Word: rohatyn
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...fiscal 1976. Even so, his reductions may not suffice to encourage investors to buy the $4 billion in notes the city will have to market before the end of the year to meet its pressing short-term debt. "I don't know," mused Investment Banker Felix G. Rohatyn, one of the members of the new Municipal Assistance Corporation (Big Mac). "It may be enough. You can't be sure." Adds Controller Harrison ("Jay") Goldin: "The mayor has taken some very important steps. I think other things may be necessary...
...while, they and the Republicans controlling the state senate could not seem to face up to the crisis. The businessmen had to persuade the politicians that default was a genuine possibility, with disastrous consequences for the city's ability to raise money in the future. Said Felix Rohatyn, a New York investment banker who was a key participant in the negotiations: "In a business deal, everyone is usually talking the same language. But here the political process didn't always permit the parties to interrelate with each other in a sensible way." Even after the outlines...
Last week Rohatyn moved a step closer to bringing it off. The Lockheed and Textron boards approved a plan for Textron to buy 45% of Lockheed's stock for $85 million. The two will not merge, but Textron Chairman G. William Miller, a 49-year-old lawyer, is to become chairman of Lockheed as well, thus heading two companies that had total 1973 sales of almost $5 billion; Lockheed Chairman Daniel J. Haughton, 62, would step down to vice chairman. Other terms, some still subject to revision: major banks are being asked to convert $275 million in loans...
Salvage Crew. Though Rohatyn knows better than anyone that he still faces a skyful of troubles converting these plans into actuality, he takes an artistic pleasure in having even conceived them. "It was very satisfying from an aesthetic point of view," he told TIME Correspondent John Tompkins. "The structure that we evolved is almost like a clockwork mechanism. It is not going to start until all the pieces are in place, but when it starts it is going to run very well...
Such financial legerdemain has become a specialty of Lazard and Rohatyn since the late 1960s, when Lazard Chairman Andre Meyer turned pessimistic about the future of conventional investment banking (basically, the underwriting of stock and bond issues) and decided to diversify. Lazard, the American arm of an international firm that also has offices in London and Paris, pushed into investments in oil wells, cattle herds and California vineyards, and organized a "mergers and reorganizations" group-a kind of financial salvage crew-under Rohatyn...