Word: raider
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...Chairman Carl Icahn, 50, the Manhattan-based corporate raider currently involved in an $8 billion takeover bid for Pittsburgh-based USX. The Washington Post last week quoted unnamed sources to the effect 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...
...Victor Posner, 67, another well-known corporate raider who lives in Miami Beach. Between 1984 and 1985, Posner paid about $80 million to acquire control of New York City-based Fischbach, the largest electrical contractor in the U.S. Boesky had also bought 13.4% of the shares of that company. In September, Posner was granted a new trial by a federal judge who overturned his July conviction on charges of evading $1.2 million in income taxes. Posner will neither confirm nor deny that he was subpoenaed...
...Boyd Jefferies, 56, chairman of the Los Angeles-based Jefferies & Co. investment firm, which specializes in assembling large blocks of stock in takeover targets. Jefferies recently supplied Canadian Raider Robert Campeau with $1.8 billion worth of stock in Allied Stores, a move that eased a $3.6 billion takeover of the retail chain. Jefferies has acknowledged receiving a subpoena, and told the New York Times that he was innocent of wrongdoing. Also served was Michael Singer, 37, a former Jefferies senior vice president who | switched in October to the Manhattan-based Salomon Brothers investment firm. Singer resigned his new post last...
...James Goldsmith, 53, the Anglo-French raider, abruptly ended his 2 1/2- week siege of Goodyear Tire & Rubber, the Akron manufacturer, after being grilled before the House Subcommittee on Monopolies and Commercial Law in Washington. "My question is: Who the hell are you?" said Ohio Democrat John Seiberling, whose family founded Goodyear. Goldsmith's sharp retort was that he represented the "rough, tough world of competition . . . a world in which you run a business as a business and not as an institution." But the aggressive tycoon, who owned 11.5% of Goodyear's stock and had offered $4.7 billion...
Boesky's name popped up again in the ongoing takeover battle between Gillette, of shaving-blade renown, and Revlon Group, the cosmetics conglomerate. Revlon, headed by Raider Ronald Perelman, offered $4.12 billion for Gillette two weeks ago, just hours before the Boesky case broke. Gillette counterattacked last week with a claim in Boston's Federal District Court that charged Perelman with violating insider-trading laws. Gillette's lawyers issued a blizzard of demands for records from Boesky and a host of other Wall Street investment firms. Perelman called the Gillette accusations "totally without merit and self-serving." He denied that...