Word: morrisons
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...GLORY DAYS, THE MORRISON Knudsen company helped create the very fabric of America by building such megastructures as the Hoover Dam, the San Francisco-Oakland Bay Bridge and the Trans-Alaska pipeline. By last week, however, the 83-year-old construction firm, based in Boise, Idaho, was struggling to survive a devastating corporate crackup. Just six weeks after directors ousted the charismatic William Agee as chairman and chief executive officer, the company was frantically seeking $125 million in new bank loans needed by the end of this week to avert a bankruptcy filing. And with losses mounting, shareholders suing...
...most daunting news was that the company would report a loss of $310 million for 1994, stemming in large part from its troubled railcar business. That was nearly twice the deficit that Morrison Knudsen acknowledged as recently as February. To make matters worse, the firm remained in technical default on $225 million in loans from Bank of America, J.P. Morgan and other lenders. "We are beginning to seriously doubt the company's viability," says analyst Tobias Levkovich, who follows the firm for Smith Barney...
...remote control from a linkside villa. Agee has his defenders, although few of them are willing to speak on the record. Far from hiding problems from the board, his supporters say, the deposed chairman reported them as quickly as they came to light. Many of the woes involved Morrison Knudsen's transit division, which Agee had been trying to build up since 1990. The strategy seemed sound at the time: Agee believed that the Buy America movement, coupled with Morrison Knudsen's position as the only U.S.-owned manufacturer of railcars, would make the business highly profitable. "He did have...
...their new album, the Chieftains called in a few: Mick Jagger, Sting, Van Morrison, Sinead O'Connor, Tom Jones, Mark Knopfler, Marianne Faithfull. The result is The Long Black Veil, which after only five weeks in release has become the band's first gold record (500,000 copies). Moloney, 56, may not have smelled gold, or cared if he did. "Who knows how these things will go?" he says, taking a rare breather in a 20-city U.S. tour that includes a St. Patrick's Day concert at Manhattan's Avery Fisher Hall. "But we had so much fun doing...
...heart of this searing look at family life are strong performances from the only actors on the set with real film experience, Rena Owen and Temuera Morrison. Morrison plays a seductive and dangerously violent Jake Heke whose outbursts threaten to tear his family apart forever. Owen plays the resilient and fiery Beth Heke whose defiance and intelligence infuriate the brutish Jake. When a savage beating prevents her from appearing in court on behalf of her delinquent young son, Beth begins to realize how little Jake cares for his family. With the help of her daughter Grace, an aspiring young writer...