Word: shearson
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...creditors would acquire the remaining 55% in exchange for forgiving more than $1 billion in debts. Icahn currently owns 90% of TWA's stock, but he would gladly dispose of his holdings if it means freedom from the financially troubled carrier. Says Robert Joedicke, an investment analyst at Shearson Lehman: "Icahn will do just about anything to extricate himself from this mess...
...refused even to chip in a dividend boost for shareholders. General Motors is expected to remain in the losers' column when it reports its quarterly earnings this week, mainly because of huge write-offs from its troubled Hughes defense subsidiary. "We haven't had any real recovery yet," cautions Shearson Lehman analyst Joseph Phillippi. "The automakers are not doing badly, but they're still struggling." But for a change, the only red in Detroit's auto shops was to be found on its sporty new convertibles...
...decade ago. On the positive side of the ledger, years of employee teamwork have created a new generation of promising Chrysler cars, Jeeps and minivans. "You couldn't want better vehicles to market, heading into an upturn in the economy," says Joseph Phillippi, who watches the industry for Shearson Lehman Hutton. At the same time, Chrysler's chronic cash crunch (it lost $795 million last year) makes it crucial for the vehicles...
...chunky and menacingly combative, Harvey Myerson is one of the country's most talented trial lawyers. But according to charges that will be heard in Brooklyn's federal courthouse next week, he is also one of the most tainted. After building a reputation representing the likes of Donald Trump, Shearson Lehman and former Treasury Secretary William Simon, Myerson stands accused of swindling $3.5 million from clients and partners and faces as much as 20 years in prison. Said prosecutor Sean O'Shea after the initial indictment last year: "We have here an unprecedented pattern of greed and dishonesty...
...York law firm of Myerson & Kuhn, Myerson's profligate life- style -- featuring Ferraris and Rolls-Royces, five homes, 20th century art and foot-long Cuban cigars -- called for even more. In 1988, for example, Myerson took family members on a chartered-jet vacation to Maine -- and allegedly billed client Shearson Lehman (without the firm's knowledge) for the trip...