Word: raider
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Fisherfolk are a passionate lot, and Jacobs is one of them. The son of a Minneapolis junkman, Jacobs learned to spot value early in life, and by the 1980s he was plying that trade on Wall Street as a corporate raider, even making a run at Walt Disney. In 1992 he made a different play, buying most of the junk bonds of yacht builder Carver, which had used the high-priced debt to gobble up a portfolio of boat brands and got into deep trouble when recession hit. When Carver's owners called Jacobs to negotiate with their new partner...
...Rupert Murdoch; his Fox Sports Net allied with boat manufacturer (and onetime Disney corporate raider) Irwin Jacobs for its weekly FLW Outdoors Tour sponsored by Wal-Mart. Comcast, the top U.S. cable firm, plays up fishing on its Outdoor Life Network. OLN, which just bought rights to NFL games, might expand to challenge ESPN after its ratings spike from Tour de France finals...
...Carl Icahn, Wilde's words may be painfully true. When Icahn learned last August that he had won his bitter battle to take over Trans World Airlines, the New York financier and renowned corporate raider put on a pilot's cap and jacket and pranced around his office. "We've got ourselves an airline," he exulted...
...lack of a formal labor contract at USX may be one reason why corporate buccaneers, sensing the potential for wage cuts and an eventual increase in corporate earnings, soon began to sniff around. Another attraction for raiders is a USX pension fund with an estimated $2.5 billion in excess assets. Last month the company's stock began moving into some well-known hands. Among the buyers: Robert Holmes à Court, an Australian investor; T. Boone Pickens, the Texas oilman-raider; Irwin Jacobs, the Minneapolis entrepreneur and speculator. Pickens reportedly cashed in his chips two weeks ago for a big profit...
Corporate officials are already doing that. In a bid to fend off the previous raider challenges, USX commissioned investment bankers Goldman, Sachs and First Boston to come up with such a plan by the end of this month. Among other things, the company is reportedly ready to sell off an industrial-chemical subsidiary worth an estimated $400 million...