Word: stockings
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Dates: during 1990-1999
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...Dunlap, 60, recent events at Sunbeam are a true Armageddon. He remains undeniably rich. But he has lost more than $200 million on paper with his stock and stock options since Sunbeam shares began to slide last March, and his once vaunted reputation as a turnaround phenomenon is in tatters. That reputation is what landed him lucrative assignments, including previous stints as CEO at Scott Paper and Crown-Zellerbach, plus a high profile that he reveled in. It also put his book, Mean Business, on the best-seller list in 1996. That tome became a bible for those who followed...
Dunlap's role as self-appointed messiah for shareholder value, meanwhile, is up for another casting call. Sunbeam shares were as high as $53 early this year and have fallen 79%--to $11.25, which is lower than the level at which the stock traded ($12.50) when Dunlap was hired. The collapse has crushed morale at Sunbeam, where workers who survived Dunlap's initial slashing and burning (he cut half the company's 12,000 jobs) were rewarded with a company-wide stock-option plan that for a painfully brief period was gratifying but now represents lost dreams. Said an employee...
...Jerry Levin, 54, to pick up the pieces, and few expect fast answers. "The business is in lousy shape," says Andrew Shore, an analyst at Paine Webber. Shore, a Dunlap critic who recently baited Chainsaw Al by publicly asking him to work for $1 a year until the stock recovered, pegs any turnaround at two years...
...fixed cosmetics company Revlon in the early 1990s, and most recently was doing the same for outdoor-equipment company Coleman--both efforts on behalf of controlling shareholder Ronald Perelman. Levin's selection is no accident. On March 2, Perelman sold Coleman to Sunbeam in a stock swap, and he is now Sunbeam's second-largest investor, with a 13% stake. The largest is activist money manager Michael Price, who controls 17%. As a measure of how quickly Dunlap's career unraveled, Price only two weeks earlier had publicly, emphatically supported Dunlap. But he became as willing as anyone...
...FORTUNE article with the same date suggested that his job was in jeopardy. Another bell ringer might have been massive selling by insiders at Coleman in March, beginning only days after the company agreed to be bought by Sunbeam. The Coleman folks had to sell, or lose, their stock options. But by moving so quickly, they bolstered the view that Dunlap had grossly overpaid. Indeed, nine Coleman insiders, including Levin, cashed out 581,000 shares, according to CDA Investnet--near the post-merger peak and just ahead of the stock's collapse along with Sunbeam...