Word: millions
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Dates: during 1980-1989
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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...
...aircraft. In a $1 billion project, the two manufacturers hope to produce a jet that will fly at 1,500 m.p.h., twice the speed of sound, and carry as many as 20 passengers over a range of more than 5,600 miles. The plane would sell for about $50 million...
...buyout of UAL, the parent company of United Airlines, collapsed two months ago, the news sparked the minicrash of Oct. 13. Now the failed bid is the talk of Wall Street once again, this time because of a Wall Street Journal report that bankers and lawyers will earn $58.7 million in fees for the deal, despite its downfall. More than $8 million will go to the investment firm Lazard Freres, which advised United's pilots union in the labor-management bid to buy the carrier for $6.8 billion...
...obliged to pay the bills because it accepted the proposed bid, which fell apart when the banks could not raise enough money to finance the buyout. (Citicorp and Chase Manhattan will receive a total of $8 million for their work.) The fees have infuriated some UAL shareholders, since the payments will come out of the company's profits...
...company earned a mere $323,000 in fiscal 1989 and may lose money in 1990. Comedy is hot today, but Brooks may be running out of gas. He has had no major hit since Blazing Saddles and Young Frankenstein in 1974, which reaped a total of more than $86 million in North America alone...