Word: steinberger
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...Mark N. Steinberg...
...like watching your mother getting ravaged by New York thugs," said Greg Kieselmann, co-manager of institutional research at Morgan, Olmstead, Kennedy & Gardner, a Los Angeles brokerage firm. That rather vivid imagery was typical of the investment world's reaction last week after Financier Saul P. Steinberg zapped Walt Disney Productions with a market ploy that made him $32 million richer but may have left Disney much weaker. Steinberg, 44, had just pulled off the latest example of a spreading tactic called greenmail, Wall Street's version of blackmail...
...bought back 9.8% of its shares for $1.28 billion from the Bass family, Warner Communications paid Rupert Murdoch $180.6 million for his 7% interest in the firm, St. Regis purchased for $160 million the 8.6% of its firm held by Sir James Goldsmith, and Quaker State Oil Refining gave Steinberg $47 million for his 8.9% of the company...
...Steinberg became attracted to Disney early this year because of its great cash potential and low stock price, and on March 12 he began buying Disney stock at $50 a share. In late April he notified the Federal Trade Commission and the Justice Department that he intended to acquire as much as 25% of Disney's shares. A week later, Steinberg owned 12.2% of all Disney shares...
Disney Chairman Raymond Watson, 57, and President Ronald Miller, 51, then established their first line of defense. The strategy was to buy up other companies in order to diminish Steinberg's share of Disney. On May 17, Disney agreed to buy Arvida, a Florida-based land-development firm, in exchange for 3.3 million shares, nearly 10%, of its stock. Steinberg sued to stop the deal, but a U.S. district court in Los Angeles ruled in favor of Disney. Then Disney announced plans to buy Gibson Greetings, a Cincinnati-based producer of cards and wrapping paper...