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...company for $60 a share. When added to the more than 5% he already had, that would have given him majority control of the company. Residents of Bartlesville, who had held prayer vigils to ward off Pickens, quickly set about trying to exorcise the new threat. They burned a pile of blue proxy cards that Icahn was using to solicit shares. Women baked heart-shaped cookies with the Phillips 66 logo, sent off a batch to Icahn and stuck in the message "Have a Heart." The Leighton Venn Photography Studio posted a sign: I CAHN/ YOU CAHN/ WE ALL CAHN...
Nitze acknowledged that his standards were "demanding." That is an understatement in the view of many experts. Almost any imaginable space-based system, they say, might be vulnerable to antisatellite weapons or "space mines." And in the past, at least, it has always been simpler and thus cheaper to pile on extra offensive weapons than it has been to add to defense, since interceptors have to be more accurate and discriminating than incoming warheads...
Feelings were running high in Bartlesville, Okla., last week, where Phillips shareholders debated Icahn's proposal; they began voting on whether to accept or reject a financial plan proposed by Phillips' management. A group of 40 townspeople burned a pile of Icahn's proxy statements...
...Government bought itself a lot of headaches during the 1970s when it created Conrail, the freight rail system in the East, and Amtrak, the national passenger railroad. At the time, the entire rail business was chugging toward the scrap pile. More than a decade of refurbishing and streamlining, however, has given railroading a shiny new look. Amtrak and Conrail, stoked by $18 billion in subsidies, have rebuilt their equipment and images...
Directors are also spending more time on the job. The typical board member of a large corporation puts in 196 hours a year, up 40% from six years ago, according to the executive-recruiting firm Korn/Ferry International. As a result, executives are less inclined to pile up multiple directorships just for the sake of prestige. Sidney J. Weinberg, a legendary financier of the 1950s, once served on 31 boards. By comparison, his son John L. Weinberg, chairman of Wall Street's Goldman, Sachs & Co., holds only six director's posts. The pay remains lucrative. The consulting firm Towers, Perrin, Forster...