Word: majorities
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Dates: during 1980-1989
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...major conflict was over financing. The father was cautious, the son a plunger. Says Ingersoll: "He was still thinking in hundreds of thousands when I was thinking in millions. He never really understood the fungibility of debt and equity." Later, capital for some deals was assembled by indicted Drexel junk-bond financier Michael Milken, whom Ingersoll regards as a close friend. Says media analyst John Morton of Lynch Jones & Ryan in Washington: "From all we can learn, the company is healthy, although heavily leveraged. The small papers are cash cows. I admire him for taking this risky venture...
...shares was halted for three days while the firm scrambled to meet a Friday deadline for repayment of loans from its U.S. investment bankers: First Boston, Paine Webber and Dillon, Read. Campeau averted the crisis by arranging a $250 million loan from real estate giant Olympia & York, a major Campeau stockholder owned by Toronto's Reichmann family. As a result, Campeau's controlling interest in the firm he founded in 1949 slipped below a majority stake, from 53% to about 43%, while the Reichmann holdings increased from 24.5% to some...
...state has repeatedly criticized Exxon for failing to contain the oil in the days after it was spilled. But officials are less eager to admit that the state did almost nothing to make sure that the oil industry was prepared for a major accident. Over the past ten years, the staff of the state's oil- pollution-control management program was reduced from three people to one. Says Paul O'Brien, who ran the program until one month before the spill: "There weren't enough resources to do the job right. I was stretched pretty thin." After the accident, environment...
...South Florida each winter to do it. That is what Alec Wilkinson, a staff writer for The New Yorker, did when he came across this information in a 1984 newspaper story. Other questions aroused Wilkinson's interest as a reporter. Among them: Is it not odd that a major domestic cash crop should be so heavily dependent on imported black labor? What is going on down there? For the next four years, Wilkinson paid a number of visits to South Florida trying to find...
Such jocks-apposed strategies come down hardest on the two American players who are permitted to play on each of Japan's twelve major-league professional teams. Usually older, fading stars, the Yanks go to Japan confident that they know how to play baseball, only to be promptly disabused of that notion. Japanese managers are ironhanded disciplinarians who believe that great players are made, not born, and they try to reshape the foreign players into the Japanese mold. The Americans, intense individualists that they are, rebel. The Japanese conclude that the Americans are rude, lazy, and worse, lacking...