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Discovery's engine No. 3 had already helped power three shuttle missions, and its age was showing. About 6 sec. before blastoff, a heated mixture of liquid hydrogen and liquid oxygen was supposed to be pumped forcefully through the engine's main fuel line into a central combustion chamber, where it would ignite. But the 10 ¼ in. long, 74-lb. fuel valve faltered a fraction of a second in opening, prompting the central computer system to abort the entire mission. Of the three main engines, only No. 2 had been fully ignited. During its 1.7 sec. ignition...
...greenmailing of Walt Disney was successful, but it may change the whole greenmail game. The New York Stock Exchange and the Los Angeles office of the Securities and Exchange Commission are looking into possible insider trading of Disney stock. The SEC had already pro posed legislation that would require stockholder approval of stock buy-back plans, and the Disney debacle is sure to win it support. Moreover, Democratic Congressman Timothy Wirth of Colorado has conducted hearings that may lead to a legislative crackdown on questionable takeover tactics...
...goal of the SEC recommendations is the elimination of defensive tactics that preserve the jobs of incumbent management but lessen the value of the company to shareholders. Such stratagems can include buying back company stock and issuing "poison pills," like preferred stock, which dilute the value of other outstanding shares. The Carter Hawley Hale department store chain has used both techniques in fending off a takeover attempt by The Limited. So far, its tactics have succeeded. The Limited Chairman Leslie Wexner said last week that his firm's tender offer will not be extended, though he hopes to make...
...SEC also wants to deflate "golden parachutes," which give special payments to executives if they leave a company after a takeover. If the sale of Esmark goes through, for example, Chairman Donald Kelly, 62, would collect three years' salary and sell his 245,000 shares of stock for $60 a share. Total reward: $17.4 million...
Another key target of the SEC recommendations is the practice known as "greenmail." This involves buying up sufficient shares in a company to pose a takeover threat or proxy challenge. In order to head off the move, many companies are willing to buy back the purchased shares at a premium price. Greenmail practitioners include New York Financier Carl Icahn, 48, whose group pocketed $30 million when he sold his stock in Marshall Field to England's B.A.T. Industries, and Publisher Rupert Murdoch, 53, who made $40 million when Warner Communications bought back his shares at 35% more than...