Word: stockings
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Dates: during 1980-1989
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That is bad news for Wall Street, where buyouts have propped up stock prices and brought in fat advisory fees. Faced with a drop in the number of mergers and acquisitions, which fell 29% during the July-September quarter compared with 1988's third period, major investment firms have announced the layoffs of nearly 2,000 employees in recent months. Particularly sharp cutbacks have come at Shearson Lehman Hutton, which is dismissing 800 of its nearly 37,000 workers and said last week it would reshuffle its top management...
...says the Amarillo, Texas, oilman. "We believed we could run those companies better than they were being run." Pickens, 61, never managed to acquire such energy giants as Gulf Oil, Phillips Petroleum and Unocal, all of which he attacked in the mid-'80s. Yet he enriched himself by acquiring stock in the companies and then selling the shares at a profit, making nearly $400 million on his Gulf raid alone...
...says Koito has hired Wall Street consultants to advise the company on how to keep him at bay. Meanwhile, a federal appeals court in Philadelphia last August reinstated a class-action suit that Phillips Petroleum shareholders brought against Pickens in 1984. The plaintiffs claim that the value of their stock collapsed when Pickens abruptly abandoned his Phillips takeover...
Financial woes are not the raiders' only big headache. Their past attacks have led U.S. companies to fortify anti-takeover defenses, making it harder for new raids to succeed. And the long Wall Street bull market has raised stock prices, leaving fewer targets for bargain-hunting buccaneers...
...mill had already established the date and time of the coming coup: Dec. 1 at 3 a.m. But Manila was used to rumors. And since the failure of the last big putsch, in August 1987, most of the talk had led nowhere, good only for a stir in the stock market or titillation among armchair plotters in the capital's gossipy coffee shops. At 10 p.m. on Nov. 30, the speculation was scotched as the government announced the arrest of three members of an elite military division who had attempted to sabotage a provincial communications station south of Manila...