Word: maremont
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...Journal’s team of Charles Forelle, James Bandler, and Mark Maremont laid bare a scheme in which companies timed their options grants to dates when their stock prices were particularly low without informing shareholders. More than 130 companies, including UnitedHealth Group and Apple, are under federal investigation in the wake of the Journal’s series, and more than 60 executives have been terminated...
Black had won a reputation as an efficient executive for his role in turning around Maremont Corp., a manufacturer of auto parts. When he was recruited by AM's board of directors, he took their word that the company was stable and had good growth prospects. Now he says he was the victim of an "industrial Watergate" that covered up sloppy business practices. Replies Ash: "He says I'm responsible for these losses and I'm saying just the contrary...
...been delayed by Pentagon indecision for seven years. When the Army finally placed its orders, he discovered, it was paying General Motors $316 for each gun, and Harrington & Richardson $250, even while Colt was offering it for $104. Moreover, the Army had rejected yet another bid, by the Maremont Corp., that would have saved $20 million. Rothberg's stories touched off congressional probes and led to a law requiring the Army to consider price in contract awards...
...complaint against Maremont covers acquisitions dating all the way back to 1953. At that time, Maremont, which started 91 years ago as a black smith shop, was one among many small companies manufacturing or rebuilding replacement parts for automobiles. President Arnold Maremont, who divides his time between the company, art collecting, lecturing on business at universities and involving himself in Chicago social welfare programs, decided to introduce some size and prestige to what was pretty much a grubby, disorganized industry. He brought in skilled executives, bought out other companies. Today his organization gets 30% of its revenue from replacement parts...
...industry's biggest companies, Maremont had intended to expand even more, mostly by extending its distribution organization from the present 17 states. But the FTC charges that earlier acquisitions have created unfair competition for other parts manufacturers because of Maremont's broadening line of new products. Moreover, says the complaint, the company has "disparate power" and a "decisive competitive advantage" in parts rebuilding. Because it both makes and distributes parts, and because its growing distribution network deprives competitors of outlets for their own products, Maremont in the eyes of the bolder FTC is a vertically integrated company that...