Word: maker
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Improbably, she succeeded brilliantly at one of the skills that some of her more conservative family members fumbled: parenting. Lord Linley, 40, a successful cabinet maker, and Lady Sarah, 37, an artist, married intelligently and durably, stayed close to their mother, gave her three grandsons and are by nearly all accounts happy and well-adjusted. They rarely make headlines - in fact, they are quiet, respected, near-perfect royals of the sort Margaret herself might have been, had her youthful dreams not been thwarted...
...line of inquiry is into the ways that companies book their sales. The most glaring example of revenue fraud occurred at Sunbeam five years ago. (The company's infamous former CEO, "Chainsaw" Al Dunlap, just last month settled a shareholder suit stemming from his stint at the small-appliance maker.) Sunbeam recorded the sale of gas grills and other goods well before they left the warehouse. Many of the items never did get shipped. By offering retailers deep discounts to place orders months before they normally would and by booking those sales immediately, Dunlap was able to show escalating revenue...
...late 1990s, Walker, 60, a partner based in New York City with the law firm Cleary Gottlieb, helped the South Korean government stave off default by successfully renegotiating its bank loans. Now he is helping the South Korean microchip maker Hynix sustain its financial health. Walker was recently hired to advise the company in its discussions--including talk of a possible merger--with U.S.-based chipmaking rival Micron Technology...
...good things have happened in Japan in the past couple of years--finally. Hundreds of companies like Nissan and Sega have taken Western-style restructuring to heart. The government is letting more companies fall under foreign control, including top financial institutions like Shinsei Bank and consumer-electronics maker Denon. U.S. firms have surpassed mighty Nomura Securities in domestic stock underwriting and merger advice. Corporate bankruptcies are more frequent, as are takeovers--sorely needed to clear away deadwood and reinvigorate competition...
...businesses that trade only in Japan but are available through most U.S. brokers. That's where Charles de Vaulx, co-manager of the First Eagle Sogen Global fund, has been mining. "Our bullishness on Japan rests on the extremely low valuations," he says. He likes the bicycle-parts maker Shimano, which has cash on its balance sheet equal to a third of its market value and has strong exports to boot. Other favorites include construction company Okumura, machinery company Aida Engineering and textiles firm Sotoh--all of which are profitable or break-even and trade at less than the value...