CHAPTER I The ultimate e choice Ivan Boesky,s choice In 1985 Ivan Boesky was known as 'the king of the arbitra ge ries that were the target of takeover offers. He made profits a specialized form of investment in the shares of com- of $40 million in 1981 when Du Pont bought Conoco: S80 million in 1984 when Chevron bought Gulf Oil. and in the ame year, $100 million when Texaco acquired Getty Oil There were some substantial losses too, but not enough to stop Boesky making Forbes magazine's list of America's wealthiest 400 people. His personal fortune was estimated at between $150 million and $200 million Boesky had achieved both a formidable reputation, and substantial degree of respectability. His reputation cam part, from the amount of money that he controlled. 'lvar said one colleague, 'could get any Chief Executive Officer in the country off the toilet to talk to him at seven o'clock in the morning. But his reputation was also built on the belief that he had brought a newscientific' approach to investment, based on an elaborate communications system that he claimed was like NASAs. He was featured not only in business maga- s. but also in the Ney york Times living section. He watch chain was prominently displayed. He owned a twelve bedroom Georgian mansion set on 190 acres in WestchesterCHAPTE R 1 The ultimate choice Ivan Boesky's choice In 1985 Ivan Boesky was known as 'the king of the arbitra￾gers', a specialized form of investment in the shares of com￾panies that were the target of takeover offers. He made profits of $40 million in 1981 when Du Pont bought Conoco; $80 million in 1984 when Chevron bought Gulf Oil; and in the same year, $100 million when Texaco acquired Getty Oil. There were some substantial losses too, but not enough to stop Boesky making Forbes magazine's list of America's wealthiest 400 people. His personal fortune was estimated at between $150 million and $200 million.1 Boesky had achieved both a formidable reputation, and a substantial degree of respectability. His reputation came, in part, from the amount of money that he controlled. 'Ivan', said one colleague, 'could get any Chief Executive Officer in the country off the toilet to talk to him at seven o'clock in the morning'.2 But his reputation was also built on the belief that he had brought a new 'scientific' approach to investment, based on an elaborate communications system that he claimed was like NASA's. He was featured not only in business maga￾zines, but also in the New York Times Living section. He wore the best suits, on which a Winston Churchill-style gold watch chain was prominently displayed. He owned a twelve￾bedroom Georgian mansion set on 190 acres in Westchester