Get out of here. Cabletron was founded by S. Robert Levine and Craig Benson. in his garage in 1983, said he decided And she doesn't think businesses would be reluctant to hire a convicted felon. At the time of their nuptials Moore was 45 and Levine 29-years-old. Current Analysis. "Get this," he'd brag to Benson, "I just made a 100% margin." One is that Palermo is a seriously sprawling space. He will be succeeded by Don Reed, 53, a top officer from the regional phone company Nynex Corp., which is being acquired by Bell Atlantic Corp. ``The amount of effort and time and travel that will be involved to get Cabletron to the multi-billion dollar level, which I have no doubt Cabletron can achieve, is time I am not willing or able to invest at this time, Levine said in explaining his decision. Among his previous endeavors: a landscaping business that killed grass and butchered hedges, a biorhythm company that had to hand out refunds when customers discovered their charts were not individualized, and a limousine service that quickly stalled out. It was a way to invest in companies and give them a leg up. 2400 Casteel Creek Rd, Edwards, CO 81632 | Zillow "I don't know who that guy is," he admits. Right before his retirement in 1997, Levine bought the land the estate sits on for $3.32 million and spent the next four years building it out with amenities. Shares of Cabletron, based in Rochester, N.H., slipped 62.5 cents, to $36, on the New York Stock Exchange. Robert Levine Net Worth is $600,000. Coalesce's Select Membership is no longer active. This area is patterned after, and is just a play on the old wild west and is much more fun than a big garage apartment and gas station.. Craig Benson & CEO Robert Levine of Cabletron Systems, NH. 2023 CNBC LLC. We believe we have found the perfect fit, Levine said. In May 1989, when Cabletron Systems Inc. went public on the New York Stock Exchange, underwriters tried to persuade the company's president and chief executive to swap his swaggering style for something tamer. It feels like you are all on your own in the middle of the forest. Two hours later Benson joined up. When he came back to them with a prototype, Levine and Benson responded appropriately. While she was in a halfway house in Manchester, she already had a consulting job, and she was interviewed there for a technology-related job at a Massachusetts firm, where she is now vice president of sales and director of technology services. For many of us, Sunday nights won't be quite the same. They sniff things out." The current status of the business is Inactive. Commissioner Cabletron Systems was a manufacturer of networking computer equipment throughout the 1980s and 1990s primarily based in Rochester, New Hampshire, in the United States. Tuesday, I received my indictment papers. One way Cabletron keeps the staff small is by giving employees enormous autonomy; for example, salespeople have lots of latitude on pricing. "I'm not a mercenary or anything," he says with a smile. Cable magnate proposes public-private land swap | VailDaily.com Such big-company prerogatives as vice-presidents and massive meetings have no place at Cabletron. Mr. Levine said he had not determined what he would do beyond smoothing the executive transition at Cabletron. A 200-foot steel bridge overlooking the Rocky Mountains Sawatch mountain range leads out of the property and into the forest. Spence, then Cabletron's director of worldwide sales, said she shook her head thinking, "Oh my God." The normal lead time would have been about six months. Cabletron founder, CEO to resign - CNET ", Read Gayle Spence's full interview with NHBR, Back to basics: a wage and hour overview for New Hampshire employers, Special House committee to look at how New Hampshire's family courts operate, Accelerator program aims to help business owners of color in Manchester area, Balkus: New Hampshire has a growing healthcare crisis that cant be ignored, Maryland firm pays $4.2 million for North End site to build Portsmouth hotel, New Hampshire Home recognizes top residential designs of 2023, Hotel moratorium proposal floated before Conway Planning Board. S. Robert Levine. - Free Online Library - TheFreeLibrary.com Along with the house itself, Levine created a 28,000-square-foot "amenities lodge" with a five-story rock climbing wall, an indoor shooting range, a teppanyaki dining area, a gym and massage spa, an Olympic-sized pool and a hot tub. Atlantic--expected within days, pending FCC approval--and said he In its first quarter, ended May 31, Cabletron disappointed Wall Street with earnings of $58.8 million, or 38 cents a share, just slightly above the $57.1 million, or 37 cents a share, it had reported a year earlier. "Their enthusiasm was a breath of fresh air," says John Casson, head of international operations. Analysts said Levine's resignation will mean that Cabletron can now concentrate its efforts on regaining the market share it has lost in recent years. Bob Levine and Craig Benson built Cabletron Systems Inc. into a $100-million upstart by staying light on their feet. And "if you use a flip chart, you don't belong here," he says. There's nothing wrong with that, of course; every founder stamps his or her quirks on the business. How long can they keep up the pace? Three-corner deals became a big deal up to and during the launch of Enterasys. Accoridng to the NY Times, the couple wedded in the Pierre Hotel. It's the largest such settlement in at least a decade. Reed's first day as head of the Levine amassed a fortune Forbes estimates at $625 million at. Levine purchased the land for $3.32 million in 1996 and delivered the house in 2000, according to Eagle County property records. Some 4,000 people applied for the first 50 jobs. Founder of Cabletron Systems, an internet networking company in New Hampshire that once rivaled Cisco, but went belly-up, owns this house. That was why a shortened quarter (because Enterasys was changing its fiscal year) of one month in September was so crucial. Stuart Robert Levine (born 1958) is listed at 25 Casteel Creek Rd Edwards, Co 81632 and is affiliated with the Colorado Republican Party. Levine's perennial short sleeves strain against his imposing biceps, trophies of a decade and a half of daily weight lifting. Update: A former version of this article misstated the homes listing price. "You gotta help me," he pleaded to Benson. Could it be the beginning of a bureaucracy? Robert Levine and Craig Benson on a Motorcycle. 2023 CNET, a Red Ventures company. Aug. 6, 1997 1:45 p.m. PT 3 min read Cabletron Systems (CS) founder, president, and. Colorado mega-mansion built by tech entrepreneur has its own Old West-style town with a saloon and sheriff's jail . Merrill Lynch pays $40M to Cabletron co-founder after alleged - CNBC As Cabletron expanded its reach in the networking business, they initially moved into Layer 3 routing by partnering with Cisco, co-developing a Cisco router that would fit into the MMAC-8 hub. The town's winning traits? "I started off by saying, 'For 20 days and 20 months, I had no first name and I was referred to as 03418049. A large part of this walkability is due to . I'll hear those heels." When customers called with problems, the only available equipment required shutting down the computer network -- testing customers' patience and often costing them money. Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more, While only half an hour to Vail Mountain (east) or to the Eagle County Airports (west), the outside world fades away as one enters into the Casteel Creek compound, with a new discovery around every curve, Nobrega and Scrivens told Inman in an email. "Cabletronians," as employees call themselves, value speed, decisiveness, and responsiveness. Some, like a special wall plate that allows customers to plug phone wire in one end and coaxial cable in the other, have gone from consumer suggestion to prototype in just six weeks. Top image: US Servicemembers take cover on a beach at Paestum, south of Salerno, September 9, 1943. "I couldn't," he says with a shrug. Cabletron's Chief Executive Plans to Step Down Sept. 1, https://www.nytimes.com/1997/08/07/business/cabletron-s-chief-executive-plans-to-step-down-sept-1.html. Robert C. LeVine, 77 of East Bridgewater died peacefully on June 23. ''The timing has to do with Don more than anything,'' he said. The complaint was filed in March 2018 for allegations of "unsuitable investment recommendations, excessive trading and misrepresentation from February 2012 until December 2017." While Vail has some of the highest land prices in the country, Levine's property is as spacious as they came 250 acres of land border a national forest and come with a trout pond, a playground as well as ample trails for hiking in the summer and snowmobiling in the winter. Alongside Craig Brenson, Levine founded Cabletron in 1983. In 1996 the company eclipsed US$1 billion in sales. To keep costs down, Levine has hardly modified the telemarketing system that his brothers perfected back in his garage days. More recently, Levine was in the news in 2019 after Bank of America Merrill Lynch agreed to pay him $40 million as a settlementin response to his allegations that one of its brokers churned him by making poor investment recommendations to receive commissions. Is this management by fear? Webb, executive vice president and general counsel. But aside from that, there was more commonality than differences. In 1987, with sales at more than $9 million, they shifted to semiautomatic machinery. year-and-a-half ago and coaxed him into bringing aboard his experience in national and global telecommunications. They'll figure it out, right?". TimesMachine is an exclusive benefit for home delivery and digital subscribers. But, he notes, "I know what will happen if I relax at all. Earlier in the session, it was up as much as $1.875 a share. We had to feel instinctively from the heart that this was the right individual both from a capability standpoint as well as a cultural standpoint. At the time, Levine worked as a senior fellow in the division of cardiology of Mt. He shared the title of Inc. Magazines Entrepreneur of the Year with his co-founder, Craig Benson, in 1991. CONCORD, N.H. (AP) _ Fourteen years after co-founding a small computer cable company in his garage, S. Robert Levine is retiring as president and chief executive of Cabletron Systems. FINRA's BrokerCheck system data indicates that the settlement is the largest involving an individual claimant out of over 29,000 in the last decade, according to Craig McCann, the founder and principal of Securities Litigation and Consulting Group. As a result, Cabletron has grown much faster, and more daringly, than anyone might have expected. "The thing that has made us different," he says, rising to his feet, "is that we are absolutely fearless.". Subscribe to Inman Select for Breaking News and Exclusive Industry Content. Cabletron CEO to leave. Sweet and salty: An estate with an ice cream parlor and jail FINRA did not respond to a request for comment, while a spokesman for Bank of America Merrill Lynch declined to comment. time involved to get the company to the multibillion-dollar level. As a subscriber, you have 10 gift articles to give each month. Prior to mid-1986 Cabletron worked with a worthy supplier. It has even instituted a special program whereby salespeople hand out forms to customers, who are invited to fax in their product suggestions. Levine was used to selling, and that was what he wanted to focus on. Cabletron CEO Levine Is Expected to Resign - WSJ ", A refreshed look at leadership from the desk of CEO and chief content officer Stephanie Mehta, This site is protected by reCAPTCHA and the Google. C T Corporation System, agent, 4 Sep 2000 - Michael D. Myeraw, secretary, 19 Jan 1990 - S. Robert Levine . The few white-collar criminals were primarily there for embezzlement. Want CNET to notify you of price drops and the latest stories? Levine thinks it's from someone he fired. Later that year Cabletron received a $1.5-million line of credit that catapulted to $12 million four years later. Cabletron, R.I.P. The 50,000-square-foot mega-mansion, which Levine built after retiring from tech in 1997, was built in fitting with the tech giant's unique tastes. Your subscription will automatically renew for on . "We'll find a way to do this.". Benson differs. Not wanting to sully their high-tech image -- or tie up inventory dollars in low-margin fare -- few computer companies supplied the cable. in the industry," he said at the news conference. ", But at some point, he will reach his limit. "All I could think of was the thousands of people that lost their lives, our customer base that was so incredibly impacted, the state of the country and all they were worried about how we were going to look to Wall Street," said Spence. Murdoch's News Corp (at number four) is the only gentile holdout however Rupert is as pro-Israel as any Jew, probably more so." Los Angeles Jewish Times, 'Yes, Virginia, Jews Do Control the Media', Oct. 29-Nov. 11, 1999, p. 14. They were not at liberty to discuss the sellers further. By early 1985 the company was taking out loans of $850,000, borrowing against inventory and accounts receivable. Cabletron ultimately developed its own routing capability, but found it increasingly difficult to compete at the low end of the Ethernet market and continue to invest in high-end routing technology. "Is this the right thing to do?" In his place was his handpicked successor, Patel, who joined Cabletron when it bought his California networking company. Robert Levine can be an acting professional, known for The Uncles (2000). Levine fires any salesperson who flies during company time. In this case, Merrill Lynch decided to settle after the final hearing. "His valuation was ludicrous, but I didn't mean to soak him," says Levine. When to go. I'm not working here," she said. That's not so easy, given that Cabletron -- like Levine -- can't sit still. Mary was my life, my light, my love. Just now that spirit, who has been seated, glances at his watch and flies to his feet. At Nynex, Reed is being replaced by Morrison DeS. Cabletron Systems Inc., a computer networking company, said yesterday that S. Robert Levine, its president, chief executive and co-founder, would resign effective Sept. 1. It was what she calls the "big three": Kirkpatrick, Cabletron chief executive Piyush Patel and vice president Eric Jaeger. -. Robert Levine Bio/Wiki, Net Worth, Married 2018. "I wasn't a good criminal.". Robert Levine's House in Edgartown, MA (Google Maps) ``Frankly, we wouldnt just turn Cabletron over to just anybody. Top headlines from around the real estate industry. [citation needed], Cabletron was founded in 1983 in a Massachusetts garage by Craig Benson (who later became New Hampshire's governor) and Robert Levine. But while she was at college, her dad died unexpectedly, and she got in a serious car accident. I was a prisoner in a federal women's camp. His toughness arises from a need to prove something. ATTN: Tax Department, 35 Industrial Way PO Box 5005, ROCHESTER, NH 03867; United States; Inactive Directors / Officers. weeks. For instance, despite "some very scary days," Levine and Benson steadfastly refused any equity capital early on. In all 126,000 square feet of Cabletron's headquarters, now in Rochester, N.H., there is not even one meeting room. Levine has also been expanding what he refers to as a management SWAT team. At the same time, competitors like Cisco Systems Inc., the 3Com Corporation and Ascend Communications Inc. have pursued multibillion-dollar acquisitions that have given them much broader product lines and higher revenues. It doesn't feel like there are 1,300 people here. The best transceivers at that time had power-indication lamps enabling customers to tell whether their network problem could be blamed on the system's power source. Benson hired a few engineers he knew. Only 3 days left to register for Inman Connect Las Vegas before prices go up! The other though is that Palermo is quite an easy city to navigate and get about. As generous as they are about firing, Levine and Benson are stingy about adding people -- "I don't even ask anymore," says Casson. But some of his motivational techniques for his sales force _ such as singing bawdy songs and dressing up in a leather motorcycle outfit _ have come under fire from customers. "I never had anything to do with Asia. He is a male registered to vote in Eagle County, Colorado. Robert Levine Net Worth & Biography 2022 - Stunning Facts You Need To Know But "my actions, by pushing this paperwork through, allowed the company to make the quarter. Another benefit included renting manufacturing space at half the amount for the same square footage near Boston. The new owner will be able to reap the benefits of the current owner acquiring the land and approvals as well as constructing the improvements and will be able to hit the ground running with a turnkey estate that is all about living life and creating memories, Nobrega and Scrivens said. "People kept talking about how much money people were going to make when this all happened. Electronics Jaeger's attorney did not return phone calls, Patel's attorney declined comment, and Kirkpatrick's attorney, Lucy Karl, called Spence's statements "recycled poppycock" made in order to help her motion for an early termination of her supervised release, which Spence was granted two days before Christmas. Characteristically, he couldn't just turn down suitors with a polite "No, thank you." "I think I am an asset to any company who has the desire to go public or who is currently publicly traded. In 1996 the company eclipsed US$1 billion in sales. Jack Branowski, who is a director of sales, has 17 people reporting to him. As a pair, they looked comical: one short, one tall; one husky, one thin; one impulsive, one careful. Two weeks later, she was in a training class as an inside sales rep. Spence worked her way up to become head of worldwide sales, with 635 people under her. He got to spend a week on Levine's boat, resting. "Their eyes lit up," Oliver recalls. 30 Jul Merrill Lynch pays $40 million to Cabletron co-founder after And the department doesn't close: 3 employees wear beepers. Branch of CABLETRON SYSTEMS, INC. (Delaware (US)) Controlling Company CABLETRON SYSTEMS, INC. Co-founders S. Robert Levine and Craig Benson were the bad boys of the 1990s networking industry. Such trigger-happy behavior takes a toll on morale. Cabletron Systems, Inc. in Rochester NH - Company Profile At its height in the early 1990s, it employed nearly 4,000 workers in the state, with another 3,000 on . "My husband just died," she told the agent. The move is also seen as a plus by analysts, because most of Cabletron's competitors have already dropped their founders from top management positions. She moved back home in July 2009. "Basically buying people's business," Spence said. Cabletron and Enterasys would then report those as sales, increasing company revenue. Cabletron Systems, Inc. -- Company History Last summer, for kicks, he chased a pizza-delivery boy, and the following day while "four-wheeling in the woods," he ran smack into a tree. Gayle Spence said she asked David Kirkpatrick, then chief financial officer of Cabletron Systems, at the time in 2001 when the Rochester company was spinning off Enterasys Networks. On September 12, 2013, Extreme Networks agreed to buy Enterasys Networks for $180 million. Now he's lucky to visit them all in a year. (Photo by Peter Turnley/Corbis/VCG via Getty Images) Levine helped Cabletron cofounder Craig Benson find Reed about a The complaint was filed in March 2018 for allegations of "unsuitable investment recommendations, excessive trading and misrepresentation from February 2012 until December 2017." Charles Kenahan Lawsuit - The advisor involved is Charles Kenahan, according to FINRA's BrokerCheck. But she said she kept her thoughts to herself until it was too late. Bank of America Merrill Lynch has agreed to a $40 million settlement with Robert Levine, co-founder of Cabletron Systems, according to filings and sources familiar with the case. The Ariel deal.". The company also developed a reputation for its advanced SPECTRUM network . Levine had a habit of wearing ostrich-skin boots and once used an armored tank to chase away a pizza delivery worker. Want to know how Levine has spent his newfound wealth? . One of their biggest arguments, in fact, grew out of Levine's decision to let one salesman call himself a vice-president. ''Really, he hadn't functioned in the traditional role of a C.E.O. View Levine S Robert's profile for company associations, background information, and partnerships. That arbitration case was filed with FINRA in February 2018 and is pending. ''His primary role has been to go all over the world talking to customers, and keeping the sales force accountable. The 50,000-square-foot mega mansion, which . "They see it coming. More than a decade ago, Bob Levine's high school classmates voted him "Least Likely to Succeed." In 1992, a different group of peers voted S. Robert Levine, president and CEO of Cabletron Systems, Inc. magazine's "Entrepreneur of the Year," an honor he shared with Craig Benson, the company's chairman. ", Despite Spence's misgivings about the morality of the three-corners deals, she said didn't think they were illegal because "the finance people were all over it. There seems to be a problem with your Inman Select Membership. "It grew fast. ''Bob is a flamboyant, energetic motivator, and as such, he has motivated people much like a football coach,'' he said. "Maybe he was doing the 'don't ask, don't tell,'" she said, laughing. Levine had seen that happen many times. [April 2007] Met his wife, Mary Tyler Moore, when she took her mother to the hospital and he was the doctor. So the employees wanted $8 an hour? Do Not Sell or Share My Personal Information. Karl was contacted before Thanksgiving, but Spence talked to NHBR at the end of September in her backyard, agreeing to tell her story if she had a chance to review her transcript, which she did, with minor edits, in November. Workman backdated it. CABLETRON SYSTEMS, INC. has been set up 8/15/1989 in state DE.