Word: profit
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Dates: during 1980-1989
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...that Icahn and Boesky, who in 1985 owned more than 5% of Gulf & Western's stock, had collaborated to run up the price of those shares by fueling rumors that the company would be a takeover target. The two then sold their shares back to Gulf & Western for a profit. That ploy would have amounted to illegal stock manipulation. In a memorandum to his TWA staff, Icahn denounced the accusation: "I have never traded on insider information...
...example, Fort Worth's Sid Bass and his brothers bought and sold 9.9% of Texaco's shares for a swift profit of $300 million. Manhattan Financier Saul Steinberg earned $60 million that year by buying 11.1% of Walt Disney Productions and then reselling it to the company at a premium, a practice known as greenmail. Boesky made much of his fortune by guessing -- and sometimes knowing -- where the corporate raiders would strike next. Says an eminent Washington securities lawyer: "The millions and millions that are made out of nonproductive deal making represent the collapse of real morality in our markets...
...business and not as an institution." But the aggressive tycoon, who owned 11.5% of Goodyear's stock and had offered $4.7 billion for the whole company, was in the end bought off by the management, which promised to repurchase his holdings for $618.8 million plus expenses. The profit to Goldsmith and partners: $93 million. He said that his change of plans resulted in part from what he called, with lordly British disdain, "this ghastly Boesky affair...
Last week's impressive collections, including those of Robert and Ethel Scull and James Johnson Sweeney, former director of the Guggenheim Museum, are probably being sold now in anticipation of the new tax law, which, beginning Jan. 1, will raise the Government's take on a seller's profit. The high prices ! owe much to the decline of the dollar, which makes even a seven-figure painting seem like a bargain to wealthy Japanese and Germans, and to the scarcity of quality works on the market...
...into the hands of some 3,000 services, including newspapers, travel agencies and retail shops. One information purveyor, the daily tabloid Le Parisien Libere, fields 50,000 calls a day for its mix of news, features and message centers -- taking in $1 million a month, half of which is profit...