Word: spin
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Dates: during 1980-1989
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That will bring no immediate help for Public Service, which is battling with dissident creditors over rescue plans. A group of bond owners (estimated holdings: $200 million) led by New York City Investor Martin Whitman is proposing to spin off Public Service's share in Seabrook into a separate company, thus leaving the utility less encumbered by debt. Losing Seabrook, however, is anathema to the utility, which still hopes to reap the hefty return that an operating nuclear plant can deliver. Public Service's Harrison proposes to restructure the debt, slash the utility's costs and raise electric rates...
...Henry Ford II down in Palm Beach, Fla., he decided to rent the Atlantique as a 131-ft. floating showcase. And when Magazine Mogul Malcolm Forbes wants to mix celebrities like Barbara Walters and Henry Kissinger with advertising tycoons, he lures them with the offer of an evening spin around Manhattan aboard the Highlander V, his 150-ft. seagoing palace. "It's worth the cost," maintains Forbes. "It has much more appeal than an evening of dinner and the theater...
Some of the projects are still in the visionary stage, but several investigative teams have come up with working products and prototypes. In many cases, research relating to electronic media has led to spin-offs that could have wide applications for both individuals and businesses. Consider the following...
Many entrepreneurs suffer from shaky financing, but few are cut off by their own fathers. That is the predicament of Robert Guccione Jr., 31, who is editor and publisher of Spin, a pop music magazine. Penthouse Publisher Robert Guccione Sr., 56, has decided to stop providing money to keep Spin spinning...
...younger Guccione started Spin two years ago with a $500,000 loan from his father, but maintained editorial independence and was the sole owner of the Spin trademark. Off to a promising start, Spin has built a circulation of 150,000 and become a respectable challenger to its archrival Rolling Stone (circ. 400,000). But the elder Guccione, whose company has taken about $3 million in losses on Spin, wanted to assume authority over the magazine by making it part of the Penthouse business. His son refused to give up control and now hopes to keep Spin alive with backing...