Word: maker
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Dates: during 1980-1989
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When he burst upon the takeover scene in the early 1980s, Asher Edelman seemed to have a magic touch. Bright, brash and hyperconfident, he reaped more than $40 million in instant profits for himself and his investors by raiding and liquidating two dreary companies: Management Assistance, a computer maker, and Canal-Randolph, a real estate firm. Suddenly superrich, the Bard College graduate, reared on Long Island, N.Y., bought fashionable residences from Sun Valley to Switzerland, a 100-ft. yacht, a personal jet and a modern-art collection today rumored to be worth $100 million...
When Edelman has tried to operate companies rather than simply auction off their parts, the results have been just as dismal. Example: Datapoint, a San / Antonio-based minicomputer maker. Since Edelman took it over in 1985, the company has gone through three presidents and $135 million in losses. Yet he has reaped millions of dollars in personal fees by aggressively playing the stock market with Datapoint's cash. Another Edelman-controlled firm, Intelogic Trace, a computer-servicing business that was spun off from Datapoint in 1985, has seen its annual profits plummet from $20 million in that year...
...National Football League action, look carefully at the helmets. Chances are you will see the ) word Riddell emblazoned on the nose guard. Riddell Inc. of Chicago has 60% of the N.F.L. helmet market and a peculiar contract: if players use another brand of helmet, they must cover the maker's name. Riddell won that provision in return for supplying N.F.L. teams with free helmets, pads and jerseys...
Cigarette ads were banned from TV in 1971, but tobacco companies are finding new ways to get their names on the screen. Last week consumer-products giant Philip Morris, the world's largest cigarette maker, for the first time broadcast commercials designed to boost its corporate image. The ad, a tribute to the Bill of Rights, makes no overt reference to smoking. Even so, the Philip Morris name is almost synonymous with cigarettes, which bring in about 65% of the company's total profits...
Cash starved and struggling, Britain's Jaguar PLC has decided to take the course favored by many an aristocrat facing hard times: marrying into money. Last week, three days after Japanese investors bought a majority interest in Rockefeller Center, the 67-year-old maker of sleek, purring luxury sports cars and sedans agreed to be taken over by America's Ford Motor for $2.5 billion. The deal is likely to win approval from the required 75% of Jaguar's stockholders...