Word: roderick
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Officials said that Heiskell will leave the Corporation because of age considerations. "There's been a tradition on the Board that if someone gets around 70 years of age, it's a rough measure" of retirement eligibility, said Harvard Treasurer Roderick MacDougall, who is also a member of the Corporation...
...Roderick MacFarquhar is Professor of Government and Director of the Fairbank Center for East Asian Research. He is the author of the trilogy, The Origins of the Cultural Revolution, of which two volumes have so far appeared, published by Columbia University Press...
When Icahn first made an offer of $7.1 billion, at $31 a share, in October, Roderick resolved to save his company. The chairman knew that Icahn might sell off USX piece by piece, since the breakup value of the firm is estimated to be more than $61 a share, or $15.8 billion. USX announced that it would undertake a cost-cutting and restructuring program...
...though, it was a relatively simple ploy that dashed Icahn's hopes. USX had borrowed $3.4 billion last year under terms that allowed the lenders to call in their loans immediately if the company were taken over. At the end of December, Roderick cleverly decided to use up these funds to pay off other debts. If Icahn had gained control of USX, the banks could have demanded repayment. That in effect raised the cost of taking over the company from about $7.1 billion to $10.5 billion...
...past forays, Icahn has sometimes walked away with hefty greenmail profits. In a greenmail deal, a raider sells his shares in a target company back to the firm for a premium not available to other shareholders. If that was Icahn's plan in this case, Roderick refused to play along. During his takeover effort, the financier paid an average price estimated to be somewhere between $22.50 and $26 a share for 29.3 million shares of USX. After climbing to 28 3/4 during the takeover battle, the company's stock closed last week at 22 7/8. That means that Icahn could...