Word: ownership
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Dates: during 1980-1989
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...Joneses' entree into home ownership and the rebirth of Junius Street are the work of the Nehemiah Project, the largest of the community-based private housing groups that are springing up around the country to answer the enormous need for low-cost shelter. From Boston and Chicago to San Francisco, nonprofit development corporations, civic-minded church groups, foundations and companies have stepped into the vacuum left by the Federal Government's withdrawal from large-scale public housing construction...
...that he had been approached by representatives of the Claremont Group, a New York City-based investment-banking firm, to discuss a leveraged buy-out. O'Donnell presumably was inclined to consider such a transaction, since it would probably have given him and his fellow managers a more significant ownership stake in the company. Johnston and some board members, however, thought they should have been consulted before any powwows took place with investment bankers...
Boesky and his wife took pride in their controlling interest in the Beverly Hills Hotel, though it was won in a bitter family struggle. Boesky's father-in-law had bought the hotel in the early 1950s and left 48% ownership to each of his daughters, Seema and her sister Muriel Slatkin. Muriel and Husband Burton ran the hotel until 1980, when the Boeskys managed to buy the remaining 4% stake from another relative...
Auction fever has also been fueled by the stock boom, which has created a new class of mega-rich Americans, some of whom are doubtless more interested in the prestige that comes with the ownership of art than they are in the art itself. "A few years ago, there was only a handful of people who could bid $1 million," says Art Dealer Richard Feigen. "Today you have unlimited billions, and at every one of these sales there are new faces...
...Fiat had waged a fervent campaign for the hand of Alfa Romeo, the prestigious but financially troubled maker of sleek sports cars. Last week the local swain won. I.R.I., the Italian state conglomerate that owns Milan-based Alfa, announced acceptance of Fiat's $5 billion offer for 100% ownership. Also-ran Ford's bid was never made public, but it was believed to include an initial $100 million for a 20% chunk of Alfa plus promises of a hefty $2 billion additional investment in the company...