| Notes |
Riklis engineered yet another ingenious solution in 1986. In May, he transferred the cash-generating Schenley and Faberge/McGregor assets from Rapid/McCrory to his Riklis Family Corp., paying for them largely in paper: nonvoting, cumulative preferred stock issued by the new Schenley company and the newly merged Faberge/McGregor.
In possession of the Schenley and Faberge/McGregor assets, Riklis was ready to conduct new deals. In 1987, Riklis Family Corp. sold Schenley to the United Distillers plc division of Britain's Guinness plc for $480 million. Schenley Industries Inc., was the sixth largest distributor of spirits in the United States and included in its portfolio Dewar's White Label, the country's leading scotch whiskey. |