Word: lorenzo
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...there's no more elegant setting for a haircut than Genoa's Barbieria Giacalone, a tiny, three-chair gem squeezed into the city's oldest quarter near St. Lorenzo cathedral. Its eponymous founder, Archimede Giacalone, established his 10-sq-m premises in 1882 to serve sailors traveling through the city's busy port...
...unions, led by the Air Line Pilots Association, were vehemently opposed to a Lorenzo takeover. They feared that he would once again resort to a tactic he had used after Texas Air won a battle for control of Continental Airlines. In 1983 Lorenzo took Continental into bankruptcy proceedings, which enabled the company to void union contracts and slash employee salaries. That maneuver earned Lorenzo a reputation as a union buster...
Only last June TWA's board tentatively accepted a $23-a-share takeover bid from Lorenzo to escape a previous $18-a-share offer by Icahn. In fact, TWA President Carl Meyer openly courted Lorenzo, fearing that Icahn might dismantle the company and sell its pieces for quick gain. After the TWA-Lorenzo deal, Wall Street expected Icahn to cash in his 35% stake and reap an estimated $50 million profit...
With the labor agreements in hand, Icahn sweetened his bid to $24 a share, or a total of more than $500 million for the two-thirds of the airline's stock that he did not already own, topping the Texas Air offer by $1 a share. Lorenzo countered at week's end with a $26-a-share bid, but' Icahn disregarded this last-ditch offer, saying that he would continue to purchase TWA stock and close in on the 51% total needed for outright control of the company. Said Icahn's ally Hoglander: "Full steam ahead and damn the torpedoes...
...arose from a group of the airline's workers, led by white-collar, non-unionized employees. Advised by Christopher Bond, a former Governor of Missouri, this faction had reportedly raised more than $1 billion in the financial markets of Western Europe in an effort to top the Icahn and Lorenzo bids...