Search Results for: food

A Business Journalism Classic: Inside the Multibillion-Dollar Takeover Battle for RJR Nabisco

Everyone in the room knew about leveraged buyouts, often called LBOs. In an LBO, a small group of senior executives, usually working with a Wall Street partner, proposes to buy its company from public shareholders, using massive amounts of borrowed money. Critics of this procedure called it stealing the company from its owners and fretted that the growing mountain of corporate debt was hindering America’s ability to compete abroad. Everyone knew LBOs meant deep cuts in research and every other imaginable budget, all sacrificed to pay off debt. Proponents insisted that companies forced to meet steep debt payments grew lean and mean. On one thing they all agreed: The executives who launched LBOs got filthy rich.

“The wolf is not at the door,” Johnson said. No corporate raider was forcing him to do this. “This is simply the option that I think is best for our shareholders. I believe it is a doable transaction, and it can be done at prices much higher than the present stock price. We’re not far enough along this road to make firm conclusions or make a proposal at this point, though.”

Johnson stopped a moment and looked at each of the directors: mostly current and retired chief executives, their median age was sixty-five. They had given him a free hand running RJR Nabisco, and hadn’t objected when he wrenched it from its century-old North Carolina home and transformed it into a monument to nouveau-riche excess. But they had struck down his predecessor for lesser transgressions than the one he was now committing.

“I want you to understand one thing,” Johnson continued. “You people will have to decide. If you think this isn’t the answer or there’s a better idea, there will be no hard feelings. I just won’t do it. There are other things I can do, and I’ll do them. We’ll sell food assets. We’ll buy back some more of our stock. I have no problem walking right back upstairs, going to work on plan B, and no hard feelings.”

Silence.

Vernon Jordan, the civil rights leader cum Washington lawyer, was the first to speak. “Look, Ross, if you go ahead with this thing, there’s a real likelihood this company is going to be put in play. Somebody might come along and buy this company for more than you can pay. You might not win. I mean, who knows what could happen?”

—From 1989’s Barbarians at the Gate: The Fall of RJR Nabisco by journalists Bryan Burrough and John Helyar. Their bestseller followed the multiple players involved in the 1988 bidding war for the tobacco and food giant, which resulted in its $25 billion leveraged buyout, at the time the largest in history.

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The Top 5 Longreads of the Week

Below, our favorite stories of the week. Kindle users, you can also get them as a Readlist.

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Mr. and Mrs. B

Illustration by Kjell Reigstad

Alexander Chee | Apology Magazine | Winter 2014 | 19 minutes (4,822 words)

 

This essay by novelist Alexander Chee first appeared in Apology magazine’s third issue (Winter 2014). Apology is a semiannual print journal of art, interviews and literature, created by ex-Vice editor-in-chief Jesse Pearson. The fourth issue is available for preorder. Our thanks to Alexander Chee and Apology for allowing us to reprint this essay here.

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How could you, my friends would ask, when I told them. How could you work for someone like him? Do you ever want to just pick up a knife and stab him in the neck? Poison his food?

You would be a hero, one friend said.

I did not want to stab him, and I did not want to poison him. From our first meeting, it was clear, he was in decline. And as for how could I, well, like many people, I needed the money. Read more…

On Chicken Tenders

Longreads Pick

A food writer explains her deep love for chicken tenders.

Published: Jun 12, 2015
Length: 6 minutes (1,740 words)

Chewing, We Hardly Knew Ye: A Soylent Reading List

Longreads Pick

These five writers muse on what it feels like — and means for us as a food-centric society — to be free from food.

Source: Longreads
Published: Jun 17, 2015

Chewing, We Hardly Knew Ye: A Soylent Reading List

Image: Bryan Ward.

Meal-replacement mix Soylent had a wildly successful Kickstarter, a year of massive growth where demand far outpaced supply, and has now raised $20 million in funding, led by Andreessen Horowitz. Some hail it as the health-ensuring time-saver we’ve all been waiting for. Others lament it as the latest harbinger of our Silicon Valley-enfoced dystopian future. But what’s it actually like to drink the stuff, physically — and emotionally? These five writers muse on what it feels like — and means for us as a food-centric society — to be free from food.

1. “Freedom from Food” (Nicola Twilley, Aeon, October 2014)

In the end, the time and money saved by switching to drinkable meals couldn’t make up for one fundamental drawback for Twilley: taste. “The only real upside to replacing food with Soylent was that my first real food after five days – half a proper New York bagel with butter, Cowgirl Creamery Mt Tam cheese, a perfect Jersey tomato, and a pinch of Maldon Sea Salt – tasted so utterly, incredibly good that the hand with which I lifted it to my mouth started shaking uncontrollably.” Read more…

Cultural Heritage and the Family Dinner Table

Photo by Pixabay

What is lost when families are not involved in selecting the dishes they cook? For one thing, it means that they are not sharing food drawn from their own store of recipes, their heritage, or even regional specialties. I was born to an Indian father and a Chinese mother, but spent my childhood around the world because of my father’s job in the airline industry. The only time I really felt connected to my culture was at dinner every night, eating rice with chicken curry, fried noodles, vegetables in soy sauce, or coconut chutney with dosa (a kind of Indian crepe). My husband, for his part, felt a link to his Jewish heritage when he was eating his grandmother’s matzo ball soup, brisket, or Saturday-morning bagels and lox. If the two of us don’t move past the meal kits, there is a distinct possibility that many of our family’s food traditions will end with us and instead will be decided by a well-meaning executive chef in an industrial kitchen.

Krishnendu Ray, of NYU’s food studies program, points out that this transmission of food culture has been shifting slowly over the last century. “Knowledge about food was once conveyed in close proximity from mother to daughter or grandmother to grandchild,” he says. “Now we have to learn this from a company or the mass media. But we shouldn’t over-sentimentalize the past: American women have been learning about food from companies since the industrial revolution. For two generations, women have been learning recipes from the back of food packaging—think about the popularity of Jell-O molds or chocolate pound cake.” So I’m mourning a loss of culture and tradition that has already begun eroding.

Elizabeth Segran writing for Fast Company about the boxed-meal phenomenon, and how meal-kit startups like Blue Apron, Hello Fresh and Plated could change the way we eat. 

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Troy James Weaver on Pleasure and Shame in Cross-Dressing as a Young Boy

So we were in the food court eating chili dogs and my dad was smoking his cigarettes and drinking a cup of coffee…Then, out of nowhere, my friend started blushing, eyes fixed to his plate, very clearly distraught, so my dad asked him: What’s the problem? And my friend, he said: That lady looks like an old man, pointing his finger. My dad couldn’t hold his laughter. He doubled over the newspaper he was staring at, and when he finished laughing, he patted my friend on his back and said: That lady looks like an old man because she is an old man. But of us were taken off guard. Why’d he dress like that? My dad laughed again…and whispered loudly: He’s a fairy. That’s what he’s into.

And then I wondered if that’s what I was into. I thought of all the times my older sister put makeup on me. I thought about all the times I’d ever played with Barbie dolls of my own free will. I thought about what my friends might think of me, if they knew I enjoyed it when my sister let me play with her girly toys. I wondered what it would be like to be a man dressed as a woman, especially in a world so clearly dominated by men who dressed like men.

–From Witchita Stories, a collection of autobiographical short fiction by Troy James Weaver about growing up in a small town with a junkie, convict brother.

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The Gaijin Who Makes Great Ramen

As a ramen maniakku or enthusiast myself, I reread Lucky Peach‘s debut Ramen Issue once a year. The issue has an essay by chef Ivan Orkin, where he tells what it was like operating a ramen restaurant in Japan, as a gaijin, or outsider. Lucky Peach is a food quarterly started by chef David Chang and writer Peter Meehan in 2011. The Ramen Issue is long out of print and fetches wildly high prices on eBay and Amazon, but Lucky Peach published Orkin’s essay online for the first time, just for us. Here’s an excerpt:

The first big break came at the end of August, when I was asked to make an appearance on one of the big prime-time talk shows. The episode aired on a Sunday night; on Monday, there was a line of thirty people outside a half hour before we opened. After that, the crowds kept up every day without fail. At least ten people waiting to get in every weekday, and at least thirty every weekend. Lines even in the midst of a typhoon, which happened more than once.

Following the fans came the second wave of blog entries, good and bad. My favorites were from the infamous Channel 2 websites, where anonymous writers go after everything and everyone, and where being criticized means you’ve finally arrived. Many of the threads were conspiracy theories: some people believed I was a front for a large Korean corporation, others that I was a front for a Japanese chef. The best theory was that I was actually Japanese, and only pretending to be a foreigner. It was an idea so good I wished I’d made it up myself.

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More from Lucky Peach in the Longreads Archive

What It’s Like to Live On Top of a Glacier

The tourists were always curious about glacier life, and I did my best to give them what they wanted. I told them about the hummingbirds that stopped by on their way to the moss-covered mountains, but I didn’t tell them about the time a lightning storm closed in on us and I thought for sure we’d all get electrocuted. I told them how strange it was to live in a world almost totally drained of color, but not about the elaborate plans another guide and I had come up with to escape the glacier on foot if we ever needed to. I told them the food was great and the mushers and dogs were like family and I had the best job in the world. Then I’d go back to my tent and cry.

— The Atavist Magazine presents “Welcome to Dog World,” Blair Braverman’s account of life atop an Alaskan glacier, leading dog-sledding excursions for tourists and isolated from the rest of the world.