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THE HERALD Wednesday September 1989 Page Business Page Campeau s empire is shored up Diane Maley Your Bufineu The big shots have gone home The public relations men have finally gotten a good nights sleep the first in many days The last group of New York lawyers have loaded their briefcases and flown home A sense of uneasy relief hangs in the air Robert Campeau s empire has been shored up But what does it mean for the thousands of people touched by the drama Different things to different peo ple With the help of Paul and Albert Mr has saved face He has emerged a much humbler man We took certain decisions with Federated which in hindsight do not appear to be wise the weary founder of Campeau Corp told The Globe and Mail For his new partners the brothers Mr Campeau s insolvency crisis means many months of hard work to protect what they thought would be a passive investment in stocks and bonds Shareholders have not lost all their money although I t rush out to buy stock in Campeau Corp Junk bondholders too have been delivered from total loss Even so they have lost a bundle which has made some investment analysts presumably those who recommended the bonds to their clients furious Campeau will never borrow again after what he s done to subordinated debt holders snarls Andrew senior financial analyst with McCarthy Cnsanti andMaffeiCo in New York Certainly the 80odd bankers and investment dealers who helped Mr Campeau drown himself in debt will be more careful in future now that they have to wait a little longer or their money But has our reputation with our American neighbors been tarnish ed Are Canadian entrepreneurs like Garth of Cineplex and Mr Campeau seen as bush league wolves who can be whipped and sent home with their tails bet ween their legs Maybe has been on the American retail scene only three years and look what it s come to wails Janet Mangano retail analyst with Josephthal and Co in New York COWBOY CAPITALISM But the problem seems to lie more with the Americans and their cowboy capitalism Indeed the high flying S junk bond market could end up suffering as much as Mr Campeau Chastened by his humiliating ex penence Mr Campeau called the junk bond market a dangerous phenomenon that leads corporate buyers to become too aggressive believe this whole approach of high yield bonds is going to have to change and in fact I think that the market for junk bonds is somewhat in jeopardy he said Not all of the criticism of Mr Campeau is unfair He and his senior executives should have seen the liquidity crunch coming All pretenses of a partnership with the aside Mr has lost the confidence of the capital markets That s why the Reichmanns have taken effective control Ira Gluskm analyst money manager and business columnist says he t be surprised if Mr Campeau bounced back again as he has done so many times before But this time and it s the fifth time that I ve vowed this Bob will have to do it without me Mr says acknowledging that Mr Campeau is an exceptional man Like his partners the Mr Campeau has long since passed the stage where he is driven by the prospect of still greater wealth To say he s caught up in the game would not capture the powerful allure of empire building As Paul once ex plained it s what makes a painter paint or a musician play A man will want to do what he does well until he is stopped by force or time OFFICE MAGIC Too close for comfort for Ha I ton Hills residents the storm Hugo was relative tame when it passed through town Friday night However it did some residents with its memorj Wind blew this tree onto the back of a Charles Street residence in Georgetown the storm The house was undamaged The storm also caused some minor losses of power in thetJlcn Williams area Hal ton Hills officials Herald photo 877 877 0109 Super Sunday The Super Sunday Series of concert tickets are now on sale at the early bird price of 14 per person for the three concert presentation After Spet the price will be per person Get 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