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Politics : Ask Michael Burke
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To: Knighty Tin who wrote (89236)2/5/2001 10:02:21 PM
From: Logain Ablar  Read Replies (1) of 132070
 
Mike:

Here is a scorecard for you.

Sandy used another company to acquire Primerica (I forget the name but it was the one he acquired when he started this run after leaving AMEX. He acquired Travelers after Primerica (I used to work @ Aetna, the P&C part later acquired by Travelers and followed this a little bit). He actually started with a 25% investment in Travelers, put in his management (Bob Lipp and Jay Fishman) to stop the bleeding and then acquired the remaining 75%. Now the controller of American Can became the controller of Aetna (ouch for Aetna) and Jay Fishman became the CFO of Primerica.

I Actually ended up spending a lot of time from 84 to 86 in Houston @ a company called Geosource (it had been acquired by Aetna right past the oil peak). Transco had a tower @ the Galeria but moved to their separate building and Geosource took over the tower (part anyway) and renamed it Geosource tower. Of course that didn't last long.

Now Aetna had owned 33% of Geosource and Smith International made a bid for the company. Aetna could have taken the money and ran on its 33% but the CEO of Geosource convinced AET to outbid Smith (in 1983). Now after huge losses in 18 months Aetna sold Geosource to Gearhart (in FT Worth) and Gearhart ended up being acquired and yup the Geosource piece ended up being acquired by Smith (for a lot less then they were originally willing to pay).

I actually interviewed for a tax position @ American General back in 83. Didn't want to relocate out of balmy New England to Houston. I'd much rather drive in the 18 inch show storm were having today <gg>

Now is that a scorecard or what. All true except the 18 inches (maybe by morning that will be true, on about 4 more to go).

Tim
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