Word: sheetings
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...when Bush was unloading those shares for $848,000, Harken was sliding down. The company, which owned everything from drill rigs to gas stations, was losing millions of dollars trading oil on the commodities market. With its balance sheet deteriorating, Harken devised a sale of 80% of a chain of gas stations, Aloha Petroleum in Hawaii, to an entity that included the company's chairman and another director. Harken recorded a gain of $7.9 million to offset other losses and finished the year $3.3 million in the red--bad, but far better than the reality...
...lifetime of torture, I believe I can." A 1996 letter claims he had "solicited [a local woman's] murder from two Iranian nationals ... The contract is already purchased." Similar letters went to "maybe 100" people, Yoder says. He says he often wrote them with a carbon sheet underneath and sent copies to prosecutors. In 1996, Yoder even sued a prosecutor for not charging him; a judge had to remind Yoder that he "has no constitutional right to be prosecuted." He stayed at Chester...
...buried in the back--starting with the footnotes. Read about the company's pension plan; if its projected annual rate of return is more than 7.5%, a shortfall could bite into future earnings, and "you should be concerned," says Lehman Bros. accounting expert Robert Willens. Watch for off-balance-sheet liabilities, a fancy term for financial risks that the company hopes will never come home to roost, and for development costs that are capitalized instead of expensed. These factors don't mean you should shun a stock; they mean you should check its teeth. Firms with aggressive pension assumptions include...
...president, Fields shuttered a factory in Mazda's hometown of Hiroshima, slashed the white-collar payroll by 20% and tied bonuses for directors and middle managers to year-end targets. To improve Mazda's balance sheet, he wrote off a $1.3 billion pension liability. And he had all salaried workers attend a two-day off-site, at which they were told that "Mazda must change or die." Says Katsumi Yoshitake, a 10-year veteran: "We knew we were in bad shape, but it seemed abstract." At the off-site, "a lot of it was bad news, but it made...
...appropriate that the sheet of paper I’ve written my words on is soaking wet,” he said...