Word: weill
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...deals see little virtue in leveraged buyouts. Top executives go along with or even instigate buyouts because as major shareholders they stand to profit. The resulting companies may be leaner, but often they are also weaker, with little money to invest in expansion or innovation. Says Michel David-Weill, the French senior managing partner of the Lazard Freres investment firm: "The wave of leveraged buyouts is weakening the competitiveness of many U.S. companies that have fought so hard to regain...
...bolder the reach, the more it suits him. Sanford Weill, who resigned as president of American Express in 1985, has since made daring but unsuccessful bids to take over BankAmerica and the consumer-loan subsidiary of Manufacturers Hanover Trust. Last week Weill's persistence paid off. Commercial Credit Group, the Baltimore-based consumer-finance company (assets: $4.4 billion) he now heads, agreed to take over Primerica, a Connecticut-based financial-services firm that has three times the assets of Weill's corporation and owns the Smith Barney brokerage firm...
...billion buyout, to be financed mostly by giving Commercial Credit stock to Primerica shareholders, marks a triumphant return to Wall Street for Weill, 55, who built the investment firm that has become Shearson Lehman Hutton. What gave Weill his opportunity was a strategic miscalculation by Primerica Chairman Gerald Tsai, 59, who paid a lofty $750 million for Smith Barney just a few months before last year's crash. The debt he incurred in buying the firm became burdensome when Smith Barney's brokerage business sagged after Black Monday. Weill, as head of the combined firm, intends to sell Primerica...
...music, composed for this production, tends to work against the play's attempt to evoke '20s Chicago. Though jazzy, it sounds too much like '40s bebop. The scat singing between scenes is clearly not spontaneous. Not that Tec's music should sound like frequent Brecht collaborator Kurt Weill's, but it adds little and even detracts from the atmosphere...
Ranked just below David-Weill on the FinancialWorld roster were such eminences as George Soros, 56, president of Manhattan's Soros Fund Management ($90 million to $100 million); Richard Dennis, 38, a partner in Chicago- based C&D Commodities ($80 million); and Junk Bond King Michael Milken, 40, senior executive vice president of the Drexel Burnham Lambert investment firm (up to $80 million). Not far behind, at $65 million or so, was J. Morton Davis, 58, chairman and president of D.H. Blair, a Manhattan investment bank that specializes in stock offerings for health-care firms...