Word: tycoons
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Dates: during 1990-1999
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Jovanovich, the son of a poor immigrant coal miner, never owned more than 2% of HBJ's stock. This lack of control came to haunt him after he expanded the firm too rapidly in the 1980s. When the company's stock sank in early 1987, British publishing tycoon Robert Maxwell launched a hostile takeover bid. In a long and bitter fight, Jovanovich prevailed by recapitalizing HBJ with nearly $3 billion in debt, a large chunk of it in junk bonds. Maxwell, who called Jovanovich "a dumb Croat coal miner" who "killed" the company, has offered to buy some assets. "Maxwell...
Legal fees are probably Milken's biggest regular expense right now. For a tycoon, he lives a relatively modest life with his wife Lori and three children in a five-bedroom house in the Los Angeles suburb of Encino. When Milken was the most powerful financier in America, a bodyguard drove him to his office by 4:30 a.m. in a limousine. But those days are behind him. Under terms of the settlement, the Government has permanently barred Milken from the securities business. Yet if Milken ever does run a little low, he could always call on his brother Lowell...
...trustee for the troubled Eastern. While Lorenzo's Texas Air company will continue to own Eastern, Lorenzo will have no say in the airline's management during the bankruptcy proceedings. Shugrue, 49, who will run the airline and explore the possibility of selling it, knows Lorenzo well. The airline tycoon last year forced Shugrue to resign from his post as president of Continental Airlines, the other wing of the Texas Air holding company. Members of the International Association of Machinists, who had been staunch enemies of Lorenzo, said they would seek immediate talks to end their 13-month walkout...
Stocks have been slammed too. Harcourt Brace Jovanovich, a publishing company that borrowed $2.1 billion last May to repel a takeover attempt by British tycoon Robert Maxwell, has suffered a slump in its stock price from 5 to 2 just since Jan. 1. Time Warner, which has nearly $11 billion in debt from Time Inc.'s acquisition of Warner Communications, has seen its stock fall from 124 at the beginning of the year to 103 1/8 last week. The shares of Stone Container, a paper manufacturer that borrowed $2.2 billion to buy a Canadian competitor last March, have declined from...
...National is financed by Mexican media tycoon Emilio Azcarraga Milmo, who dominates his country's TV production. He also counts a pro soccer team among an estimated $1 billion in holdings. The new daily's publisher, Peter Price, erstwhile publisher of the New York Post, says the start-up cost $25 million and predicts losses of only $100 million more during the expansion. Price says the paper should break even, at a circulation of 750,000 a day, within two years. USA Today president Tom Curley is skeptical. Says he: "$100 million doesn't square with our experience...