook, N.J., Knoll is part of a conglomerate that makes office furniture and carpet backing. Echoing their management's disdain for the Americans, Sotheby's art experts have threatened to quit en masse if the takeover occurs...
They may be forced to follow through on the threat. Sotheby's is vulnerable. Its would-be owners are determined and well prepared. Since Knoll owns 14% of the stock, Cogan and Swid are already Soth eby's largest shareholders. Unfortunately, from Sotheby's point of view, armed guards and cameras are no protection in a takeover fight...
...Mass in San José, the Pope gleaned hints of the difficulties he would face the next day in Nicaragua, where both the church and its followers are deeply divided over the policies of a revolutionary government. A group of 300 Nicaraguan exiles kept a silent vigil on a grassy knoll, holding up banners denouncing the Sandinista regime. Said one: IN NICARAGUA RELIGIOUS PERSECUTION EXISTS! Another, referring to harassment of early Christians in Rome, read: NO CATACOMBS IN NICARAGUA! Though Nicaragua's Catholic leaders supported the overthrow of the Somoza dictatorship, moderate clerics have now grown wary of Sandinista-supported efforts...
...excess was the promotion of nifedipine, a heart medication marketed by Pfizer Inc. under the brand name Procardia. Introduced with a splashy campaign after approval in January, the drug racked up $17 million in sales in twelve weeks, vastly outselling verapamil, a similar product marketed by the Searle and Knoll pharmaceutical companies. Late last month the FDA blew the whistle. In a ten-page letter issued to Pfizer, the agency complained that the Procardia campaign was "false and misleading in its overall message," and that by misrepresenting important warnings, it "increases the risk of serious adverse reactions to patients." Procardia...