Word: raider
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Dates: during 1990-1990
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Wall Street is even more concerned about the company's problem loans at home. In the wake of the bankruptcy of Canadian raider Robert Campeau in January, analysts began to worry about Citicorp's high-risk loans for corporate buyouts. Another problem area: nonperforming real estate loans, which rose by 112% in 1989, to $1.3 billion...
Erstwhile raider T. Boone Pickens exuded confidence last week as he arrived at the annual meeting of Koito Manufacturing, the Japanese auto-parts company with which he has been sparring for 16 months. Three hours later, he emerged red-faced and angry. "An absolute farce," fumed the 62-year-old Texan. Koito managers stonewalled Pickens even though he holds a 26% stake in the company. "Give me a chance," pleaded Pickens, demanding seats on Koito's board. But Koito shareholders voted down his demands. Company managers claim Pickens is only acting as a front for a Japanese greenmailer. "I invested...
Wisconsin-based G. Heileman Brewing had been enjoying heady success until Australian raider Alan Bond took over the company in 1987 for $1.6 billion. Bond's empire collapsed two years later, leaving the brewer swamped with debt. Heileman is now attempting to give creditors an equity stake in return for loan relief...
...Macy's has been reeling from interest charges on $3.7 billion that it borrowed in 1986 for an LBO. The company's woes worsened last Christmas, when it tried to match desperate markdowns at the bankrupt-bound Allied and Federated department store groups -- the properties of debt-driven Canadian raider Robert Campeau. The problems of retailers were underscored last week when Ames Department Stores, which entered bankruptcy in April as a result of an ill-fated $800 million takeover of the Zayre chain, said it would shut 221 stores and lay off 17,500 employees, or nearly one-third...
...overleveraged structure built on swagger and bluff. His creditors have suddenly demanded proof of his financial prowess, and he is coming up short. "He's a desperate man. Everywhere Trump is walking, there's a fire under his feet," observes Irwin Jacobs, the Minneapolis financier and sometime raider. "It shows how quickly things...