Word: stockings
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...Fair. Perhaps the only place where such a story conference could occur is at Soldier of Fortune, the macho magazine for adventurers (armchair and otherwise). The Colonel is Robert K. Brown, 52, a.k.a. "Uncle Bob," the onetime Green Beret who started the magazine in 1975 and owns it lock, stock and carbine barrel. Soldier of Fortune is a direct reflection of its creator: blunt, individualistic, muscularly anti-Communist. As Brown celebrates Soldier of Fortune's tenth anniversary this month, he makes no apology for the combative style--either his or the magazine's. Since its founding as a quarterly with...
...largest and most ambitious buyouts yet was proposed last week by executives of R.H. Macy & Co. (fiscal 1985 sales: $4.4 billion), the eleventh-biggest U.S. retailer. Led by Chairman Edward Finkelstein, a group of top officers offered $70 a share, or $3.58 billion, for Macy's stock that had been selling for about $50 a share. The Macy's executives were working last week with the Wall Street firm of Goldman Sachs to line up virtually all that money. The high buyout price, apparently designed to repel rival offers and avoid a bidding war for the company, drove...
...perhaps 20%. The big investors may get ownership rights for 45%. The remainder is usually held by the investment firm that brought the partners together. It also collects around 1% of the total value of a buyout, plus consulting and other fees. Buyouts invariably increase the value of the stock that executives had before the deal. Afterward the managers generally hold far more of the private company than they did of the public one and can collect hefty dividends on their shares. All of the owners can also gain mightily if the company later decides to sell stock...
...group of investors put up $1 million of their own money and borrowed $79 million to buy the Gibson greeting-card company from RCA. They turned Gibson into a private firm and reorganized its operations. Then, just 18 months later, they sold $290 million worth of the company's stock to the public. Simon alone earned more than $15 million and wound up holding shares in Gibson worth about $50 million...
...sure, there are solid business reasons for taking a company private. Once freed from the need to satisfy Wall Street stock analysts and short-term shareholders, who often demand ever rising profits each quarter, corporate leaders can focus on long-term goals. Says Dean Meadors, a spokesman for Mary Kay Cosmetics: "Going private gives us the opportunity to get out of the fishbowl and to make marketing decisions in a longer time frame than a public company has. Sometimes you need to invest in the future, and sometimes the future is more than 90 days away...