[Music] [Music] [Music] morning Ross morning sir thanks much oh Mr Downer I'm starting to S subscriptions to this Saturday evening post can I put you down for one I'm not much for magazines how about if I give you the first month free and a week's free newspapers Ross Johnson you could sell ice to an Eskimo I'd sure give it a try thank you [Music] sir [Music] [Music] yes Mrs valiano FR Ross Johnson Peerless child photographers no thanks even if you don't want any pictures I got to tell you I see babies all day long but that is one exceptionally beautiful child can I ask her name Marvin what can I tell you he's pretty enough to be a girl you know that being the case I'm going to offer you give you as more like it a set of six pictures and an ordinarily $5 Walnut frame offered just the one price of 298 tell your mom you want your picture taken Marvin well there you go you heard it from his own lips oh well Ed Horan there tell him it's Ross Johnson Ed can you hear me it's raw did you get the tape yet ah great I'll tell you when make sure somebody keeps the Senator's glass full we'd be there in a jip [Music] not bad for a newspaper from Winnipeg not bad at all what do you think you want to fly to Palm Springs when this is over you want to wait and go in the morning in the morning wouldn't mind getting an hour's sleep you're getting old one of us has [Applause] to Johnny nice to see you here had a great joke for you is well I hope you like it as much after you've heard it seems this lady got stung by a bee on the golf course any of you guys heard this no go ahead all right well anyway she gets stung by this P she goes to the doctor and the doctor says just exactly where did it bite you and she says between the first and second hole and he said no kidding you must have a pretty wide stance all set with the cap oh great great this crowd is going to go B honey honey go rescue the mayor his wife's starting to talk to him poor John how are you Lor your face gets any longer I can practice putting on It come on head you leave my boy alone just this kind of spending is crazy Ross oh John the company's making so much money we're [ __ ] green hell this all comes out of petty cash Showtime listen up everybody I can I have everyone's attention here please I want to extend a warm welcome to everyone here tonight on behalf of RJR nisco from our chairman Charlie hugall Ed Horgan president of our tobacco Division and if you think his numbers are good now just wait till people start buying premere and of course Johnny grenness president of nisco from each and every one of us all the way down to me now soon as these guys up here take care of business I'm going to have a little extra treat for you in case anybody missed the 6:00 news or might have spent the day on Uranus but no matter how this little Donnie Brook turns out we're all winners here tonight right Ed that out your stock go going up and have a great time there's plenty of booze and if you don't think so you're just not trying hard enough so enjoy the fight thank [Applause] [Applause] you opponents at the good fight [Applause] huh [Applause] fight he's not going to make it it's all [Applause] with his win today primary Governor appear head certain Victory to head the Democratic ticket come November well in the New Jersey Federal Court today it was a victory of sorts for widower Anthony chipone chipone had sued for Millions claiming cigarettes were a contributing factor in the death of his wife a LIF long smoker tobacco companies breathed a sigh of relief when today's jury cleared the industry of any responsibility and awarded the widower the relatively small amount of $400,000 in Damages a tip for Tony chip alone [ __ ] the [ __ ] stock hasn't budged de not one [ __ ] point I thought the chip alone decision would pump a little sunshine up our skirts we're still stuck in the [ __ ] 40s thanks any [ __ ] time I everybody's picking it up did you see the hatchet job in Business Week RJR low stock price Tobacco Company declining performance executive extravagance I love this CEO F Ross Johnson routinely presses $50 bills into the hands of wine stewards I saw that $50 bills jeez it's been years since I tipped that little hey you let them [ __ ] all they want about the stock Ross wait to premieres hit the market yeah where are we on the test results oh week 10 days the latest they're going to be great trust me they damn well better be put a rocket up Winston Salem's ass with you so we get them ASAP okay you got it I'll see you in the springs part all right hi there cutie how you doing p what did you do did you sneak up here from coach you don't mind do you mister I just can't keep my feet off of you easy lore not in front of do see all of you out here tomorrow when the Tournament begins H we're going to have a great time you do a good job for us having fun you look like death on a biscuit well I'm not convinced at all great party last night how would you know I must have really been wasted I didn't realize these watches you were giving out Gucci you fly abisco you go first class you have a good one Jay John forget what all this cost this Bunch this weekend how many supermarkets do you think they own between what 8 9,000 well every time one of these guys gets home and he shows off his Gucci and his free Polaroid and his picture with Arie and Reggie who's merchandise do you think he's going to put on his shelves lighten up John Boy every penny you think I'm pissing away here comes back to us dressed up like a nickel Don Ira let's go let's Tee It Up terrific turnout Ross you do it better every year thanks Ira can we talk for a second just for a second my shareholders will get nany as hell about the price of their RJR stock I mean the way it's just laying there tell them to stop breathing down my shorts okay soon as we introduce Premier damn stocks going to go through the roof and tells me that the test results are going to be Dynamite well that'll sure help take some of the pressure off all we want you to do is make us as rich as possible us that's all we're asking or you'll find somebody else who will right and there's one sure way you might want to look into it's worked well for other companies screw those lbos if that's what you're talking about you know how much money Don made on his you're telling me you wouldn't want a 400 $ million payday $400 million r h Ira they can only bury you with one set of golf clubs there's no question that he could do for you what he did for me I know he'd be delighted to work with you why Henry krais because Henry's the best he was the first to do a company buyout he practically owns the patent on the process what kind of fee does he get what was his cut for setting up your deal 1% $45 million 1% your ass come up in the world a it on a Safeway buy out he and his cousin George pocketed 60 60 million a piece those guys aren't careful they're going to get seriously Rich they can do the same thing for you Ross and the stockholders oh the hall yes next time you in New York why don't I stop dinner with him I know youd hit it off no offense Don but uh we're talking about buying out RJR and abisco here we're talking astru how Astro are you thinking Henry has the ability to borrow as much as $56 billion makes your 400 million seem a little like P money doesn't it well every little bit helps Ross every little bit helps how with you well we each ow Don three bucks I hope this puts the son of a [ __ ] in the higher tax bracket good evening sir right in there come chis Ross Don it's nice to see you again it's good to see you will you have a drink sir Scotch and Soda no ice no soda thank you sir be it ever so humble huh the guy must have had a hell of a week Ren one ballpark 20 30 milon is that with the frame uh mon yeah right T up Henry say hello to Ross Johnson Ross nice of you to come well listen Henry if there's anything you need if you're hurting in any way at all all you have to do is ask the thing is it looks like a normal cigarette only when you light up a Premiere it's completely smokeless totally near enough the point is that it produces absolutely no tar or any of that other fun cancer stuff if you sell it as a safer cigarette AR you admitting your other brands are unsafe it is safer of course we can't say that but price you get more carbon monoxide from a New York bus going by than you can from any cigarettes uh maybe just a little more chicken it's rabbit oh I'll have the ears too when you get a chance you're counting on Premier is getting your stock up obviously nothing else has made it move it's a [ __ ] I've got the best company in the world and not just because I'm in charge you could put your crazy old ad in and she could run to visco you know our food assets are unbelievable kids pop out of the womb asking for Oreos and it doesn't make one damn bit of difference in the price of our share people still think of us as only a tobacco company they're so scared we're going to get sued out of existence it just murders us there is a cure for that a that lbo stuff's way over my head Henry I just can't follow it you don't have to bankers and lawyers work it all out well all I want from Bankers is a new calendar every year and all I care about lawyers is they're backing their cofin before the sun comes up everyone benefits from management takes over it's simply a question of arriving at an attractive price to pay a stockholders to buy out their shares I'd work with you the same way we did with Don some of the money we borrow some we raise from the public sale of Securities we pay off the debt incurred in buying the company with cash from its ongoing operation and by selling off pieces of the business that's French for firing people isn't it Henry as few as possible of course few dozen 10,000 as I said as few as possible I couldn't do that I couldn't live with the Fallout I take care of that yeah I don't shave your face in my mirror every morning all that aside I've never been a big fan of debt debt can be an asset debt tightens a company does wonders for the sphincter too why don't I have some of my people take a look at your numbers get an idea of the value of the company something to base a bit on well tell me one thing if we did do this thing together who'd be in charge who' run the business how does that work ask Don I run my company Henry and his cousin George are the majority owners but they maintain a a total hands-off policy what's the catch the catch is we like people who know what they're doing doing it for us we think you're one of those people Ross I like smoke damn it 10 percentage points when just two weeks ago dcus was ahead by 17 in New York further shock waves hit the financial world as investigated revealed that junk bond specialist Michael milin whose earnings this year top the $500 million Mark and 26 other members of milken's investment firm of Drexel Burnham lomber were owners of a stake in the company owned by Dethrone Financial wizard Ivan bosi bosi convicted on charges of insider trading was recently sentenced to 18 months in jail and finded a record $100 million you know the three rules of Wall Street never play by the rules never tell the truth and never pay in cash they earn their money the oldfashioned way they steal it Ross you promise you won't think I'm stupid of course not although I have been known to break my promises there's just so much about this I don't get insider trading junk bonds even this bio thing you're talking about sweetheart half the people involved don't know what's going on the buyouts aren't all that hard really basically all a buyout means is that management the team that runs the company they buy out all the shareholders and the company goes from being public to being private doesn't that take a ton of money that's where the kravis types come in they help you borrow what you need against the assets of the company and they use the business as collateral so it's just like mortgaging a house I hate to tell you this babe but you got a lot to learn about being stupid now the problem is you get guys like mik Henry as your partner and they're two miles up your ass with a power tool making sure you do things their way you got to see that apartment makes Buckingham Palace look like a Burger King nobody gets that rich letting anyone play co- good with him how you going to handle that nothing to handle there's no way I'd hook up with Henry kravis now if we ever made a deal he'd have my desk in the men's room and 5 Seconds flap all we have to do is just stay cool until Ed gets the test results on premieres you watch you just watch those babies are going to turn the whole company around now of all the people we interviewed 86% approved of the idea of a smokeless cigarette and 41% said that they'd be willing to try at least two packs before deciding whether or not to switch brands of those who had given up cigarettes 73% responded favorably to the idea saying that they would seriously consider smoking again if they could be positive that the cigarette that they were smoking was absolutely smokeless now 8% of that group sampled at least one premere to give us their opinion of the product bottom line well of all the groups we tested the response to Premiere was just about uniform mhm they all said they tasted like like [ __ ] like [ __ ] [ __ ] was the consensus yes sir they all said that nobody liked them fewer than 5% you said you heard the results were terrific well there's nothing wrong with 5% Ross I'll take 5% of the smoking Market any day of the week how much are we in for up to now to date to date to here to now upwards of 350 we've spent 350 m million dollars and we' come up with a turd with a tip God Almighty Ed we poured enough technology into this project to send a cigarette to the moon and we come up with one that tastes like it took a dump we haven't even talked about the smell what did they say that was like a fart yeah oh you're not serious they really said that we've got an awful lot of fart figure sir yes taste like [ __ ] and smells like a fart got ourselves a real winner here it's one goddamn unique advertising slogan I'll give you that $350 million what the hell's wrong with that I don't smell anything that's not the way to find out sir you see if you light a Premiere with a match instead of a lighter the sulfur reacts badly with the carbon in the tip do we have to have the carbon that's what makes it smokeless well how do we get it shitless but I'm hard to say I mean give enough time we we don't have any time we've announced it coming out this year you insisted on it because you did because you said they'd be ready well they are ready they just need a few adjustments Almighty Ed I don't have to tell you what's writing on these goddamn things and what the hell wrong with the draw you need an extra set of lungs just to take a draag it is a little difficult a little difficult it's what we call the hernia effect is that what we call it well there's another great billboard for you what do we do we give away a trust with every pack warning this cigarette can tear your balls off they're not so bad stop jerking off Ed who the hell would sneak into a John to smoke one of these wherever you light one up you're in the [ __ ] house and I'm beginning to get the same feeling myself how do we break it to the board some of them can't wait for you to make a slip like this you know that they just love to nail your nuts to your forehead don't sweat it I just may have something more important than premieres to tell him you got something up your sleeve I'm going to buy the company you're not serious just watch me get my wife at Palm Beach try Elizabeth ardens tell her to pack for New York no never mind call the plane tell them instead of Chicago we'll pick up Mrs Johnson in Florida then would you get Jim Robinson at American Express no no try his apartment in New York Mrs Johnson please Mr Johnson also Charlie hugle and Soul at the chosen Hotel March has a number in Atlanta you sure Ross it's that bad trust me okay we huffed we puffed we came up with a filtered Ed I could i' burn every last one of them except you can't even set fire to the [ __ ] so you are going to buy the company is that what you're saying it isn't the premier's Laur I got no other choice the stock just won't budge even though you're sure he'll take over wait talking about the company Henry kravis who said anything about Henry kravis Robinson's residence Jim is this a bad time no no just dressing going to a charity dude what's happened are you serious that is one tremendous stop Ross really tremendous but tomorrow's fine absolutely Oh Come ahead now we'll be in Connecticut the whole weekend this is terribly exciting I can't tell you how pleased I am that you thought to call me first this is impossible I give up kiss your good lady for me I certainly will I Linda better move it sweetie two seconds Jam third can of that was Ross he's uh got a little project he wants some help with oh he wants to uh buy out RJR abisco what a low stock price is not the end of the world R Us I mean buying the company is like shooting your arm off to get rid of a hang D Jim's not about to steer me wrong on this Charlie not as a friend and not as chairman of American Express but they're controlling interest in shearon he's going to be looking over their shoulder the whole time are you okay I can hardly hear you I said there's no way you can pull this off without putting the company deep into debt are you ready to cut back on all the perks all the planes the apartment in New York the house in Palm Beach you really want to turn your life around I'm not doing this to become a homeless person Charlie or planless either but just leave all this to me try to have some fun over there get out of your room go enjoy a [Music] ker are you sure you can't come by I'd love to show you my new sketches I can't Caroline really Jim are they there okay 2 minutes I'm on my way got to run big business even God rested on Sunday Linda she didn't make salary kiss Henry for [Music] me I'm sorry everybody nothing like being late to your own house good ride great only got two goals H what you need is an unlisted horse shall we s wanted you sit there lovely thank you thanks sir oh I think Henry's taken out a contract on the sky Henry cravis he's just down the road big hunter are Henry okay tell me tell me Well Ross has agreed to let sheers and Leman raise all the money he needs for the buyer oh Ross that is so super it just seems right you guys are like family you call Peter I a call in to him now Peter yeah Peter Cohen he runs sherson for Jim he is tromping at a bit to put off a deal like this one I mean Peter is ready are you saying he's never done a buyout before no no he's done one nothing this big but the procedure is the same I mean first you lay out the terms that you're looking for for yourself and all this and then you make the company's records available Peter and his people go to work and come up with a proper bid for you to make I mean he can outline the whole deal probably when you're down in Palm Beach can he do it in 3 weeks I'd love to Spring this at the next board meeting don't see why not uh Ross could I pitch my firm to handle a PR for you or am I being too piggy I was saving that for dessert hello Peter hi hi hi conso your life for the next couple of weeks fella you've got a lot of work ahead of you now hold on it's all going to happen that fast it has to happen fast fast and quiet confidentiality is critical if this hits the Press you'll have a Feeding Frenzy on your hand one word gets out about this company being for sale and everybody and his brother is going to try and buy it or everybody in his cousin [Music] [Music] [Music] [Music] Happ we're just going to give you the broad Strokes okay the whole deal the actual document is taller than my son Tom RJ arabis Shares are trading presently at 53 and E the highest they have ever been was in the neighborhood of 71 which is where they really belong our proposal is come Wednesday's board meeting you make an offer to buy the company at $75 a share 75 Jesus that sounds High it is high that's the idea it's got to be attractive as hell and still makes sense to us of course well how much would that come to at 75 a share how much would we need to raise we'll be looking for $17 billion that is one piss load of money exactly we'll be throwing the kind of numbers at the board that no one else possi sh we're knocking out any and all conceivable competition but at that price with that kind of debt load how long is it going to be before your bean counters start trying to pair down the company expenses telling me how many jets I can have and all that nickel nursing crap never you run the company the way you want you're talking total control absolutely we'd never expose our investors to that much risk if we didn't think your expertise wasn't going to get it all back for them I'd have to borrow an extra ass to work off to do it I can tell you that using the requirements what you gave us as the basis for your deal this is what you personally stand to make over the next 5 years once you take over RJR Nabisco are these figures for real could be even more it's awfully Rich Ross and it makes the deal much more diff difficult I'm sure you wouldn't want to advertise those numbers to anyone of course I don't think a Sky Rider would have enough smoke for them all do you you're going to do extremely well especially when these guys come out right may I yeah here here here what is that taste what is that taste what does this taste like we're working on it I hope you didn't pack too much honey we'll only be in Atlanta for the board meeting La what's the matter I think it stinks did you know people in the company were calling me cupcake behind my back I'm fixing them babe I'm working on a deal in Florida to get you an honorary degree honest to God bet your ass from now on they're going to have to start calling you Dr [Laughter] cupcake oh you think he's coming down with something poor Rocco you all [Music] [Music] right rj1 passenger Mr G Shephard is on board we're ready to roll rj1 cleared for takeoff give our best to Mr [Music] Shephard poor baby you'll be a lot happier back in [Music] Florida Jim heart of hearts bottom line you you really think Peter can pull this off something this big oh I figure we'll be okay with my head on his shoulders your head on mine if I didn't think so I wouldn't be this relaxed you worried worried but I'm going to pull off the biggest deal in history that it's going to kill Henry kravis to find out that everybody else on the street isn't just [ __ ] [ __ ] what's wrong I just realized what they taste like what are you thinking what am I thinking I'm thinking my lapels are too wide my hair is too long I was born with the wrong fork in my mouth but if all goes well tomorrow this paper boy from Winnipeg is going to own the 19th largest corporation in America if I'm lucky do I get to kiss your ring well that's just good place to start is any Mr grenis is here Johnny well Johnny what do you think they arrived just as I was leaving it's uh it's an awful lot to take in ah that could wait now I got something really important to tell you well more important than proposing that we sink $2 and5 billion dollars into expanding our bakeries Cookville that's a great name Ross great name it's all so wasteful it's completely unnecessary a $10 million computer to bring the onion bits to the mixing dough when all you really need is one guy with a forklift I'm going to let you boys work this one out good luck later Ross my money's on you thank you now just cool it a minute Johnny can I get you a drink you want anything I'm fine I'm good good is cotton stockings next to great John I'm going to make you rich you already have r no you just think you are all that changes today sit down partner come on sit down are you ready yeah I'm going to buy out the company I had no idea going to wrap it up in a week 10 days at the most and you're doing this with just Ed and three others from management right why not everybody why didn't you include all of us John if this deal goes through the debt load just might force a few divisions to go on the block now obviously I can't have Partners owning the company with me who aren't even going to be with the company can I you're not going to sell off Nabisco well I'd rather not if I don't have to my God Ross how can you do this in in one breath you're talking about expanding the company and then in the next one you're talking about ditching it whatever happens you're safe John I after the incredible way you've run the food division there's no question about whoever buys it it's going to keep you on hey if you're not happy with the new brass with your Severance deal plus your what uh 50,000 shares in abisco you could walk away with 7 million bucks maybe more more we're not talking just [ __ ] you money John Boy we're talking [ __ ] everybody money [ __ ] everybody right Ross [ __ ] everybody wish me luck I just pray you get it I really do thank you John I appreciate that Mr chairman members of the board I don't have to tell anyone here that RJR nisco has remained wildly undervalued despite our steady yearly profits despite your management best efforts to increase shareholder values now after a great deal of study after exploring every conceivable option we feel that the best possible way the only way to uh recognize those values is through a leverage by oh that's softly radical isn't it Ross the wolf isn't exactly at the door around here I'm not pushing the panic button Fon I'm simply offering it as the one option that best looks after after our shareholders you don't think the shares will get a big boost once we start selling premieres they's still a crap shoot I'm talking about a bird in the hand I'm talking about putting a mountain of money into everybody's pocket right now you believe what you have in mind is doable absolutely and at a figure much higher than the stock is selling for today what stage are you at how how far along is this gone I can only tell you that if the board gives us a green light we would be in a position to wrap it up very quickly I'd say in a matter of days we'd want to be sure the number you're thinking about is not frivolous you'll have to Define frivolous for me Mr chairman well I'd say your offer has to be north of the highest price this company's ever traded at would you say that $75 a share meets that Geographic requirement well I suggest you and your group leave the room Ross so the board can discuss your proposal thank you Mr chairman thank you all and Happy reading that was a good job buddy keep everything crossed thought was a perfect pitch Ross perfect you're not nervous are you hell no I always take a leak with my flight club the lbo according to the company's official release would be the largest Takeover in corporate history in a surprise move the company's chief executive officer F Ross Johnson today offered his stockholders 17.6 billion for their shares of RJR nisco suppliers of such famous products as Oreos camels Winston's and Salems $17 billion now that's cigarette money now Charlie threw me a real curve putting out that goddamn press release so fast I mean how the hell could Peter Co not have anticipated in$ 17 billion for Christ's sake it's like trying to sweep a ton of elephant [ __ ] under the carpet can't believe we're off to this kind of start have you talked to Jim you're damn right I have his ass is on the line too if sherson blows this he has his own board Dancer too my God is your TV on Senator you're no Jack Kennedy which CH the that was really uncalled for Senator as I said earlier we are at the corporate headquarters of RJR Nabisco the all important board meeting is happening right now as we Circle the building Henry morning George morning 75 a share do you believe the gold he's trying to steal the company they're going for a slam dunk he's trying to pull it off before anyone else can come up with another bid I was the one to give Johnson the idea for a viot in the first place laid it all out for him I mean there has to be some minimal appreciation on the man's part for how the system works some respect for the Rubes first time in the jungle I guess I'm not giving him any points for innocence he got the art of the double cross down real fast and of all the people in the world why Peter Co Sheron has no real experience with leverage biots sure it's held on stock with the biggest one ever it's because of Jim you figure where it is Johnson's hired Linda to do his PR is that a fact or just a rumor rumor is just a premature fact Henry Linda it just doesn't make sense you didn't sew up the deal before you disclosed it I mean why' you leave us also vulnerable isn't anybody listening I didn't disclose it Charlie hugle sprung that press release all on his own think you should have anticipated it and frankly so do I no offense but I'm not running the pr on this deal am I Charlie is advertising he's fishing hoping somebody will come in and top Ross's offer never nobody else is going to step up with a higher number nobody else has the muscle nobody but Henry he'd never give Ross what we have you got a picture of Henry allowing Ross total control of the company trust me in a week this is a done deal Mrs Robinson online too Linda Henry you just floored us with this RJR thing are you aware that we gave that idea to Johnson in the first place and we're not going to sit this one out on the sidelines you understand that I I do Henry I want you to make that very clear to everyone and I want to hear back as soon as he's pissed tough he said he's not going to sit on the sidelines he only has to sit there a few more days he said he's the one that gave Ross the idea for the leverage Ross decided to go with us so elbio are his game Peter he invented them and it's clear he doesn't want you playing in his sandbox I'll make a note to be scared come on will you what can he do about it why don't you meet with him and find out why don't I find out and then meet with him Henry is not a man you stone wall not Henry kravis not KKR you're going to need to raise a lot of money Peter what does that mean Henry could be very helpful I'm not even in the water yet and you're calling for a life you're going to have to meet with him Peter at worst it's simply good politics Linda Ross is up from Atlanta my guess is he flew up under his own steam see you later Jim why the hell does anyone have to meet with him at all Jim thinks its best and so do I why what does any of this have to do with Henry kravis a million people talk to me about doing an lbo so he was the first am I supposed to send Thomas Edison two cents every time I turn a light on I just don't understand the purpose of meeting with him that's all I mean Henry kravis isn't a pope for Christ's sake or did he buy up all the shares in the Vatican too we have have to gauge his intentions see if he's going to stay out of it or if there's some way he can be a part of this that can be to our mutual Advantage then I'm the one to talk to him better for Peter to do it he and Henry speak the same language hell I speak [ __ ] I picked it up my first day in New York Ross trust me how are you Henry George Peter I'm trying to stay alive till my kids graduate you mind aren't they really better after dinner I'd be very surprised if you ended up buying RJR nisco at 75 Peter why is that we've been looking at this company for a long time 75 is cheap very cheap it's what Ross wants we're just setting up the financing for him and what's Sharon getting out of it a normal payoff nothing special what does that mean 5 10 15 30% of the company what in that range and what's Johnson's deal also somewhere between Z and 100% how much of the company will he own obviously those figures are confidential we have to be in on this Peter you understand I didn't give this idea to Johnson just so he could send me an up yours card maybe there's some way we can work this out work it out how well there are a couple of options we can compete that would drive the price up and make the debt so high nobody could afford to win or you could sell as Ross's Food business take tobacco for yourself we're not looking for partners well in that case you could just step aside what are you kidding me you want us to step aside after all we've done on this oh we' honor that of course we'd pay you a fee for your services to date say 125 million plus an option to buy a 10% stake in the company are you serious I don't believe this you're offering me a [ __ ] bribe that's an offensive word Peter offensive and untrue you're offering me $125 million to take a cab and I'm offensive we're just offering a variety of options Peter well you can stick that one up a variety of asses okay and stop trying a good cop bed cop me into the ground here like One Way Or Another We're in on this pet we're not just going to disappear you just decide whichever way you think is best and get back to us right yeah I'll do that before the board accepts your bid of course as soon as I can love home Peter you too George Jim if we get a quick answer from the board we'll be all right we're just too many jumps ahead of them or move what do you think [Music] na what you're not serious it's Ross it just came over the wire Henry's made a tender offer to buy RJR nisco damn how much $90 a share 90 902 billion [Music] Jesus goodness would somebody piss somebody off I don't know what happened in that meeting Jim but somebody put their finger up somebody's ass or kravis wouldn't be dropping this bomb on us Peter Cohen just sticks to raising money from now on is that understood first the press release now this goddamn kravis offer do you know how much more this deal is going to cost now do you have any idea how crazy the stock is going to go I want you to sell enough of my BM to give me enough bread to buy a th000 shares of that's right a th000 shares of RJR Neco Move Along pleas now anybody makes a tender offer which is like what KKR just did and the company that's for sale has to answer it within 10 days that's what the law says which means Mr Johnson's bid is kind of like on hold cuz someone else is stuck their foot in the door now Mr Johnson has to top what kkr's come up with plus which of course and they could turn around and top Mr Johnson all over again your husband's got one fight on his hands what can I tell you first last time I have to say this of the vice's honey I don't think there's any question about that L me up how do I look good enough to eat we're late already to take seriously not too much you'd get stairs ton night wearing a gunny sack we're just not members of the club babe you haven't had your face tightened or any basketballs removed from your hips and I'm not part of this Uptown daisy chain that never stops wheeling and dealing and screwing each other over but they all like you they've got an erection for my cookies my cigarettes they're just being nice to the driver anybody in this crowd not worth nine figures they think you're on food stamps [Music] Henry you are amazing you didn't know that who else could bid2 billion for a company and come home whistling ain't no big thing messy $2 billion just one billion more than 19 all it is you want a little idea of what 20 billion could get you these days how about you could retire 1% of our national debt or you could buy your own B1 bomber that'd be a first on the Block right I guess if you were really a sport you could also buy each of the homeless as well as every single person on the planet a Big Mac an order of fries and a coke you could buy 80 million vowels on Wheel Of Fortune or this would be only a start of course you could send Dan Quail the University of Indiana law school for 6.8 million years [Laughter] [Applause] [Music] [Music] the splash you made today Henry this is Ross Johnson he came to dinner some time ago my wife Lori darling that was the name of our first jumper a Jump's a horse isn't it get the picture what you been up to neighbor words out you've been poking around for a little action just trying to keep you honest Jim I think it'd be a good idea if you and I had a talk Henry you know where to find me Ross you get her back home swing [Music] Henry there was no need to escalate things by making that offer you know you never gave me a chance to get back to you I said I was going to call and I would have one of us better cut in all we need is for Peter to throw some fresh [ __ ] on the fan I believe I'm a person who does whatever he says he's going to do that makes two of us doesn't he Ross Teddy Forceman Forceman little a nice to see you my wife Lauren great pleasure it's Tiffany for well howdy ma'am you must be the new school Mar you know I'd love to talk to you Ross any chance of our getting together I'll save you the next dance well what I wanted to talk to you about was the Wall Street perfect you got the hots for her he's got the hots for you when you get her back home when home all to the Middle with the cowboy [Applause] [Music] y I'll be back babe go get yourself some Chow Ross Bill Woodfield first Boston group so I think we can help you with your deal by uh taking advantage of certain tax loopholes you may not be aware of give me [Music] okay Henry George Well if you guys could take a piss in a compliment at the same time I'd just like to say that was a whale of an offer you came up with today $90 a share is a great tribute to the way I've run the company well you've done a tremendous job you'll understand if I don't shake your hand right now I don't know what happened between you guys and Peter Cohen but from now on I do all the Talking seems to me you and I did talk once Ross at least I remember our conversation everywhere of it look Henry no matter where the idea came from the last thing I'm looking for right now is a bidding war so why don't we sit down and try to hold this to a mere $2 billion deal what do you say makes a whole lot of sense Ross we can figure out how to be on the same side all I need to know about is you guys aren't going to get on my back about cutting down on planes and golf courses and all that other chicken [ __ ] stuff that's not what's important to us we don't mind about an extra plane ride or two the space shuttles are out right it might be a lot cheaper what's rgr up to now 10 corporate Jets 26 full-time Pilots where is that hanger you built in Atlanta cost your stockholders $12 million those stockholders have a management group that brings in a steady billion a year in profit I see nothing wrong in giving them whatever it takes to make their job easier anyway what the hell a few million dollarars of Lost in the sands of time huh always say so do we talk or not say when we'll be there you've got it and let's just keep this to ourselves okay I sure as they'll just once would like to pick up a paper without seeing any news in it couldn't agree more this was a good talk B I do well in TS if Henry kravis was CEO of any other company in the country except his own they put him in a straight jacket they take him away in a rubber limo Henry kravis pays out these incredible sums because his money is all junk bond crap it's phony he's phony he's a [ __ ] fraud if you don't like him don't beat around a bush Teddy no it's no it's not personal my focus is not on that goddamn megalomaniac no what kills me is that these quick Buck artists like Travis they don't give a rat's ass about the companies they buy okay hey I've said this in the Wall Street Journal all they want is their steady flow of these outrageous fees they couldn't care less if they're going to throw the whole country into a depression let me tell you about Forceman little at Forceman little what you get is reality my brother and I are real people real people with real money all right we'll talk all right I got to use that hey forget KKR forget brexel Burnham in The Last 5 Years Forceman little has turned around and sold the companies we bought for up to 10 times more than we paid for them okay we'll talk well how about tomorrow you got it okay listen everybody's going to try to promote you Ross I just I want to make sure you're going with the best you're right Ross Wally McNab I'm with Drexel Burnham she eats like a bird did you notice that Caroline yeah I know they all do I think they have a weight claw in their prenuptual Deals they put on one extra ounce or a wrinkle they get sent to the used wife flck good thing you're different howdy ma'am you must be the new school mm thought you were going to pop the rivets on your Levis you still don't understand me do you to me the most important thing about a woman is her mind mhm does she mind if I do this or does she mind if I do this do me Cowboy you know her one big treat every day Carolines her fix she calls it a glass of milk and one Oreo just one we'll never get rich that way Rich Henry kravis just gave the Metropolitan Museum $1 million no wonder he can't afford more than one Oreo harder any second now she's his second wife it takes one to no one he must be crazy about her he put up $3 million just so Caroline could open her own fashion house can you imagine didn't I bring you a dozen golf balls last week do you think you're going to do this buyout with him I don't know babe there's a lot of teeing up going on but nobody's on the green you know what happened after he bought out the Safeway chain thousands of employees got laid off thousands people who' had their jobs forever ad Deli my leg waxer one of her cousins was one of the guys who got fired 18 years he drove a truck for them Ross 18 years it happens babe it happens parked the truck one last time he went home and he shot himself what do you know now let's all just take a beat and get real about everything okay the scenario that makes the most sense is for us to join forces and fall in with Henry kravis that way the board only has to consider a $90 share which we all know they'd snap up in a second if we try to out bid each other no matter who wins the company will be impossible to manage because the debt load will just be crushing do you have a problem with that Peter you're the boss but if we need a higher bid I can restructure the financing there's other money around Henry's not the only one with resources in this town is this your business since talking Peter am I getting an ear full of your ego listen Ross I don't mind insults just hold it yeah Mr Forceman is here to see you now give him a room ask him to wait I can hold my own with the best of them but nobody no nobody ever asked me to take a bribe before Travis was not asking you to take a bribe that is not his style what you're really saying is you just can't be partners with him isn't that it there's no such thing as being partners with Henry we will do business with whoever you say Ross now if you want us to take his offer to step aside all you got to do is say the word am I right Peter Ed I think you and I should have a little powwow you guys will stay here use the can whatever just give us a minute [Music] [Music] tough call not the way I look at it were you serious about letting Ross dump us I had the give him the option Peter I'm counting on his knowing where his best interest Li I say you go home with the guy who BR you I say we win with sherson or we go out with shearon kravis will eat you alive if you let him in you know that not if I can sell him on letting me keep control of the company I just can't see you throwing in with him let's face it Ed KKR is a vary operation our team has been running around like a bunch of water boys with a leaky bucket Christ Teddy forcan yes Jill Mr kravis and Mr Roberts are at reception and Mr hugle on line one uh Mr Horgan will take kravis and Roberts to the conference room ask Mr hugle if I can no wait oh okay I'll talk to him oh hold it Ed don't let kravis get anywhere near Forceman I don't need blood on the carpets Charlie what's on your mind pal it's a matter of some importance Ross a good deal of importance I would say when do you leave town tomorrow afternoon buy me breakfast tomorrow Jesus you like to come this [Music] way what's going here where did anybody put [Music] teddy [Music] chill Peter Henry George Jim Ross thinks we should all talk sure glad you guys don't make cigars smoke bothers you only if I'm in the same city with it [ __ ] beautiful you doing Ross Bill Woodfield first Boston I'll be back Teddy Ted I'm sorry I was it's okay it's okay no problem Ross this is my brother Nick how are great pleasure now we've worked up some ideas for financing based on like I told you real money with real people and not the kind of phony crap this wamp this funny Mone I got a level with you I'm meeting with Henry KRA see I I think it would be a huge mistake if you did that Ross well there's no if I'm going to do it I'm doing it he's in the office right now now you're meeting with Travis now that's why we've been sitting around waiting killing time choking on those new [ __ ] cigarettes where did you get a Premiere there was some in the other office nobody's supposed to smoke those I don't think that'll be a problem they're still in development I sure as hell hope so look look could you guys please just wait a little while uh uh this thing with Henry might not work out at all Ross don't you see this is our last chance the bastards are at the city Gates let's stand at the bridge together let's stand at the bridge and push the barbarians back right just give me a minute Henry thank you for coming George Ross hope you don't mind meeting in a conference room all the men's Johns are full now the way I see it we're down to keep it simple time what really makes the most sense all the way around is for us to do this buyout together at the $90 a share you guys have proposed way Peter structured it my Management Group would own 20% of the company am I right Peter in that area yeah uh we'd want to review that Arrangement it seems awfully generous whatever it winds up I'm suggesting that everything else get split 50/50 between you and sherson in addition to our customary 1% for our services $200 million you might want to reconsider that amount Henry a lot of people are watching this process including Congress well we certainly wouldn't want to do anything to hurt the business we've grown to love and admire is that it then basically those terms being acceptable have we got ourselves a deal here we want Drexel Burnham to sell the bonds on this one instead of sherson they what a dealer size needs they won't affect your share they work cheap and they're the best they're also about to go before a grand jury because of to their milk and bosi connection just what we need stationary from alcatra maybe you ought to think about that one Henry we have thought about it Ross with or without you we're going for this company we're going for rgr abisco and Drexel's doing it for us are you firm on that is that a deal breaker it is that and one last Point why are we putzing around here Johnson put this company in play I don't his permission give a few more minutes if he doesn't need me I sure as hell don't need him didn't Don Kelly tell me you let him run his own company and you do remember our conversation that evening Dawn runs a very tight ship there's no extravagance there Don's Got No Air Force no team Nabisco that must cost the shareholders Millions every year we require a lot more discipline we'd have to agree on how you would run the company which is French for how you would run me however you want to put it what you're looking for is a hand puppet Henry if I said yes you'd have yours up my ass all the way to your elbow and there's no way the banks are going to let Drexel in either everybody's firm on this that's it we'll make our own bid now let's get out of here before I throw up from being in the same building as kravis [Music] Reds can't stand smoke prick probably hates cookies too [ __ ] them they'll get theirs one day pull the door probably a lot sooner than you think I just want my position as chairman of the company completely clear Ross obviously you're going to have to go higher than 90 a share and so is Henry kravis the highest bid is going to win Ross let's just put the price of shares aside for a minute okay let's just screw all that you know the only number that means anything at all to me 140,000 you know what that is Charlie that's the exact number of people who bake and pack and ship and truck for us and the more this company winds up costing whoever winds up buying it the more those people are going to get the a that's all that's on my mind right now not in this Macho [ __ ] that's got everybody slamming their dicks on the table all I care about is making a killing for our shareholders without killing any of the people who who punch in for us day after day year after year people who think of this company as a home Go Your Best Shot then I'm announcing that final offers must be submitted by 5:00 p.m. at the next board meeting you 7 days from now I'll be ready ready for bear I never thought you'd be anything [Music] [Music] less [Music] I don't think I've ever seen a performance out of aie running nothing poor darling I wish I could cheer you up if you were not in the country you could go out and shoot something they're absolutely stonewalling us you know there's no way for George and me to arrive at a realistic offer for the company without knowing its true value and the law says Johnson's people have to cooperate with wood be buyers have to tell us all they know about the company's assets about their liabilities where it's healthy where it's not now whether it's out of fear or loyalty or acting on Johnson's orders I don't know but not one of them will tell us a thing we've got less than a week to make an offer we're flying totally blind do you honest and truly need Nabisco Henry aren't there any other companies that' make you just as happy not the company it's The credibility my credibility I can't just sit on the bench and let other people play the game not my game not with their rules so coach what are you gonna do I don't know I just don't know yeah George you're not serious we've got ourselves a deep throat he knows where all the numbers and the bodies are buried he wants to talk to us Henry he wants to be our friend wait a minute hold it quick put on channel four they're called smokeless cigarettes and they're about to come on the market but they've already come under a sharp attack today three Health groups said they should be class not as cigarettes but as a drug subject to regulation by the Food and Drug Administration NBC's Mike Jensen has sampled the reaction to them nothing nothing zero it's like smoking Blackboard chalk really delightful wow newspaper now another first for American Technology no wonder the Japanese are trembling Jesus just what I need right now total strangers sticking pins in the Ross Johnson dolls and in prime time are they as bad as they said premieres I'll level with you when they were being tested some people suggested we roll them in toilet paper millions of dollars to develop all o zeros right down the crapper you're entitled God you're in you're out that's the kind of money he makes for the company people take winning for granted sweetheart you lose a few bucks for them they start look looking at you like a virgin and an Aztec sacrifice premieres perfect name I thought Titanics would have been a better one who the hell do you suppose got NBC to do that story some people are always looking for bad news Ross who told them premieres were bad news Jesus what a town if you didn't have such tall buildings around here you'd be up your ass in vultures Ross Peter would like us to try to raise our bid to $110 a share is that remotely feasible well he thinks so I mean he's sure that Henry could never go that high he's got such little information to go by breaks your heart for poor Henry doesn't it 110 means we'll have to raise substantially more money from the investors in the banks it would help tremendously if you'd cut back on your share Ross I mean it would help tremendously is sherson going to cut back too are you guys going to take less frankly we don't have as good a deal as you have Ross I don't know that anybody ever has if your numbers were to get out as they stand right now you'd probably get a lot of flack about it especially from your board why would they ever get out well where did that premere story come from tonight this town worships success what it roots for is failure everybody else's of course and I just don't think you ought to provide those types with any kind of ammunition fine fine reduce my share to whatever I don't care money is the last thing I'm interested in in this deal you may think I'm [ __ ] you but that's the truth and [ __ ] you [Music] Tom and day [Music] [Music] I you go for it when you feeling [Music] everybody Hello darling don't go any whoops [ __ ] sorry [Music] [Applause] [Music] [Music] just a Mee this is Robinson call Lind hey are you sure I saw him Ross I was there I can't believe it why would Johnny stab me in the back I've treated him like a son what better reason to do it did you tell Peter this has got to affect our bed doesn't it well I'm meeting him in a few of course no decision Without You Ross you know you can trust me driver this traffic is impossible Ross you know what I I'll call you from Peters keep me posted I got to [Music] run I got to get out of this town Ross darling I think you better see this my entire deal with jerson all over the goddamn paper now how the hell is that possible how could that happen whoever that is I am not here okay hello uh no he's not operator if you give me a number I'll have Mr Johnson call Mr hugle as soon I'm afraid he can't be reached for a few hours what time is Mr hu's flight Jesus this makes me look like the greediest son of a [ __ ] in the world is that your number operator or Mr hug in Moscow story's probably a [ __ ] profit too thanks get me Peter Cohen hello it's Peter Cohen you godamn right it is Peter what is our private confidential top secret For Your Eyes Only Arrangement doing all over the New York [ __ ] times who leaked the goddamn thing I've got Jim on Ross we're on a conference call Jim Ross Ross is on Jim not now Harry Who the hell's Harry no no it's just me we're on top of this thing Ross we're checking it out right now can you imagine the effect of this on the board we hit them with our new bid I'll forget all about it I promise you new bid being what we think we can offer 112 a share 112 are you serious if we can work at all the details we've got to prove what we're proposing makes sense mean if you can work them out we have to make the offer tomorrow we can do it Ross can't we Peter I'm sure we can it's just the numbers is so stratospheric we've got an awful lot of you know what kind of an operator this makes me look like to Charlie sir it's a Mr hugle Oh Boy tell him I'll call him back I'm talking to Ross Johnson what nothing somebody just said Ross Johnson I heard him Jesus is somebody bugging my calls now what the hell's going on first home broke on now the New York Times you don't think I'm being crucified and Henry kvis just might own the nailed concession I hate to think that Ross my own feeling is that there just so many people involved too many fact machine we'll get to the bottom of it everybody's got a [ __ ] zero how do I face Charlie hugle tomorrow about all this rotten press to the bottom of it all I'm at the bottom of it all I'm standing in a [ __ ] storm and nobody on this team has got a goddamn [Music] [Music] umbrella [Music] f you've put us in a terrible position Ross the board hasn't stopped calling me you've made us look like fools for not knowing about this agreement even bigger fools if we did $2.5 billion dollar for your Management Group that's what you're 20% share of the company stands to earn for you in the next five years two and A5 billion dollars Ross that bogles the Mind Charlie those are purely hypothetical numbers blown way the hell out of all proportion but if they stick in somebody's craw fine [ __ ] them forget them I'll just take whatever the board thinks I'm worth hell Charlie all I am as a Salesman you know that I've been one door Todo House to House Company to company all my life a Salesman biggest commission isn't measured in Bucks every sale we poor bastards ring up is a validation of who we are people by you when they buy what you're selling there's just one hitch a Salesman needs product Charlie product I'm not looking to buy this company because my business is buying companies I need this company to make things and wrap them in shiny packages I'm not one of this Bunch that only cares about buying up places where things get made Charlie this crazy deal heat everywhere is burning all our bridges we're piling up mountains and mountains of debt we're barring our damn fool brains out and just because we have gone crazy doesn't mean the rest of the world has this country is turning companies into Commodities and the Japanese have got their fetuses working nights turning out computer chips final bids are due in the boardroom at 5:00 not one minute later however it turns out your opinion of me means an awful lot in my life Charlie we're down to the numbers now Ross that's all that matters now now I know what the f in F Ross Johnson stands for one either nice to see hello Barry you can't take any more time Rob trouble sit Charlie's pissed the whole Bo I don't care you've got to get the hell over here what's wrong Peter's office is still fussing around with our numbers a million details Ross they're still at your office they're just leaving Jesus it's all the way downtown I got a whole boardroom full of people here today just love me to be half second late give me that Rob we're doing our best R get over here right now do you hear me whatever you got to do do it on the way do it in the goddamn cab on a Friday at this hour good in the C tell him to take the drive how are you doing where are you 14th and where 14th and the river it's just traffic's brutal maybe we should get off the drive how you do that [Music] [Music] they're at 39th of first 15 minutes 53rd we're boxed in completely are you serious go go on I'm telling you [Music] go Okay Ross we're on our [Music] way 56 and 6 and 5th never this crapis oh [ __ ] move Rob move thank you later one minute too where is he rob where are you rob our luck has been mugged Rob we're in the elevator what floor uh hold on just one second Rob where is he I don't know now first off I'd like you to know that in the interest of the company I have retained the services of Peter Atkins of the firm of scadden arbs to act as special counsel to advise us and guide us through the legal obligations of this matter Peter thank you Mr chairman good afternoon before you are copies of the proposals for the buyout of RJR Nabisco and where do we stand Ross Johnson's bid his in sherson is for $100 a share that's an offer of $23 billion and KKR $94 a share 21.6 billion that's quite a difference in price I'll give you a bigger one the first Boston group is prepared to offer between 105 and 1118 that's $3 billion doar more than the Johnson offer is first Boston for real well their proposal is based on taking advantage of certain tax loopholes if the board has any interest we'll need some expert advice as to the viability of it all it would take a week to 10 days I'd say the board has about 26 billion do worth of interest in waiting it's an airball Henry there's no way in the world first Boston can pull it off no way at all we're still alive I promise you second place is no better than third all we have to do is lay low we put out the word we don't know what we're going to do let's let the world know we may not be there in 10 days and if we do back off we save ourselves the embarrassment if we're coming back strong in the second round why let on either way no one sees our hand let them curse the darkness we're not handing out any candles what makes you think Peter can go any higher than we have Jesus Jim these numbers have given me a nose bleed already hold on yes I'll take it it's Linda she says it's important Linda Ross are you ready for this Henry has gone to his place in Veil do I like that he and Caroline are spending the week they are skiing George has going home to San Francisco it all ties in ties into what well the word is having come in third there's a strong chance that Henry might not bid next time around you believe that you think it's really possible all I know is is that Henry finishes first or he doesn't finish at all going away like he has I mean skiing in the middle of all this did you see it they threw in the towel I told you they would don't bet on it why would they put out a press release saying they're not going to be back for the next round why would they say one thing and do another why the hell wouldn't they well what are you here are they coming back or aren't they all I know is what Linda tells me and she's pretty sure they're out yes yes I'm up what do you think I'm thinking about I'm telling telling you we play right into their hands if we don't raise our bid they're laying low so they can come in and clobber us this is just a head fake it's a PR job well if it is it's certainly is a masterful one I don't mind those once in a while do you just for a change are you should have gotten a way yourself we've been on the slopes 8 hours a day well some of us still have to work for a living Henry all of us thought you'd be back here crunching numbers like the rest of us you crunch numbers I'll crunch the snow let me put Caroline on I promised myself I wouldn't think about business all week you're sure oh yes I'm positive now he's out of it even Caroline thinks so trust me Ross kravis is going to be there he's going to bid well I don't know one thing more than you do you know that well let me tell you figuring whether they're in or out is an absolute son of a [ __ ] Ross do me one favor John don't wish me luck I want to thank you all for your patience during this 10day interval it was obviously a step that had to be taken now that said I'll turn the meeting over to Peter Atkins thank you Mr chairman uh to begin let me tell you that we're now down to two biders after a good deal of effort first Boston was simply not able to put their offer on the table that leaves us with Ross Johnson his groups bumped their previous bid from $100 a share to 101 I think we need to take a very careful look at what KKR has offered what do you think I think it's going to be a long day a very long [Music] day [Music] Henry George I've been sent to ask you a question is what you've submitted your very best offer yes the very best you can do it is well if we can work out some of the details and get comfortable with regard to the financing I'm prepared to recommend your bid to the board if you'll just give us a little time an hour should do it Peter I've got a pile of people wondering when there's going to be a decision I'd say there's no reason to hang around we'll be in touch with you tomorrow what are you saying tomorrow what does that mean look I can't tell you anymore Peter are we out of it I've said all I can say Charlie what the hell's going on I'm still CEO of this company you know I mean we haven't got a new pope around here yet or have we oh this is most unusual Ross all right five minutes I'll meet you there I understand my people have been told to go home care to embellish that little first Boston is out of it KKR has made another bid a new one higher than mine frankly it's a blockbuster are we talking the neighborhood of $5 higher than mine are we talking 10 06 you said it was I didn't skiing my ass Henry kravis is skiing down Mount [ __ ] he sandbagged us I knew it you you said he was trying too hard to sell me you were sure he was out of it we're the only ones going to be out of it unless we get off our cans Peter whip out your calculator what the hell is going on they told us hours ago they going to recommend us to the board we had a deal everything was fine sheron's B 108 did they come in with that bid or did they find out about our we've got to do what's best for the shareholders George which includes asking you not to leave we want you in this now you've been more than patient give us an hour to go over it all we are not interested in open-end bidding just one hour all right you pay our expenses to date and we'll wait how much are we talking about I would say it comes to a hell of a lot more but uh we'll settle for 45 million 45 million for one hour I think I can sell it thank you [Music] Henry [Music] Ross Johnson's final bid his final final bid is for $112 a share the KKR bid is 109 thank you Peter I think it's time to put it to a vote meal oh I'm sorry Mr Johnson we'll do your office after the borom they shouldn't be too long now they were just getting ready to vote good luck thanks they're voting yeah yeah right I'm on my way Charlie wants to see me both offers were based on extremely complicated structures we had to consider very carefully just how sound they really were in the end I'd say the deciding factor the one thing that made the kravis offer more attractive was the fact that you were not part of it nobody's going to deny that there's not a fair amount of greed going around these days I guess it's just a question of how much greed is fair this yours was over the top it was simply too naked there was just no way we could let you have this company Ross I lost my job through the New York Times is that it we'll be discussing Your settlement as soon as possible you know it's the first time I've been out of work since I was 9 years old sure loved running this company Charlie let you a little secret I'd have paid you to let me do it thanks Charlie we'll be writing I just dropped by to say thank you you for making me a hero with my shareholders 25.7 billion doll for the company and their wetest dreams they never thought they'd get that rich there's anything I can do to help anything you need that's very generous Ross yes well we don't take over till after the first of the year we don't have any plans as yet well just holler congratulations you guys bought yourselves one hell of a company I really hate to leave on a sour note but uh about that 25 billion if you're planning on signing for it Jim Robinson just canceled your American Express card how the hell do you win a company like ours playing low ball does somebody want to tell me that I never heard of the highest bit ever losing before I say we were [ __ ] I say we sued our asses off you and Lori got anything on tonight I think maybe it'll just be the two of us for is twice the company [ __ ] you know Jim if I hadn't married Lori [ __ ] without a doubt I'd have probably married old Ed here take care guys see you Ross [Music] Peter [Music] I'm sorry sir no cigar or pipe smoking is allowed all right I'm sorry thank you welcome to the real world right I just hope he's okay you know poor baby we've got our adjustments to make he's got his [Music] n [Music] m [Music] [Music] a [Music] n [Music] [Music] w [Music] [Music] n [Music] [Music] [Music] happy [Music] [Music] I