A Tough Taskmaster For Learning Co.
In 1993, Los Angeles investor Alec Gores acquired the customer-service arm of a struggling maker of word-processing machines. One of the assets he got was the firm's 800 number, 800 CALL NBI. The last three letters, the company's initials, also happened to spell MCI on a telephone keypad. A year later, a representative of AT&T called Gores and offered him $550,000 for the number. AT&T didn't want archrival MCI to be able to use it. Gores took the money, twice what he had paid for the entire business. Says Gores: "There are hidden assets in every company."
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- NFL’s $205 Million Man Is Hated by Everyone But Those Who Matter
- Americans Are Retiring Later, Dying Sooner and Sicker In-Between
- Singapore Will Stop Increasing Car Numbers From February 2018
- Noble Group Warns of Loss Topping $1 Billion
- U.S. Stocks Drop at Start of Big Week for Earnings: Markets Wrap