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The business of San Diego in 1979
Walker Scott, FedMart, Westgate
Most Quotable Executive of the Year Award
To Robert Dicker, president of Walker-Scott Corporation. Some of his pearls: When asked if he was going to change the name of the store chain he now controls: "Well, I would, except who would ever want to shop in a Dicker?"
Talking about the customer base he inherited from previous management:
"Every time we saw an obituary, we knew we'd lost another customer." When asked about letting people go: "No, we really haven't had much turnover. We have a policy at Walker-Scott - you stay here until you get it right."
Good Company
German management of FedMart Corporation kicked out founder Sol Price and replaced him with a quiet man named Hans Schocpflin. Ho. too, was not needed, and in 1979 he resurfaced - working for Price at the new Club.
Draw to an Inside Straight La Jollan Allen Glick was toppled this year from his Nevada gaming dais under orders from that state's gaming officials to unload the Stardust and Fremont resorts. A Glick spokesman said that Glick expected to net $70 million for the properties before taxes. His Argent Corporation owes about $91 million to the Central States, Southeast, and Southwest Teamsters pension funds. He hasn't been available for comment.
What's in a Name?
In 1979 the former Women's Bank was California Coastal Bank, but fought off a shareholder initiative to change back to Women's Bank before being sold (early in 1980) to American States Bank.
What? All this Entertainment and No Popcorn?
The list of disparate interests seeking a part of the once-thriving Westgate California empire continued in strange ways in 1979. This year we saw the daughter of the former dictator of Indonesia, Sukarno, sweep into San Diego courts and offer a flat $20 million cash for the tuna-canning subsidiary. Her jewelry-laden, furwrapped performance was preceded by a former treasury secretary, a representative of "Arab money," daughter of C. Arnholt Smith, and others. Staid, conservative Castle & Cooke lnc., won out. Meanwhile, the Federal Deposit Insurance Corporation, designated receiver for what's left of U.S. National Bank and other Westgate assets and liabilities, isn't in a big rush to finish off this project. "Not when their next assignment is Painted Post, South Dakota, or something," observed one wit.
No Free Lunch
San Diegans became painfully aware, with the prosecution and sentencing of Joseph Bello for shenanigans with MB Financial Corporation, that they should be suspicious of anyone promising sixty percent to one-hundred percent return on their money. The lesson: "Beware of anyone trying to , stuff money into your pocket. If the deal is so good, the company doesn't need you anyhow. Besides, it's not as though the guy really likes you by cutting you in on this. You're not that likeable."
When You're Hot
An award for precipitous prognostication goes to Donald Bauder of the San Diego Union, who has been predicting a recession since the 1976 business upturn. In 1979, he was finally right.
Here's something you might be interested in.
The business of San Diego in 1979
Walker Scott, FedMart, Westgate
The business of San Diego in 1979
Walker Scott, FedMart, Westgate
Most Quotable Executive of the Year Award
To Robert Dicker, president of Walker-Scott Corporation. Some of his pearls: When asked if he was going to change the name of the store chain he now controls: "Well, I would, except who would ever want to shop in a Dicker?"
Talking about the customer base he inherited from previous management:
"Every time we saw an obituary, we knew we'd lost another customer." When asked about letting people go: "No, we really haven't had much turnover. We have a policy at Walker-Scott - you stay here until you get it right."
Good Company
German management of FedMart Corporation kicked out founder Sol Price and replaced him with a quiet man named Hans Schocpflin. Ho. too, was not needed, and in 1979 he resurfaced - working for Price at the new Club.
Draw to an Inside Straight La Jollan Allen Glick was toppled this year from his Nevada gaming dais under orders from that state's gaming officials to unload the Stardust and Fremont resorts. A Glick spokesman said that Glick expected to net $70 million for the properties before taxes. His Argent Corporation owes about $91 million to the Central States, Southeast, and Southwest Teamsters pension funds. He hasn't been available for comment.
What's in a Name?
In 1979 the former Women's Bank was California Coastal Bank, but fought off a shareholder initiative to change back to Women's Bank before being sold (early in 1980) to American States Bank.
What? All this Entertainment and No Popcorn?
The list of disparate interests seeking a part of the once-thriving Westgate California empire continued in strange ways in 1979. This year we saw the daughter of the former dictator of Indonesia, Sukarno, sweep into San Diego courts and offer a flat $20 million cash for the tuna-canning subsidiary. Her jewelry-laden, furwrapped performance was preceded by a former treasury secretary, a representative of "Arab money," daughter of C. Arnholt Smith, and others. Staid, conservative Castle & Cooke lnc., won out. Meanwhile, the Federal Deposit Insurance Corporation, designated receiver for what's left of U.S. National Bank and other Westgate assets and liabilities, isn't in a big rush to finish off this project. "Not when their next assignment is Painted Post, South Dakota, or something," observed one wit.
No Free Lunch
San Diegans became painfully aware, with the prosecution and sentencing of Joseph Bello for shenanigans with MB Financial Corporation, that they should be suspicious of anyone promising sixty percent to one-hundred percent return on their money. The lesson: "Beware of anyone trying to , stuff money into your pocket. If the deal is so good, the company doesn't need you anyhow. Besides, it's not as though the guy really likes you by cutting you in on this. You're not that likeable."
When You're Hot
An award for precipitous prognostication goes to Donald Bauder of the San Diego Union, who has been predicting a recession since the 1976 business upturn. In 1979, he was finally right.
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