Word: raider
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Dates: during 1990-1999
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During its heyday, Executive Life swam with the sharks. When raider Charles Hurwitz took over San Francisco-based Pacific Lumber in 1986 with the help of $900 million in Drexel junk bonds, for example, First Executive Corporation, bought more than one-third of those bonds. Once in charge, Hurwitz terminated the pension plan and grabbed the $55 million worth of surplus pension funds to pay down part of his buyout debt. He then bought $38 million worth of Executive Life annuities to cover 2,500 people, thus shedding his obligations and saving himself the cost of the premiums...
...1980s corporate raider going the way of the 1890s robber baron? Exhibit A: last week Carl Icahn, TWA chairman and high-stakes player during the Decade of the Deal, sold his 13.3% interest in Pittsburgh-based USX. Icahn became a force in the company in 1986, when takeover fever was at its height. He waged an unsuccessful 1990 proxy war to force the firm out of the steel business, but seemed to achieve partial victory in January when the company agreed to split its common stock into separate steel and energy issues -- an agreement that went into effect barely...
...empire, Perelman subsequently paid some $300 million for Max Factor in 1986 and about $170 million for Betrix in 1989. Now, to pare his junk-bond debt, he has begun selling assets as fast as he once acquired them. What might be next? Perelman's advisers said the erstwhile raider could soon put on the block such tony cosmetics brands as Princess Marcella Borghese and Charles of the Ritz...
...world," right up there with generals, Senators, tycoons and Third World dictators. But here the big story and intrigue are inside TV itself -- the takeover of a network very much like CBS, where Katz was executive producer of the Morning News from 1983 to 1985. The corporate raider is compounded in equal measure of Donald Trump, CBS chief executive Laurence Tisch and a handful of other hardball players from the headlines. Katz's hero is a work-obsessed producer who undergoes a classic mid-life crisis in which he questions the value of ambition, propositions a female colleague, visits...
Wall Street is even more concerned about the company's problem loans at home. In the wake of the bankruptcy of Canadian raider Robert Campeau in January, analysts began to worry about Citicorp's high-risk loans for corporate buyouts. Another problem area: nonperforming real estate loans, which rose by 112% in 1989, to $1.3 billion...