It’s time to #GiveThanks
What does a monk, a maverick, the Illuminati, and a “cereal killer” have to do with mezzanine finance?
Time for a thread!
What does a monk, a maverick, the Illuminati, and a “cereal killer” have to do with mezzanine finance?
Time for a thread!
Late 1950’s : Dad is attending West High in SLC. Classmates include (soon to be) Gail and Larry Miller (below) who would go on to be long-time owners of the Utah Jazz.
More importantly, the woman who would become my mother was the year behind Dad in school.
More importantly, the woman who would become my mother was the year behind Dad in school.
60’s: Dad attends Columbia College in New York eventually earning a bachelors and PHD in Economics (no Masters)...
Classmates (he didn’t know) included Robert Kraft and Art Garfunkel ...
Dad felt behind from the first day, studied all the time, and earned his first nickname: “The Monk”
(He would get to tell the story to the Dalai Lama years later over breakfast)
Dad felt behind from the first day, studied all the time, and earned his first nickname: “The Monk”
(He would get to tell the story to the Dalai Lama years later over breakfast)
Dad takes a teaching job at Wharton before deciding he wants to “make economic policy rather than teach it.”
He goes to the Philadelphia Fed and toils away ...
(Also the years when your favorite Twitter follow was born)
He goes to the Philadelphia Fed and toils away ...
(Also the years when your favorite Twitter follow was born)
Mid/Late 70’s : Dad becomes the youngest ever branch president when we move to Minneapolis so He can run the Minneapolis Fed.
IMO, the old Minneapolis Fed building is still one of the best ... too bad
IMO, the old Minneapolis Fed building is still one of the best ... too bad
Dad rotated onto the FOMC in the late 70’s and quickly earned the nickname “The Maverick” for disagreeing (“Directly, but respectfully”) frequently with the rest of the committee.
This resulted in dad casting many lonely votes.
Embedded below is a favorite story...
This resulted in dad casting many lonely votes.
Embedded below is a favorite story...
https://twitter.com/skolcapital/status/1314592945803194368
During these years, Dad was also frequently asked if he was part of the Illuminati ... Unfortunately, people were totally serious about it.
His usually response: “They don’t tell me where the meetings are!”
LOL
His usually response: “They don’t tell me where the meetings are!”
LOL
1980’s : Dad leaves the Fed to go be CFO at General Mills ($GIS) ...
His assignment: “We are in 4-5 business unity’s (food, restaurants, retail, toys, etc) ... go figure out what’s next”
His assignment: “We are in 4-5 business unity’s (food, restaurants, retail, toys, etc) ... go figure out what’s next”
6 months later Dad tells the board: ‘Not only do I not know what’s next, but we have to get rid of all this crap and focus the business’
The sell Eddie Bauer and Talbots, spin off Parker Brother toys, and get rid of everything except food and restaurants.
The sell Eddie Bauer and Talbots, spin off Parker Brother toys, and get rid of everything except food and restaurants.
Everyone is loving it and Dad is named President in 1985 ...
Fun (for me) embedded story here:
Fun (for me) embedded story here:
https://twitter.com/skolcapital/status/1293600960162365440
Early 90’s : It’s time to split Darden (restaurants) off from $GIS and suddenly Dad finds himself looking around for a new job.
1995: Dad becomes CEO of Times Mirror - publisher of the LA Times, Baltimore Sun, and a bunch of other stuff.
1995: Dad becomes CEO of Times Mirror - publisher of the LA Times, Baltimore Sun, and a bunch of other stuff.
Dad earns the nicknames “Corporate El Niño” and “Cereal Killer” for some big cost cutting moves including including shutting Newsday on Long Island and telling one subsidiary:
“It’s not enough to make pretty books; you have to actually earn a profit.”
“It’s not enough to make pretty books; you have to actually earn a profit.”
True Story: Times Mirror sells off a bunch of stuff including Matthew Bender and Jeppeson. They structure one deal to save ~$650 M in taxes.
The IRS files suit saying, “Well, they followed all applicable laws and regulations but we want our money.”
The IRS won
The IRS files suit saying, “Well, they followed all applicable laws and regulations but we want our money.”
The IRS won
2000: Times Mirror is sold to Tribune for $95 per share (up from $15 in 1995). Dad retires to do some charitable service and some private projects.
He would resurface occasionally for various things over the next 20 years, but today he is happily totally retired.
He would resurface occasionally for various things over the next 20 years, but today he is happily totally retired.
2012: I decide to take my money and some family money to start a mezz business. Mountain Mezzanine is spun out of the family office.
Today: I love what I do as much as I ever have.
My complete gratitude goes to Dad - his hard work, success, trust, and love made it possible!
Today: I love what I do as much as I ever have.
My complete gratitude goes to Dad - his hard work, success, trust, and love made it possible!
Final: Here’s me as a boy hugging my Gampy (Dad’s dad) at his 80th birthday party.
Last week I was talking with Dad when he stated telling me about his father. His words were full of love, respect, and gratitude.
Life is better than I deserve.
Last week I was talking with Dad when he stated telling me about his father. His words were full of love, respect, and gratitude.
Life is better than I deserve.
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