Word: stockings
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Dates: during 1980-1989
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...tizzy about a proposal by the Federal Communications Commission that would make it much more expensive to send and receive electronic data over telephone lines. More than 1.7 million household and business customers with computers subscribe to about 3,000 electronic-informati on services, which furnish everything from stock- price quotes to job listings. The information passes from the phone line to the computer through a connective device called a modem. These services are carried by data networks, which under the FCC plan would have to pay $4 to $5 an hour per user to local phone companies...
...pitch in some $300 million from their pension funds to help make the purchase. Flight attendants and pilots began sporting buttons that read BE UNITED/BUY UNITED. Company management scorned the offer as "grossly inadequate," but Wall Street's interest was sparked. The price of the firm's stock rose from 59 to 72 in three days...
...first major investors to begin sniping at management was New York City Developer Trump, who bought just under 5% of the company's stock and hinted that he might join in the pilots' takeover effort. But Trump sold his stake in the airline for a reported profit of $55 million. In the meantime, the little-known Coniston Partners had been quietly amassing shares, and suddenly emerged as Allegis' largest shareholder. Brandishing a 13% stake in the firm, the partnership announced its intentions to overthrow the Allegis board, name its own slate of directors and sell off the company piece...
...companies ever since 1982, when it was formed by Investors Augustus Oliver, 37, Paul Tierney, 44, and Keith Gollust, 42, who together put up an original investment of only $3 million. The partners have rung up more than $100 million in profits since, by forcing restructuring plans and boosting stock values at Cyclops, Storer Communications, NL Industries, Viacom International and Gelco. Nonetheless, the three men still take the New York City subway to work every morning, avoiding limousines and other costly perks. Says Tierney: "We preach leanness and efficiency. We practice what we preach...
...apparently believed the huge new debt would make Allegis a less attractive takeover target and that the cash payout would placate Coniston and other restive shareholders. They were wrong. The pilots still talked takeover, and Coniston pressed forward with its proposal to break up the company, maintaining that Allegis stock, then hovering in the 80s, remained undervalued...