Word: raider
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Other People's Money-the story of a corporate raider's attempt to take over a New England business, presented by the Poets' Theater. For tickets call 496-8400. At the Hasty Pudding, 12 Holyoke...
Other People's Money-the story of a corporate raider's attempt to take over a New England business, presented by the Poets' Theater. For tickets call 496-8400. At the Hasty Pudding, 12 Holyoke...
...small manufacturing company located in Rhode Island. Thanks to years of frugal ownership by Andrew Jorgenson (William Cain), the son of the company's founder, Wire and Cable has no debt and undervalued stock. These assets attract the attention of Lawrence Garfinkle (Jack Willis), a New York corporate raider nicknamed "Larry the Liquidator." Garfinkle wants to buy large chunks of stock, drive up the price of each share, then deep-six the company and sell off its various divisions...
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...
Similarly, when corporate raider Ronald Perelman seized Revlon in 1985, First Executive helped finance the $2.7 billion takeover, buying $370 million worth of Drexel's junk bonds. Perelman shut down Revlon's pension plan and skimmed off at least $50 million in "excess funding." He then rolled existing pension obligations into Executive Life annuities. Says Eli Schefer, a retired Revlon engineer in Sands Point, N.Y.: "Those were cozy deals, not done according to fiduciary standards. These guys should be thrown in jail. Now that I am almost 72, I've got to worry about when my next pension check...