Word: whitney
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...cannot get funding from bank loans, new stock issues or other conventional sources. They also usually seek out firms in the forefront of a new industry. The odds may be long, but the return can be high. Says Donald Ackerman, 47, senior partner of New York's J.H. Whitney.& Co.: "One large winner takes care of a lot of mediocre situations and even an occasional loser. This is not a game for little investors...
...work of these bankrollers does not end with an investment of $1 million or so in start-up money. They must then spend perhaps five to seven years nursing along the company with judicious management assistance and usually additional money. In 1969 Whitney helped start Storage Technology Corp. of Louisville, Colo., with an investment of $500,000. The company, which makes advanced computer accessories, had troubles for years until Whitney put one of its people on the company's board. Five years ago, Storage Technology's business finally began to grow as expected, and today it has annual...
...steel fortunes of families such as Rockefeller, Whitney and Phipps provided the bulk of the money for the venture capital market until the early 1960s. The Phipps family's fund, Bessemer Venture Partners, was an early investor in International Paper and Ingersoll-Rand. Laurance Rockefeller in 1938 helped start both Eastern Air Lines and Douglas Aircraft. When younger members of the Rockefeller family decided that they wanted a part of the action, a broader risk fund called Venrock was created in 1969. It has since made lucrative investments in both Intel, a successful semiconductor manufacturer, and Apple Computer...
...artist in particular, though, did change-and was not thanked for it. He was Philip Guston, whose retrospective of 106 works spanning 50 years from 1930 to 1980 is now on view at the Whitney Museum in New York City...
...paper tiger. Defense contractors can produce weapons even at today's slow pace only with ruinous cost overruns. The contractors blame the military for constantly revising plans; the Pentagon blames the contractors for slovenliness and inefficiency. Meanwhile, production lead times stretch out: the order-to-delivery time for Pratt & Whitney's F-100 aircraft engine, for example, has lengthened from 19 to 38 months in the past two years. Experts warn that the industry does not have the capacity to build arms at the pace that Reagan wants. General Alton D. Slay, head of the Air Force Systems Command, told...