Phillips

Strategic Concepts & Mechanics

Strategic PatternProcess of Bites, Not Grand Plans Decision FrameworkCash Flow Over Earnings as Debt Survival Test Relationship LeverageHighly Confident as Substitute for Actual Capital Capital StrategyInterest Deductibility as Leveraged Assault Fuel Competitive AdvantageNOL as Bidding War Nuclear Option Signature MoveSpeed-of-Sale as Debt Survival Doctrine Signature MoveLawyer as Deal Principal, Not Hired Gun Signature MoveParis Apartment Discipline Signature MoveAll Debt Disguised as Equity Cornerstone MoveBuy the Whole, Sell Everything But the Crown Jewel Cornerstone MoveBlind Pool Before the Target Exists Cornerstone MoveBribe the Gatekeeper, Storm the Castle Cornerstone MoveBankruptcy's Tax Corpse as Acquisition Weapon Competitive AdvantageTax Arbitrage as Structural Weapon Operating PrincipleProfessional Manager Decay Across Generations Risk DoctrineNever Cut Back a Committed Deal Signature MoveMilken: Four-Thirty AM Cathedral-Builder With No Office Capital StrategyVenture Capital Masquerading as Debt Signature MovePeltz: Spittle-on-the-Check Persistence from Near-Broke Signature MovePerelman: Borrowed $1.9M to a Boeing 727 in Seven Years Cornerstone MoveManufactured Credibility from Thin Air Decision FrameworkContra-Thinking as Default Mental Operating System Identity & CultureForced Savings as Loyalty Handcuffs Cornerstone MoveCash Flow Over Earnings as the Only Truth Cornerstone MoveBuy the Core, Sell the Pieces, Erase the Debt Signature MoveKingsley: Mount Everest Desk, Twenty-Year Sounding Board Signature MoveIcahn: Wrestling-a-Ghost Negotiation Until the Last Penny Cornerstone MoveOwner's Equity as the Non-Negotiable Discipline

Primary Evidence

"“In the end he gave in because the Phillips people dug in their heels,” said Anthony James, of Donaldson, Lufkin and Jenrette. “The Phillips board had authorized a maximum of $ 25 million, and they weren’t going to meet again. So it was take it or leave it. That’s the only way to deal with Carl. You have to cut off your avenues of retreat. Otherwise, he’ll just keep nibbling away at you. Carl will fight endlessly for the last million, the last half million. He will fight for the last penny.”"

Source:The Predators' Ball

"“In the end he gave in because the Phillips people dug in their heels,” said Anthony James, of Donaldson, Lufkin and Jenrette. “The Phillips board had authorized a maximum of $25 million, and they weren’t going to meet again. So it was take it or leave it. That’s the only way to deal with Carl. You have to cut off your avenues of retreat. Otherwise, he’ll just keep nibbling away at you. Carl will fight endlessly for the last million, the last half million. He will fight for the last penny.”"

Source:Predator's Ball

Appears In Volumes

The Predators' Ball Predator's Ball