Word: zellerbach
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...controls Cavenham holding company, Paris, where he owns the magazine L'Express, and New York City, where he watches over his Grand Union grocery-store chain. Goldsmith, 52, last week added another stop to his travels: San Francisco. He emerged victorious after an eight-month battle for Crown Zellerbach, the $3 billion California-based paper and forestry giant, and was named chairman of the board. Goldsmith now controls 51.3% of Crown's 27.4 million outstanding shares, and his investment partnership, General Oriental Securities, will get six of eleven seats on the board of directors...
Goldsmith says he went after Crown Zellerbach for its almost 2 million acres of timberland holdings. Said he: "It's a huge gamble, but in the long run the price of timber will rise." Some industry observers think that he may restructure the company, keeping the forest holdings but selling off pulp and paper mills. In 1982 Goldsmith purchased Diamond International, another timber-products company, and then sold off pulp, paper and other divisions for an estimated $500 million gain. SCANDALS $10 Million in Back Taxes...
...version of Four Saints in Three Acts, the 1934 surrealist collaboration between Virgil Thomson and Gertrude Stein. This production, which blends dance, mime and slapstick in the fanciful Morris manner, had its world premiere in London in June, and will make its eagerly anticipated U.S. debut at Zellerbach Hall in Berkeley, Calif., on Sept. 21. Michelle Yard, a much-admired addition to the Mark Morris Dance Group, is St. Teresa, and word is that she, pictured above with John Heginbotham, dances like, well, a saint...
...earned the label "Neutron Jack" for closing plants and laying off workers. He's a prince compared to "Chainsaw" Al Dunlap. A West Point graduate and former paratrooper, Dunlap struck like Sherman and crowed about it. At Lily Tulip he fired 50% of the corporate office; at Crown-Zellerbach, 20% of the work force; at Scott Paper, 11,000 employees. After firing 6,000 at Sunbeam, Chainsaw himself got axed by a pair of fire-breathing shareholders: Ronald Perelman, never mistaken for Mr. Congeniality, and Michael Price, a.k.a. the "scariest s.o.b. on Wall Street"--at least to CEOs...
...than $200 million on paper with his stock and stock options since Sunbeam shares began to slide last March, and his once vaunted reputation as a turnaround phenomenon is in tatters. That reputation is what landed him lucrative assignments, including previous stints as CEO at Scott Paper and Crown-Zellerbach, plus a high profile that he reveled in. It also put his book, Mean Business, on the best-seller list in 1996. That tome became a bible for those who followed Al's dictum that "the most important person in any company is the shareholder...