Word: rohatyn
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Angered state officials immediately challenged Moody's evaluation, pointing out that Standard & Poor's, the other major rating service, had continued to give MAC bonds an A-plus rating. But no one questioned Moody's motives until last week, when Felix Rohatyn, feisty, flamboyant chairman of MAC, demanded that the firm disqualify itself from evaluating MAC bonds because its political bias made it "unfit" A few days later in Washington, Assistant Secretary of the Treasury Robert Gerard cautiously agreed that if Moody's were basing its judgment on such political considerations as what the New York...
Selling Grandma. The firms selected for takeover, says Felix Rohatyn, a partner in the investment house of Lazard Freres, are usually "very solid, stable, unglamorous, medium-size companies." Also, their stock is primarily held by individual investors rather than such institutions as mutual funds and pension funds, which would be more likely to compare the tender-offer price with book value and reject it. But some Wall Streeters speculate that takeover attempts may soon be made against companies controlled by institutions that are getting tired of holding undervalued shares. Says William Chatlos, a partner in Georgeson & Co., a proxy solicitor...
Last July Felix Rohatyn, a partner in the investment banking firm of Lazard Freres who has since become chairman of New York's Municipal Assistance Corporation, suggested Otis to United as a ripe acquisition prospect. Otis, although No. 1 in its industry, has had a slowdown in orders because of the worldwide decline in construction starts on high-rise buildings. Still, the company gets a steady and reliable flow of business-about half its revenues-from maintenance of existing installations. Also, more than half of its 1974 sales of $ 1.1 billion came from overseas, where United would like...
...Republican Senator Bob Packwood of Oregon: "Those guys sat here and lied to us. I don't think we should bail those liars out." Governor Hugh Carey told congressional leaders that the plan had virtually no hope of succeeding because of legal snarls; indeed, Big Mac Chairman Felix Rohatyn called it a "20-to-l shot." Even so, the dustup further damaged New York's already bankrupt credibility...
...Times Square or Central Park, in an "Operation Alive and Kicking." Said he: "We're going to be seen and heard. That's the way New York normally responds when it gets kicked in the groin." But the time for shouting and demonstrating was long past. Rohatyn summed up the situation more accurately with gallows humor: "I feel like somebody who tries to check into a hospital and keeps getting referred to the cemetery." Facing tougher times ahead, New York has only one hope: that its long overdue cutbacks will create a base for its eventual recovery...