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Feb 28, 1998

High stakes

ITT Corp's proxy gamble

When Bat Masterson and Doc Holliday sat down to a hand of poker, faro or vingt-et-un, the deal of the deck determined who won. When Sam Giancana and Lefty Rosenthal grappled in Las Vegas, the winner was more likely to prevail by the cold steel of a pistol barrel. When high rollers Steve Bollenbach and Rand Araskog faced off, the stakes were higher than ever. But neither luck nor brute force decided the winner. The name of the game was 'shareholder value', and it was shareholders who wound

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