Robert Maxwell Takes A Long Step Back

Debt may force him to spin off much of his U.S. media empire

'Cash is king," advised Robert Maxwell after the October, 1987, stock market crash. Too bad he didn't heed his own words. Barely a year later, the British publishing mogul embarked on an astounding buying spree, paying $3.35 billion for book publisher Macmillan Inc. and Official Airline Guides Inc. All of the money for these acquisitions was borrowed.

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