New York Stock Exchange

"By 1980, soaring interest rates were already causing bondholders to suffer. So, in order to keep luring bond buyers into the market, Milken and Joseph came up with newfangled pieces of paper over the next several years. High-coupon, high-premium convertible bonds (if the related common stock declined, the high yield would offer significant downside protection). Bonds with warrants. Commodity-related bonds: four were exchangeable into silver, one into gold, two had returns related to the price of oil, and one had a coupon which would increase based on the volume of trading on the New York Stock Exchange."

"Peltz appeared to share little of his bankers’ anxiety. In mid-1985 he purchased through Triangle a $2 million apartment in Paris. “Mike made him put it on the market,” commented one Drexel investment banker, “which was the right thing to do. We have a responsibility to our bondholders. What’s he going out and spending the company’s money like that for, when he’s got this mountain of debt?” By the beginning of 1986, however, the first good news was in (and Peltz took the apartment, still unsold, off the market). National Can had had a record year in 1985; its earnings (for April 17 through December) were $162 million, up from $68,775 the year before; Triangle’s stock had quadrupled, making it the third-best performer on the New York Stock Exchange. With interest rates down, Peltz and May were refinancing the company’s acquisition debt, meaning they were paying down that debt and replacing it with newer debt at lower interest rates. And their combined personal stakes in the company had gone from a market value of roughly $8–9 million when they purchased the controlling block of Triangle stock, in 1983, to about $34 million. Adding in a premium for control, which would have been present if they were to sell their block, it was now worth more than $40 million."

"By 1980, soaring interest rates were already causing bondholders to suffer. So, in order to keep luring bond buyers into the market, Milken and Joseph came up with newfangled pieces of paper over the next several years. High-coupon, high-premium convertible bonds (if the related common stock declined, the high yield would offer significant downside protection). Bonds with warrants. Commodity-related bonds: four were exchangeable into silver, one into gold, two had returns related to the price of oil, and one had a coupon which would increase based on the volume of trading on the New York Stock Exchange."

"That January morning, Leonardo is going to ring the opening bell at the New York Stock Exchange, to celebrate the debut of his Luxottica on the most important stock market in the world. "An unforgettable day," recalls Chemello, who keeps all the preparatory documents for the listing in his office in downtown Belluno, the highest point of his career at Luxottica. The story of leadership in the sector also counts a lot in that choice. Leonardo goes to prove to the entire world that the son of the Martinitt has conquered the summit, he is number one. His "factory" is the largest company in the world in the production and sale of glasses. It controls about 10% of the global market. But few know this, many are unaware of it, some still don't want to believe it. Del Vecchio, on the other hand, started decades after his major competitors; he began as a small subcontractor, he never flaunted his conquests; he has overtaken or purchased rivals with an insatiable necessity for growth, without going around telling of his victories and expansion."

"tion of the $6.14 billion it would be worth by mid' 1993. The family never sought to buy even a majority of the stock. After all, it was a New York Stock Exchange traded issue. As such, it gave them the flex- ibility to sell shares as needed to raise money for other opportunities, and to buy them back when the price was low. Besides, the goal was to manage the investment for a high return, not to own everything. The Tisches weren’t megalomaniacs."

"For Frontline shareholders, the adventure continued. Even though the share price tripled through 2003, it rose a further 50 percent in the first quarter of 2004 when dividends are included. Those who thought the party was over then were wrong once more. The freight market was exceptionally strong throughout the winter, so the Frontline board could announce yet another record dividend for the first quarter, totaling 350 million dollars, nearly 2.5 billion kroner. And so it continued, each quarter. 100 million dollars, 200 million, 300 million dollars, combined with the distribution of more and more shares in Ship Finance, which could be sold on the New York Stock Exchange. No one could be more shareholder-friendly. A key reason that money could continuously be distributed was the lack of major expansion plans. Frontline was almost passive in the newbuilding market and did not need to hold capital in reserve. The man who had planned to think big, bigger, biggest all his career had begun to reap the benefits."