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...this is a deep aversion to--almost a loathing of--military force. For many modern Europeans, war is a ghastly, primitive business. (Every time I call my 95-year-old aunt in Britain, I get a little lecture on the evils of cluster bombs.) War is a last resort; those ready to use it quickly--or, worse, who appear to enjoy it--are not to be trusted. That's why Secretary of Defense Donald Rumsfeld, a folksy hero in the U.S., is considered a swaggeringly dangerous Rambo by many Europeans...
...grandma's tobacco farm. Ripplewood Holdings might be little known in the U.S., but the private-equity firm, based in New York City, is virtually a household name in Japan, thanks to a $2.5 billion shopping spree in which it has grabbed national jewels, including a bank, a golf resort and a record label. The current deal may or may not involve KDDI, the Japanese phone giant Ripplewood is reportedly negotiating with for purchase of its wireless units. In any case it's bound to raise another round of hysterical cries about a foreign invasion?a nice irony for those...
...Term Credit Bank, the fifth largest in the country. Last year it snapped up the biggest share in?and effective control of?Nippon Columbia, the 92-year-old record label whose name is synonymous with enka (Japanese folk ballads). Then Ripplewood bought out Seagaia, a sprawling golf-and-beach resort on the southern island of Kyushu that plays host to Japan's best-known golf tournament. Ripplewood also purchased Niles Parts, an auto-parts maker...
...Japanese companies always prefer to sell to other Japanese companies," says Dean Yoost, CEO of a PricewaterhouseCoopers division in Tokyo that advises on mergers and acquisitions. The foreigner is the buyer of last resort. That means the price is often right: Ripplewood paid $130 million for Seagaia (with a commitment to invest $100 million)?a total that is only 8% of the $3 billion it cost to build the resort, which opened in 1994. But Ripplewood faces a turnaround task that is the corporate equivalent of raising the dead...
...Collins turned Ripplewood's renamed Phoenix Seagaia Resort over to his fly-fishing buddy Michael Glennie, who had run the Boca Raton Resort and Club and the Waldorf Astoria in New York City, but who concedes that "this is a different challenge." Seagaia boasts five golf courses, four hotels and a convention center on six miles of Pacific coastline. It offers bowling, tennis and riding. It also has a water park called the Ocean Dome that costs $5 million a year to operate and includes simulated waves lapping at a beach made of imported crushed marble...