Word: stockings
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Dates: during 1980-1989
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Shareholders can lose out in LBOs even when they sell their stock for a profit. That is because stockholders usually receive far less than executives make when they break up a company and then put it back on the market. LBO critics argue that managers who fatten their wallets in this way are really profiting at the expense of other stockholders. So far, shareholders have brought eleven class-action suits against RJR Nabisco charging executives with acts ranging from "unfair self-dealing" to "not acting in the best interests of the stockholders...
Washington's reformers concede that the stock market is still edgy after its collapse. Wall Street showed just how nervous it was when stocks dropped nearly 79 points in the week that George Bush was elected President. "Nobody wants to be blamed for setting off another stock market crash," says a brokerage-house lobbyist. Legislators are still haunted by charges that proposals to restrain takeovers last year helped cause Black Monday. Many Wall Street insiders are now convinced that buyouts and mergers are among the market's few remaining props...
...economists argue that increased leverage can be a benefit to companies, especially those in mature industries like tobacco. Reason: these businesses produce a lot of cash but call for relatively little research or development. For them, one efficient way to distribute profits to shareholders is simply by buying up stock...
...hemoglobin substitute is still some years away, and synthetic red- cell expanders are only in the test stages. There are also drawbacks to laying in a private stock of blood for a transfusion that may never be necessary. Three pints are typically requested for surgery, and drawing, processing and storing them can be expensive -- about $200 a pint per year. The donor must also pay the cost of transporting the blood to where it is needed -- an especially difficult task if the patient is involved in an automobile accident miles from his blood bank...
...billionaire oil and mining magnate. They have since combined forces with an acknowledged master of the hostile game, HARRY GRAY, 69, the taciturn former chairman of United Technologies, who heads his own investment firm. The First Boston group is offering a highly complex package of cash, securities and stock warrants, which is still only a hazy proposal rather than a firm bid. The sheer size of First Boston's bid persuaded RJR's board to give the group until Nov. 29 to make the offer more concrete. If successful, the high-rolling group would probably keep RJR's tobacco business...