The National Herald, for the seventh consecutive year, is publishing its list of the 50 Wealthiest GreekAmericans. The list combines information from Herald sources, as well as public sources and data released inForbes and Crain's.

This year's list features some of the “usual suspects,” along with some new names.Peter Nicholas, chairman of the biomedical manufacturer Boston Scientific is once

again topping the list, despite growing insecurity in the industry of minimally in-vasive surgery products.

At second place, oil and real estate mogul George Phydias Mitchell hasincreased his fortune by almost one billion dollars this year, a sign ofthe spike in oil prices. As for investment guru John Calamos, thisyear's third richest Greek American, he has literally skyrocketedon our list. Calamos is one of the few fund managers in thecountry who did exceptionally well during the past year.

Members of the “older” generation of Greek Americanbusinessmen still dominate the list, as the names Jaharis,Spanos, Catsimatidis, Valiotis, Stavropoulos, Payiavlasand Tsakopoulos are featured prominently once again.

Newcomers include Chicago real estate developer Ni-cholas Gouletas, military equipment manufacturer So-teris Fassoulis, as well as New York-based businessmenMike Angeliades and Nicholas J. Bouras, who fared wellin the construction and steel construction industries, re-spectively.

There are also some absentees, most notably Christos

Cotsakos, formerly of E*Trade fame.But Greek Americans in the technology and communications industries had a great year. Among them,

Michael Capellas, who just joined network equipment giant Cisco Systems with a ru-mored $40 million severance package in his back pocket from presiding over

MCI's acquisition by Verizon. Capellas, an outspoken advocate of corporateliability, may very well be remembered for his role in making this a

smooth transition. Engineer and MIT Professor George Hatsopoulos, as well as

James Bidzos and Stratton Sclavos, founder and CEO, re-spectively, of the Internet and telecommunicationspowerhouse VeriSign, are still holding strong on the

list. Their success proves that technological innovation isa surefire path to making a fortune, but it can also be seen

as a sign of Greeks' overall success in America: Hatsopou-los is a Greek-born, Athens-educated innovator who, al-

ready well into his seventies, tries his luck at new ventures,while Sclavos and Bidzos are two Greek American technology

geeks, who made it big at a young age.Greek Americans have permeated the business and academic

world in various degrees and under different capacities. Whetherbillionaires, celebrities and athletes (yes, Jennifer Aniston and Pete

Sampras are on the list once again) or local success-stories, these 50individuals are people to keep watching.

By Zoe Tsine Special to The National Herald

NEW YORK - “Money, to me, has alwaysbeen a way of gaining independence,” said JohnCalamos, the billionaire founder and chief exec-utive officer of Calamos Investments, one of thecountry's leading money management and in-vestment firms.

Mr. Calamos has made his fortune by manag-ing other peoples' and other companies' money.

The Greek American opened his firm,Calamos Asset Management, in 1977 and soonmade a name as a top performer in convertiblebonds, an area in which few dared to venture atthe time. Since then, the company has grown in-to one of the largest fund managers in the world,and has diversified to high yield equity, growthand international funds, while also managingboth straight and corporate bond debt.

The Calamos Investments portfolio has in-cluded such names as Apple, Google, eBay andMotorola, while managing more than $40 billionin assets. Since Calamos Asset Managementwent public in 2004, close to one million peoplehave listened to Mr. Calamos' calland become his shareholders.

“We have had a long period ofsuccessful investments for ourclients,” Mr. Calamos, 66, told theNational Herald in an interviewlast week, held during a shortbreak from a busy morning.

“We have focused on provid-ing our clients with the highestrisk-adjusted returns, over many,many years and over many, manymarket cycles. This means thatour performance has come in pre-serving capital even during themore difficult stages, the down-turns of the market. We're proudof that history,” he added.

When it comes to investmentsand mutual funds, however, ad-justing risk does not preclude risktaking, Mr. Calamos said: “We'vealways had a history of looking atdifferent opportunities in themarket place, and we have beenvery innovative in providing addi-tional, more opportunistic invest-ment strategies.”

Today, Calamos Investmentsoffers a diverse strategies to a va-riety of investors in the UnitedStates, Europe and other parts of

the world, providing professional asset manage-ment services to major corporations, public andprivate institutions, pension funds, insurancecompanies and individuals.

As for Mr. Calamos himself, he is consideredamong the wealthiest people in the world, as wellas an outstanding money management successstory, having maintained a low profile and an im-maculate reputation in a field where falling fromgrace can be as public as it can be unexpected, asa seemingly meteoric rise can just as easily be fol-lowed by an equally rapid decline.

“I don't think money was ever a primary moti-vation for me,” Mr. Calamos mused. “Money tome has always been a way to gain my indepen-dence. I believe that individual liberty is very im-portant, and you can't have individual libertywithout economic freedom. Wealth has been abyproduct of my passion for what I do. Real suc-cess is having a passion for what you do andworking very, very hard - which I've done.”

Success wasn't a given for the Greek Ameri-

By Evan C. LambrouSpecial to The National Herald

NEW YORK - Network equipment makerCisco Systems, the world's largest supplier of da-ta networking gear, announced that MichaelCapellas, the former president and chief execu-tive officer of MCI, has joined its board of direc-tors. His appointment to the Cisco board was ef-fective on effective January 31.

"We are pleased to have Michael Capellasjoin Cisco's board of directors," said Cisco Chair-man John P. Morgridge. " Michael is a seasonedgeneral manager and a 30-year veteran of the in-formation technology business. With his cus-tomer-centric focus and unique balance ofstrategic insight, operational expertise and tech-nology and financial knowledge, he is a strongasset to Cisco's board."

Capellas, 51, joins a high-power team at Cis-co. Cisco's board now consists of 12 members, toinclude Carol A. Bartz, chairman and CEO ofAutodesk; M. Michele Burns, former CFO, Mi-rant Corporation; Larry R. Carter, senior vicepresident, Cisco Systems; John T. Chambers,

president and CEO, Cisco Systems; John L.Hennessy, Ph.D., president, Stanford University;Richard M. Kovacevich, chairman and CEO,Wells Fargo & Company; Roderick C. McGeary,chairman, Bearing Point; James C. Morgan,chairman, Applied Materials; Steven M. West,founder and partner, Emerging Company Part-ners; and Jerry Yang, co-founder, and directorof Yahoo, Inc.

Capellas left MCI in early January 2006, afterthe company's acquisition by Verizon Communi-cations. Verizon, the largest phone company inthe United States, closed its $8.46 billion acquisi-tion of MCI, the second largest long-distancetelephone provider in January. Capellas drew ahefty payout for that deal, which combinedMCI's global reach with Verizon's industry-lead-ing fiber-optic technology.

Verizon bought MCI to gain access to MCI'scorporate clients and a 98,000-mile network fordelivering Internet access in 140 countries. Thepurchase also helps Verizon keep up withAT&T, created through the $16.5 billion mergerof SBC Communications and AT&T this pastNovember (SBC's purchase of AT&T turned the

new AT&T into the largest U.S.telephone carrier).

"This milestone for Verizoncreates a new competitive forcewith the power of the global MCInetwork and the reach of Veri-zon's broadband and wireless net-works in the country. Our strategyis to be a customer-focused leaderin consumer broadband andvideo, as well as business and gov-ernment services, in both thelandline and wireless environ-ments," said Verizon chairmanand CEO Ivan Seidenberg.

"Michael's work in transform-ing MCI over these past few yearshas been extraordinary. He hasbeen a great leader, and he leavesa legacy as an architect of one ofthe world's great, next-generationcommunications companies - astrong competitive force focusedon customer innovation," Seiden-berg added.

Following the merger, Veri-zon, which continues to be basedin New York, has approximately$90 billion in annual total consoli-dated operating revenues and ap-

John Calamos: Economic FreedomEnsures Greater Individual Liberty

The 2006 Wealthiest Greek Americans List is a $ign of the Times

50Wealthie$tGreeks in America

The

The National HeraldFEBRUARY 25, 2006

John Calamos

Continued on page 10

Continued on page 11

After Presiding Over Verizon-MCIMerger, M. Capellas Joins CISCO

Michael Capellas

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

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50 Wealthiest Greeks in the United States 2006NAME/RANK WORTH INDUSTRY COMPANY 2005 Ranking1. Peter M. Nicholas 3.5 Billion Biomedical Industry Boston Scientific No12. George Phydias Mitchell 2.5 Billion Oil, Real Estate Mitchell Energy and Development No23. John P. Calamos 2.1 Billion Investments Calamos Investments No. 194. George Leon Argyros 1.3 Billion Land Development, Real Estate Arnel Development Co. No. 35. Alexander Gus Spanos 1.1 Billion Real Estate, Sports A.G. Spanos Companies No. 46. John Catsimatidis 850 Million Oil, Food, Real Estate, Aviation Red Apple Group No. 67. Michael Jaharis 800 Million Biomedical Industry KOS Pharmaceuticals No. 78. Peter G. Peterson 750 Million Investments The Blackstone Group No. 89. Theodore Leonsis 740 Million Internet, Sports AOL, Washington Capitals No. 510. Angelo Tsakopoulos 650 Million Land Development, Real Estate AKT Development No. 1611. Steve Valiotis 630 Million Real Estate Alma Realty No. 1012. George Behrakis 500 Million Biomedical Industry Gainesborough No. 1113. Peter Georgiopoulos 450 Million Crude Oil/Cole Transportation General Maritime Corporation, GENCO Shipping & Trading No. 3414. George Andreas 415 Million Art, Real Estate N/A No. 1515. Kostas and Tom Kartsotis 400 Million (combined) Watches, Leather Accessories Fossil Inc. No. 1216. George M. Marcus 399 Million Real Estate Marcus & Millichap Co. No. 1317. Stratton Sclavos 380 Million Internet, Telecommunications VeriSign No. 1718. Louis Katopodis 350 Million Food Industry Fiesta Mart No. 1819. John Payiavlas 310 Million Food Industry AVI Foods No. 2020. John Veronis 309 Million Publishing, Media Veronis Suhler Stevenson Partners No. 2621. D. James Bidzos 305 Million Internet, Telecommunications VeriSign No. 2122. Michael Capellas 300 Million Technology Executive Cisco Systems Inc., formerly of MCI Worldcom No. 4623. Peter Angelos 299 Million Personal Injury Lawyer, Sports Angelos Law, Baltimore Orioles No. 2224. William Stavropoulos 270 Million Technology Executive DOW Chemical No. 2325. Peter Dion 260 Million Real Estate Yarmouth/ Dion No. 2426. Konstantinos Stengos 250 Million Construction, Hotels/Resorts Technical Olympic USA No. 2527. John Rangos 249 Million Waste Management (retired) Chambers Development Corp. No. 2728. James T. Demetriades 240 Million Computer Software See Beyond Technology Co. No. 2829. John Papajohn 225 Million Financial Consulting Papajohn Capital Resources, Equity Dynamics No. 3830. George Perlegos 224 Million Electronics ATMEL No. 3031. Pete Karmanos Jr. 210 Million Computer Software Compuware No. 2932. C. Dean Metropoulos 200 Million Food Industry Metropoulos & Co. No. 3233. Demoulas family (combined) 200 Million Food Industry Demoulas Supermarkets No. 934. Michael Kalogris 160 Million Wireless Communications Executive Suncom Wireless Holdings No. 3635. Constantine Macricostas 150 Million Photomasks, Information Technology Photronics Inc. No. 3336. P. Roy Vagelos 149 Million Biomedical Industry Executive Regeneron, Theravance No. 1437. Jennifer Aniston 148 Million Actress, Producer N/A No. 4038. Emmanuel Kampouris 145 Million Supply Chain Management Click Commerce No. 3739. Harry J. Pappas 110 Million Telecommunications Pappas Telecasting No. 4040. William J. Catacosinos 109 Million Energy Executive TNP Enterprises, International Coal No. 4341. Rita Wilson 105 million Actress, Producer N/A No. 3542. Pete Sampras 100 Million Tennis Pro (retired) N/A No. 4543. George Hatsopoulos 99 Million Engineer, Technology Executive Pharos LLC No. 4444. Nicholas S. Gouletas 90 Million Real Estate American Invisco N/A45. John Paterakis 80 million Food Industry, Real Estate H&S Bakery No. 4946. Chris and Harris Pappas 79 Million (combined) Food Industry Pappas Restaurants No. 4747. Nicholas Bouras 50 Million Steel Construction Bouras Industries N/A48. Mike Angeliades 49 Million Construction M.A. Angeliades N/A49. Soteris Fassoulis 48 Million Military Technology CIC International N/A50. Todd Demakos 45 Million Clothing St. Eve International N/A

No. 6

John CatsimatidisOil, Food, Real Estate, Aviation

Chairman & CEO of The RedApple Group. He is 56, marriedand the father of two youngchildren. Red Apple has holdingsin oil refining, retail petroleumproducts, convenience stores,supermarkets, real estate andaviation. Catsimatidis' parentscame to the U.S. from the smallGreek island of Nissiros, while he was still an infant. He grew up in NewYork City. He is a certified jet pilot. Red Apple generated $3 billionduring 2005. Catsimatidis was made donations towards Alzheimer's andParkinson's research. His wife Margo works in the advertising industry.

No. 5

Alexander SpanosReal Estate, Sports

The founder and Chairman ofA.G. Spanos Companies is 83years old, married with 4 childrenand lives in Stockton, CA. Hestarted his business career in thecatering business and went intoreal estate later. His company isthe largest family-ownedconstruction and propertymanagement company in thenation. It builds, manages andsells multi-family housing units

and develops land. It has built more than 80,000 units in 18 states, mostrecently a state-of-the-art six-story office building in California's SanJoaquin County. As for his sports activities, Spanos handed over thepresidency of the Seattle Chargers to his sons Dean and Michael in1994. As the team's owner however, he has pledged $200 million for anew stadium. Spanos has been one of the largest individual contributorsof President Bush.

No. 4

George Leon ArgyrosLand Development, Real Estate

He is CEO of Arnel Development Company. He is 69, married with 3children. He was born in Detroit to Greek immigrants. At 14 he workedas a box boy at a grocery store. Arnel manages apartments and developscommercial property in southern California. He served as Ambassadorto Spain in 2001 by President Bush after leading GOP fundraisingefforts in California in 2000. He also served on the Federal Home Loan Mortgage Corporationunder the President's father. He lives in a $4.5 million estate on HarborIsland in Newport Bay, CA.

No. 3

John Calamos, Sr.Investments

Calamos is the Chairman andCEO of Calamos Investments,which he runs along with hisnephew Nick and his son John Jr.The company provides moneymanagement services to majorcorporations, institutions,pension funds, insurancecompanies and individuals. Itwent public in 2004. Calamosworked in his family's grocery onthe west side of Chicago anddeveloped his passion for thestock market as a teenager after investing his parents' $5,000 nest egg.He served as a combat pilot in Vietnam and earned the rank of Majorafter earning his MBA from the Illinois Institute of Technology in 1965.He first started an investment advisory firm in 1977. According toForbes, the assets under his company's management are up 750 percentin the past five years, reaching $41 billion.

THE NATIONAL HERALD, FEBRUARY 25, 2006 50 WEALTHIEST GREEKS 3

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No. 1

Peter NicholasBiomedical Industry

Chairman and Co-founder of Boston Scientific Corporation. He is 64years old, married with three children. Last month, Boston Scientificacquired fellow medical device company Guidant Corporation, GDT ofMassachusets for $27 billion, after outbidding health care mogulJohnson & Johnson. Boston Scientific is a manufacturer of a wide rangeof products for minimally invasive surgery, including catheters, stentsand balloons. Along with his wife Virginia, Nicholas has made a seriesof large donations mainly to educational causes, including a stunning$72 million pledge to Duke University, in Durham, N.C., the largestcharitable contribution in that institution's history. Nicholas founded Boston Scientific in 1979, after meetingco-founder scientist John Abele at a kids soccer game. Forbes has reported however, that the FDA's recentrecall of the company's malfunctioning stents has decreased the two partners' combined fortune.

No. 2

George Phydias MitchellOil, Real Estate

Chairman & Chief Executive of Mitchell Energy and Development. Heis 86 years old, is married and has 10 children. He served in the UnitedStates Army Corps of Engineers in World War II. The son of a Greekgoatherd, Mitchell grew up in the immigrant neighborhood ofGalveston, Texas in the building that housed his father's dry-cleaningshop. He made it big by striking one of the biggest gas strikes in Texasindustry history. He owns over 20 hotels and private buildings. He hasopposed oil drilling in the Alaska wildlife refuge and has funded a $10million National Academies study on sustainable development andpopulation growth.

No. 7

Michael Jaharis Biomedical Industry

Director of KOS Pharmaceuticals, KOSP. He is married with threechildren and lives in New York City. He is the son of Greekimmigrants. He co-founded KOS Pharmaceuticals in 1988 naming itafter the Greek island where Hippocrates founded the science ofmedicine. KOS develops prescription pharmaceuticals for thetreatment of chronic cardiovascular and respiratory diseases, likethe FDA-approved cholesterol-fighting drug Niaspan. The companyis currently researching a medical device of inhaled insulin.Benefactor of the Metropolitan Museum of Art. Donated $10million to Tufts University, where his son Steven studied Medicine,to establish the $60 million Jaharis Family Center for Biomedicaland Nutrition Sciences.

No. 8

Peter PetersonInvestments

Chairman and Co-founder of The Blackstone Group. Blackstone is one of the country's biggest privateinvestment firms with holdings in Boston, NY, San Francisco and Washington, D.C. Peterson is 80 years old,married with five children. He was known as the “economic Kissinger” for his successful service in the Nixonadministration as Secretary of Commerce. BG's investment funds generate $70-$80 million per year.Peterson lectures and speaks on television frequently about issues of fiscal responsibility.

4 50 WEALTHIEST GREEKS THE NATIONAL HERALD, FEBRUARY 25, 2006

No. 11

Efstathios ValiotisReal Estate

Owner of Alma Realty Co. AlmaRealty is based in Astoria,Queens. Valiotis is 54 years old,is married and has threechildren. He was born in thevillage of Vordonia in Spartaand studied to become a priestin Athens. He came to the U.S.at age 26 and worked in the foodand furniture industries beforeventuring into real estate. In thepast year he began buildingvillages in New Jersey andBrooklyn.

No. 14

George Andreas Art, Real Estate

A painter and investor in realestate among other industries, heis 68 and married to fellow-artistUrsula. His family fled to themountains from Nazi-occupiedAthens. Before studying at theNational Military Academy inAthens and the University ofThessaloniki, he was anapprenticeship to Greek artistConstantine Artemis. He went toNew York to work as an artist in1967. His studio is located inMiddleburg, VA.

No. 15

Kartsotis Kosta, Kartsotis TomWatches, Leather Accessories

Kostas Kartsotis is 51 years old. Tom Kartsotis is 45. They are CEOand President of Fossil Inc., respectively. Fossil is based in Richardson,Texas and operates factories in China, Switzerland and France. It sellsproducts in more than 90 countries around the world. Since October anew line of Fossil wrist-watches is being sold in 550 Walmart storesacross the country. In 2005, Fossil also announced deals with Dieseland Guess. The company was named after the favorite 1950s-styleretro watch of the Kartsotises' father “The Fossil.” It started out withretro watches but has since diversified in sunglasses, leather goods andjewelry.

No. 16

George MarcusReal Estate

Chairman of The Marcus &Millichap Company and EssexProperty Trust, Inc. He came toSan Francisco from Greece atage four. He completed anundergraduate degree ineconomics in just two and a halfyears and founded San FranciscoState University's first economicsclub. The Marcus & MillichapCompany is a national commercial real estate brokerage, investmentand development company. Marcus helped develop the San FranciscoState Greek Studies program, and chairs the Modern Greek StudiesFoundation, which supports the Nikos Kazantzakis Chair for ModernGreek Studies.

No. 12

George Behrakis Biomedical Industry

He is President and CEO of Muro Pharmaceutical andChairman of Gainesborough Investments. He is married withfour children and lives in North Tewksbury, MA. He is amember of the Executive Committee of the Board of Trusteesof the Greek Orthodox Archdiocese. Muro is a manufacturer ofasthma, allergy and respiratory products. Behrakis donated $8million toward the construction of the Behrakis Health SciencesCenter, the largest private donation in the history ofNortheastern University.

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No. 10

Angelo TsakopoulosLand Development, Real Estate

Chairman and CEO of AKTDevelopment Corporation. He ismarried, has six children and livesin Sacramento, CA. He first cameto the U.S. from Greece at age 24and has since earned himself areputation as one of the largestlandowners and developers inNorthern California. His childrenElena and Kyriakos arebenefactors of Georgetown andColumbia Universities for theestablishment of Hellenic StudiesChairs.

No. 9

Ted LeonsisInternet, Sports

Vice-Chairman of AmericaOnline, AOL/Owner of theWashington Capitals(NHL)/Minority shareholder ofWashington Wizards (NBA). Heis known as AOL's “champion ofthe member.” He has workedwith Apple Computer Companyon the introduction of theMacintosh, with IBM on the PClaunch and with Wang on office automation. He was once the mayor ofOrchid, FL. He sits on the board of several charities and of GeorgetownUniversity.

No. 13

Peter Georgiopoulos Crude Oil/Cole Transportation

Founder, Chairman and CEO of General Maritime Corporation andof Genco Shipping & Trading. Genco Shipping transports dry cargosuch as coal as well as steel products, through a fleet of about 15oceangoing dry bulk carriers. Georgiopoulos began working for ship-owners in New York and Piraeus, Greece. He founded GeneralMaritime in 1997. GM is now the second largest owner of mid-sizetankers in the world, with 47 ships transferring crude oil in South andCentral America, theU.S., Western Africa, the Mediterranean and theBlack Sea. He is 42, single and lives in a townhouse in Manhattan'sGreenwich Village, which was featured in the Emmy-award-winningseries “Angels in America.”

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No. 19

John PayiavlasFood Industry

President of AVI Food Systems. AVI isthe country's largest independent,family-owned contract food servicecompany providing vending,institutional-dining and coffee-servicesoperations. Payiavlas runs the companyalong with his son Anthony and hisdaughter Patrice. AVI has more than 50branch offices in the Midwest andEastern United States and reaches $2billion in sales annually. Payiavlas is oneof the founders of the Greek OrthodoxArchdiocesan Leadership 100Endowment for Orthodoxy & Hellenism Fund.

No. 22

Michael Capellas Technology Executive

Member of the Board of Directors of CiscoSystems Inc. He is the former President andCEO of MCI, who was bought out byVerizon Communications last month.Capellas was appointed on the board ofdirectors of the California-based networkequipment maker Cisco in January, soonafter MCI was acquired by VerizonCommunications. After the MCI transferwas completed, Capellas was expected toreceive a $40 million severance package.Capellas, 51, joined MCI in 2002 as thecompany - the former WorldCom - was in bankruptcy and working to overcome amassive accounting scandal. He grew up in Warren, Ohio and lived abroad duringhis childhood. He is married with two children. He likes golf and rock and roll.

No. 23

Peter AngelosPersonal InjuryLawyer, Sports

He is Chairman andCEO of theBaltimore Oriolesand director of PeterG. Angelos LawOffices. He is 76,married and has twosons. He firstbecame known forrepresentingworkers in class-action suits against Philip Morris, Motorola and thetobacco industry.

No. 24

William Stavropoulos Technology Executive

Chairman of Dow ChemicalCompany. Stavropoulos will bestepping down from Dow thisApril. He will be replaced byfellow Greek Antonis Liverison Dow's chair of the board ofdirectors. He was raised inBrooklyn, NY. His Greekimmigrant father owned acoffee and confectionery store,where he worked as a boy.Stavropoulos also serves on theboard of American EnterpriseInstitute for Public PolicyResearch.

No. 20

John VeronisPublishing, Media

Chairman and Co-CEO of Veronis Suhler Stevenson Partners.Veronis Suhler Stevenson Partners is a NY financial services firm inmedia, publishing and communications. It invests in mediaproperties and its activities range from books, radio and TVbroadcasting to magazines and educational films. Veronis createdthe firm in 1981 with media veteran John Suhler, former head ofCBS Publishing. Previously, “Book Digest” magazine had grown toa 1 million circulation under Veronis' direction. He is a Director ofthe Metropolitan Opera and a Trustee of the Carnegie Hall.

No. 18

Louis KatopodisFood Industry

CEO and President of the grocerychain Fiesta Mart. Fiesta Mart is a$1 billion-a-year company, whichsells ethnic and conventionalgroceries in Texas, primarily tothe State's Mexican and Asian-American consumer audience.

No. 17

Stratton Sclavos Computer/Cellular Technology Executive

Chairman and CEO of VeriSign, Inc. At 43 years of age,Sclavos, is involved apart from Verisign in the board ofdirectors of Salesforce.com, Intuit and Juniper Networks, anetworking-equipment company. He is married and lives inMountain View, CA. He is 6 feet tall and plays in threebasketball leagues. Verisign was created by fellow-GreekAmerican Jim Bidzos. Sclavos joined the company in 1995.Verisign is the world's largest seller of Internet securitysoftware, securing billions of online transactions every day.He served along 30 technology experts on President Bush'sNational Security Telecommunications AdvisoryCommittee, advising him on the implementation of nationalsecurity and emergency preparedness policy for thecommunications industry.

No. 21

D. James BidzosComputer Technology Executive

Bidzos is the founder and Vice-Chairman of theBoard of Verisign. He is 49 and single. He wasborn in Greece and came to the U.S. as a boy. Hisfather worked as a barber, and his mothermanaged a restaurant. Bidzos is a formercomputer programmer. He is credited with single-handedly foreseeing the Internet boom and thesubsequent need for online security in the early1990s. Verisign is the world's largest seller ofInternet security software.

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No. 27

John Rangos Waste Management (retired)

Former Chairman of Chambers Development Co. Heis 76 and a decorated Veteran of the Korean War,where he served in a combat signal team. His Greekfather was a restaurant owner. Rangos was born inOhio and raised by his mother and grandfather inVirginia. He started in business in the transportationand disposal of industrial wastes. He foundedChambers Development Corporation in 1971, acompany that provides waste treatment services anddevelops commercial recycling programs. He currentlyheads the John G. Rangos Sr. Charitable Foundation,which funds children's cancer research, the Medal of Honor Foundation, and the AmericanHellenic Information and Communications Group. Rangos is the founding chairman andhonorary lifetime president of the International Orthodox Christian Charities, IOCC.

No. 30

George PerlegosElectronics

President and CEO of AtmelCorporation. He was born in theGreek town of Tripolis, in thePeloponnese. His family came tothe United States while Perlegoswas 12 years old. He is 44 yearsold, married with children. In1984 he founded ATMEL, aglobal leader in the developmentand fabrication of advancedsemiconductor solutions withnumerous applications includingthe computer/network industry,telecommunications, and the aerospace and military industries. Hiselder brother Gust Perlegos is ATMEL's Vice President and Director.

No. 31

Pete Karmanos Computer Software

Chairman and CEO ofCompuware Corporation.Karmanos' father owned a diner,where as a young boy he ran thecash register. Compuware is basedin Farmington Hills, MI. It is abillion-dollar company providingsoftware and IT services to 90% ofFortune 100 companies. Karmanosis an avid hockey fan, is involved inprofessional teams, while alsosponsoring youth hockey programsin Michigan. He is remarried and

has three sons to deceased wifeBarbara Ann. In her memory hedonates to cancer research.

No. 32

C. Dean MetropoulosFood Industry

Chairman and CEO of PinnacleFoods Group. Metropoulosheads Pinnacle Foods Group(formerly Aurora Foods) a firmbased in Cherry Hill, NJ, whichproduces grocery store staplessuch as frozen seafood Mrs.Paul's and the frozen pizzaCeleste. The company buys well-known brands and then expandstheir lines by adding newproducts.

No. 28

James DemetriadesComputer Software

He is the founder and CEO ofSeeBeyond Technology Corp. Hewas raised in a family of scientistsand wrote his first softwareprogram at age 9. He started hisscientific work at CalTechUniversity at age 11. Heparticipates in competitive yachtraces.

No. 26

Konstantinos StengosConstruction, Hotels/Resorts

Chairman, Managing Director of TechnicalOlympic Group, which includes TechnicalOlympic USA. Technical Olympic USA hasbeen on the Forbes list of the Best BigCompanies in America for three years. Thecompany is a leading homebuilder and financialservices company operating in Florida, the Mid-Atlantic, Texas, and the West. It designs, builds, and markets high-quality detachedsingle-family residences and town homes, under Engle Homes, Newmark Homes,Fedrick, Harris Estate Homes and Trophy Homes, among other brand names.Technical Olympic Group also includes Technical Olympic S.A. one of the largestcorporate groups in Greece and the Balkans with activities in construction,homebuilding and tourist services. The company owns and runs the Porto CarrasComplex, the largest tourist resort in Greece.

No. 25

Peter DionReal Estate

President of Yarmouth/Dion. Hewas born in Greece. Dion is oneof the founding members ofLeadership 100 and an Archon ofthe Patriarchate. He first becamesuccessful in the fur industry withfamous clients like former FirstLady Nancy Reagan.

No. 29

John PapajohnFinancial Consulting

President of Equity Dynamics, Inc. and of Pappajohn Capital Resources, where he is also the sole owner.Equity Dynamics is a financial consulting entity; Papajohn Capital Resources is a venture capital firm.Papajohn first came from Greece to the United States when he was 9 months old. After his father's death, hehad to work to pay for his college tuition. He graduated in 6 years. Throughout his career, he has establisheddozens of investment firms, dedicated to advancing biotechnology innovations. He is 78 and has onedaughter with his wife Mary. His charitable donations include the John and Mary Pappajohn Clinical CancerCenter and the John Pappajohn Entrepreneurial Centers at five Iowa universities and colleges, a programthat has launched new companies. In 2005, the Papajohn Scholarship Foundation distributed $366.500 infunds, in support of ethcnic, disadvantaged and/or minority students. Included were grants to 32 collegestudents, whose parents were members of St. George Greek Orthodox Church in Des Moines, Iowa and theTransfiguration Church in Mason City, Iowa as well as a grant to the Hellenic College.

No. 33

Demoulas FamilyFood Industry

The family owns Demoulas Su-per Markets Inc., which runs morethan 60 grocery stores throughoutNew England and also has real es-tate interests. In 1954 brothers Ge-orge and Telemachus “Mike” De-moulas bought their parents' gro-cery to soon turn it into one of thebiggest family businesses in theworld.

8 50 WEALTHIEST GREEKS THE NATIONAL HERALD, FEBRUARY 25, 2006

No. 35

Constantine MacricostasPhotomasks, Information Technology

CEO of Photronics, Inc and of RagingWireTelecommunications Inc. He is 70, married withtwo sons. Photronics is the world's leading supplierof reticles and photomasks and operates tenmanufacturing facilities worldwide. RagingWireprovides large companies with informationtechnology and infrastructure solutions.Macricostas' family hails from Asia Minor. He grewup in Pireaus, where he worked as a street milkmerchant at the age of 7. The Macricostas FamilyFoundation funds Hellenic Studies Universityprograms across the U.S.

No. 38

Emmanuel KampourisSupply Chain Management

Director of Click Commerce Inc.Click Commerce is a leadingprovider in supply-chainmanagement solutions forcompanies such as Citibank,Microsoft and Verizon.Kampouris is 70 years old. Hewas formerly a CEO of AmericanStandard, a global provider ofbath products, air conditioningand vehicle control systems. He ison the Board of the NationalEndowment for Democracy.

No. 39

Harry Pappas Tellecommunications

Chairman, CEO of PappasTelecasting Companies. PappasTelecasting remains the largestprivately held, commercial televisionbroadcast group in the entire UnitedStates, operating FOX, WB, ABC,CBS, UPN and Azteca Americaaffiliates in over 15% of U.S.households. Pappas' parentsimmigrated from the island of Cretebefore he was born. His father worked in the coalmines of Utah andlater moved to San Joaquin Valley, CA where Pappas was born. He ledhis elder twin brothers Pete and Mike in opening their first TV stationin the 1970s and gradually built an empire. He is 60 years old, marriedwith one son.

No. 40

William CatacosinosEnergy Executive

Chairman, President and CEO of Texas-New Mexico PowerEnterprises/ Member of the Board of Directors of International CoalGroup. His Greek father was a grocer. Catacosinos served in the U.S.Navy from 1953 to 1956. TNP Enterprises transmits and distributeselectricity to 250,000 customers in Texas and New Mexico. He is theformer chairman of the Long Island Lighting Co, which built thecontroversial Shoreham Nuclear Power Plant in Long Island. Thefactory closed in the early 1990s. International Coal Group owns SagoMine in West Virginia, where 12 miners were killed last month in anaccident.

No. 36

P. Roy Vagelos Biomedical Industry Executive

Former Chairman and CEO of pharmaceutical giant Merck & Co.,Inc. Also involved in Regeneron Pharmaceuticals, Inc. andTheravance. He is married and has four children. He has authoredthe memoir “Medicine, Science, and Merck,” which was publishedby Cambridge University Press in 2004. A native of Westfield, N.J.Vagelos led pharmaceutical giant Merck & Co. during its mostsuccessful years and left it before the Vioxx scandal broke out.During his leadership of the company he was dubbed “King of theMedical Molecule Makers.” Under Vagelos, Merck developed thecholesterol-lowering agents Mevacor and Zocor. Today, Vageloslectures frequently and Chairs the Board of Trustees of theUniversity of Pennsylvania.

No. 34

Michael KalogrisWireless Communications Executive

Director of SuncomWireless Holdings Inc. Kalogrisrecently received an extension of his tenure at Suncomuntil 2010. His annual salary is $500,000. He has beenCEO in three companies since 1988. As former Chairmanof Triton Cellular Partners aaahe supervised the sellingof the company's assets in 2000 for $1.24 billion. He wasalso the former President and CEO of Horizon CellularGroup, formerly the fifth-largest independent cellularcompany in the country. He is a member of the board ofdirectors of Cellular Telecommunications and InternetAssociation and a member of the Public Policy Counciland Fraud Task Force.

No. 37

Jennifer AnistonActress, Producer

America's Sweetheart once livedin Crete and Athens as JenniferAnastassakis. She turned 36 afterher divorce from actor Brad Pitt.Her recent films “Derailed” and“Rumor Has It” have notestablished her as a major moviestar but her participation in morethan six upcoming Hollywoodprojects as either producer or

actress and the announcement of another three to go in production in2006, have certainly raised her financial status.

No. 42

Pete SamprasTennis Professional (retired)

The 35 year-old Sampras'legacy is still evident inprofessional tennis. Swisssuper star Roger Federer, whowon his seventh grand slam inthe Australian Open lastmonth, is only half-way towardequaling Sampras' all-timerecord of 14 grand slam titles.The so-called “King of Swing”had won a stunning total of 64Career titles.

No. 41

Rita WilsonActress, Producer

She is 47 and married tosuperstar Tom Hanks, withwhom she has two children.She was born MargaritaIbrahimoff, to a Bulgarianfather and a Greek mother. Inthe past year, Wilson has onlybeen seen in the independentfilm “The Chumscrubber” buther role in the success of “MyBig Fat Greek Wedding” asproducer, and her marriage toHanks may have earned her aspot on this list for many yearsto come.

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No. 43

George Hatsopoulos Engineer, Technology Executive

CEO of Pharos LLC and American DistributedGeneration Inc. He is the founder and former CEO ofThermo Electron Corporation, which manufactured andsold cogeneration and cooling equipment. In 2000, heestablished Pharos LLC, a company, which creates businessventures. He received a Bachelors degree from theNational Technical University of Athens and a PhD. fromMIT in mechanical engineering. He has authored severaltextbooks in Thermodynamics and Thermionic EnergyConversion. Today, he chairs MIT's Department of Civiland Environmental Engineering Committee. He served asChairman on the Federal Reserve Bank of Boston.

No. 46

Pappas, HarrisPappas, ChrisFood IndustryOwners of the Pappas restaurantchain. The Pappases'grandfather came to the U.S. in1897 and opened restaurantsfirst in Tennessee, then inArkansas and Texas. Hischildren then venturedsuccessfully in the restaurantequipment and supply business.Brothers Harris and Chris arenephews of former owner HarrisPappas, who passed away in

December. They own restaurantsaround Houston, Dallas, Austin,San Antonio, Beaumont, Atlanta,Chicago, Denver and Phoenix.

No. 47

Nicholas BourasSteel Construction

Owner of Bouras Industries. Bouras Industries manufactures steelconstruction products through Nicholas Bouras Inc. and United SteelDeck Inc. among other brand names. The company's revenues in 2005increased to $227 million, from $166 million in 2004. Bouras startedout 30 years ago as a sales agent in bar joists, steel deck and structuralsteel sales. He opened United Steel Deck in 1968 and turned it into afull line of roof deck and siding products. He is Executive VicePresident of the Archons National Council and treasurer of theArchdiocesan Council.

No. 48

Mike AngeliadesConstruction

Owner of M.A. Angeliades Inc.M.A. Angeliades is one of NewYork's largest constructioncompanies. Angeliades startedout as a shoemaker and acarpenter. M.A. Angeliades isbased in Long Island and hasoffices in Manhattan,Connecticut and New Jersey. Itscurrent projects include theCourthouse in Mineola, Long Island and the Bronx Zoo Museum, aswell as several projects for the NYC Transportation Department.

No. 44

Nicholas GouletasReal Estate

Owner of American Invisco. Gouletas is a Chicago RealEstate Hall of Fame inductee. American Invisco hasdeveloped, marketed and managed over 40,000 -mostlyluxury- condominiums in more than 40 cities across thecountry, with property values in excess of $4 billion. Thecompany has 250 full-time employees in its ChicagoHeadquarters and 284 worldwide. Gouletas came to theUnited States from Greece with his poor immigrant parentsin 1944. He funded AI at age 31 primarily as a real estatebrokerage firm. His son, Steven, is the company's president.

No. 45

John Paterakis Food Industry, Real EstatePresident of H&S Bakery,Inc./Real Estate Investments.He is 74 years old. The $1-billion empire H&S bakesbuns for the fast-foodindustry, as well as Englishmuffins, bagels and rolls. Thecompany was named after theinitials of its founders, Greekimmigrants Harry Tsakalosand Isidore “Steve” Paterakis,and is still run by familymembers. Paterakis is also one ofthe biggest real-estate developers in the Baltimore area and often fundshis projects with money from H&S.

No. 50

Todd DemakosClothing

CEO of St. Eve International, a manufacturer of women's andchildren's undergarments and sleepwear. The company is based inManhattan. Demakos founded the company in 1976. Today, it sellsproducts to major New York City department stores likeBloomingdale's and Macy's, and also to JC Penney.

No. 49

Soteris FassoulisMilitary Technology

Chairman and CEO of CIC International. Soteris “Sonny” Fassoulisoperates CIC with his sons. The company makes military equipmentsuch as night-vision systems, helicopter parts, munitions, and aerospacecomponents for governments and defense contractors worldwide. Thecompany was created in 1930 by British interests as a silk and fur traderand had operations in Shanghai as Commerce International China Inc.Over the years, the focus changed to defense contracting. The firm alsoupgrades weapons systems for the navy and has operated armoredvehicle production facilities in Philadelphia, Pennsylvania and inHonolulu, Hawaii.

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can, however, despite his strongwork ethic from early on in life.Born to a Greek family on the westside of Chicago, Mr. Calamosspent his childhood stockingshelves and delivering groceriesfor the family business, a neigh-borhood grocery store.

“The store was on the first floorof the building, and we lived up onthe second floor,” he recalled.“My brother, my sister and I spenta lot of time helping out and doingchores. The store was open fromeight o'clock in the morning to 10o'clock at night - Saturdays andSundays, too. We never had a fam-ily vacation.”

This background may havebeen the reason behind Mr.Calamos' work ethic and his drive.The boy who delivered grocerieswas apparently making big plansfor what to do with his life. He be-came the first of his siblings to at-tend college, but his career afterthat did not take the middle road.

Armed with a master's degreein finance from the Illinois Insti-tute of Technology - where hestudied on an ROTC scholarship -Mr. Calamos tried out his skills inan environment where success andfailure were often a matter of lifeor death. Right after college, Mr.Calamos joined the U.S. Airforce,where he spent a total of 15 years,including a 10-year stint in theVietnam War.

But when he came back home,he also went straight back to oneof his old hobbies: investments.

“When I was flying airplanes inthe military, my hobby was invest-ments, and when I came out of themilitary, I flip-flopped. My full-time job was investments, and mypart-time hobby was flying air-planes, which it still is today,” hesaid.

“Flying airplanes was a good di-version for a while,” he added. “Iconsidered it total focus and con-centration. Getting back into fi-nance was similar in that sense.”

In order to make his companytake off in a market sense, Mr.Calamos used an old tried-and-true Greek recipe: He drew his

family members into it.“It's been a family business

from the beginning. My nephew(co-CEO Nick Calamos) and I runthe business. My son (John Jr.) isalso in the business, and my broth-er was in the business at somepoint,” he told the Herald. “In thatsense, I do view it as an extensionof the old grocery store. Fortu-

nately, it was much more success-ful than the grocery store.”

Running a successful, publiccompany nonetheless presents dif-ferent challenges, he said. Mr.Calamos conceded that being aCEO in a period following a seriesof embarrassing corporate scan-dals (e.g., Enron, WorldCom andAdelphia Communications) pre-

sents challenges on several fronts.“There is a higher visibility,

personally, because of the disclo-sures of compensation of personalwealth that are now required ofCEO's. But that's what you have toput up with. We've come through alot of the inquiries and scrutinywithout any issues, and we'reproud of that,” he said.

“We really try hard to be incompliance with everything that'spart of the landscape today,” headded. “But I always find myself ina position of defending who I amand what I'm doing. When I cameback home from Vietnam, for ex-ample I had to defend who I waswhen I was there. So I guess I'm al-ways in the wrong place at the

wrong time,” he quipped.But being able to adjust to

changing circumstances may beMr. Calamos' single most originaltalent, and may also be whatkeeps him going in today's con-stantly shifting corporate environ-ment, adding that he has no plansto retire any time soon.

“I don't plan on retiring. Tak-ing the company going publicover a year ago has presented anew challenge,” he said.

“The really interesting thingabout my work is that, every year,there are increasing challenges.We are now venturing into globalmarkets, and that's really excitingand interesting to me. What I dohope is to be able to have a littlebetter balance in my life and starttaking some more time off; but no,I have no desire to retire.”

The excitement for Mr. Calam-os does not only come through thepursuit of “global” challenges.Through his firm, he said, he hasbeen able to apply his investmentskills to a small-time cause whichis very close to his heart: the As-sumption Church in Chicago'swest side, his boyhood parish. “Iwas very proud in helping a groupof Greek Americans restore theold church by managing some oftheir assets,” he said. “The As-sumption Church used to be oneof the largest in the United States,but because the community in theneighborhood declined throughthe years, a group of people got to-gether and did a great job at bring-ing it to new heights. It looks evenbetter today than it did when I wasa kid.”

Supporting the Greek Ameri-can community was also behindMr. Calamos' $2 million gift whichhe pledged to the Chicago's Hel-lenic Museum and Cultural Cen-ter, to be applied towards the con-struction of a new facility in Chica-go's Greektown.

“I hope that the Hellenic Muse-um becomes our memory,” Mr.Calamos told the National Herald.

“Today, we can't send a childacross the street without a cellphone, but when you think aboutthe generations before us, theycrossed an ocean and lost ties with

their families back home. My par-ents taught me to value my back-ground. They instilled in me apride for our heritage. In Chicago,there was a great Greek culture at

the turn of the century and be-yond. I look at the Museum ashopefully becoming the memoryof that history for the next genera-tion.”

Calamos: “We Have Had a Long Period of Successful Investments for our Clients”Continued from page 1

From Humble beginnings… a picture of the Calamos family’s old gro-cery store on Chicago’s west side taken in the 1960’s. “My brother, mysister and I spent a lot of time helping out and doing chores,” Mr. JohnCalamos, now a billionaire investment expert, told The National Her-ald.

John Calamos Sr., middle, CEO of Calamos Investments, runs hiscompany along with nephew and co-CEO Nick Calamos, right, and sonJohn Calamos Jr., left. “This is a family business,” Mr. Calamos saidabout the company, which manages $40 billion in assets.

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proximately 250,000 employees,serving customers in 150 coun-tries.

The closing of the deal meantthat Capellas would be financiallywell rewarded for steering thecompany out of Chapter 11. Ac-cording to a filing with the U.S. Se-curities & Exchange Commission,under the terms of his employ-ment agreement, Capellas is enti-tled to $11.3 million in severancepay, $18.5 million in restrictedstock, and $9.43 million in pay-ment for taxes, which may be as-sessed on the bonus. Capellas re-ceived $25.2 million in salary,bonus, and other pay in 2004, com-pared to just over $3 million in2003.

Prior to joining Cisco, Capellasjoined MCI as chairman and CEOin November 2002 as the company- then known as MCI WorldCom -was in bankruptcy and working toovercome a massive accountingscandal. He became president and

CEO in March 2004. Previously,Capellas had served as CEO ofCompaq Computer Corporation,where he helped arrange the com-pany's merger with Hewlett-Packard in early 2002, at whichtime he became president of thecombined company (HP acquiredCompaq for $25 billion).

Capellas, of Greek and Italianancestry, left HP in November2002 to "pursue other career op-portunities" and received approxi-mately $14 million. He also report-edly received a $50 million pack-age when he joined MCI. Prior tohis tenure at Compaq and HP, hehad spent 16 years at Schlumberg-er LTD, holding a variety of man-agement positions throughout theworld. In addition, he has also heldsenior-level positions at SAPAmerica and Oracle. He is a grad-uate of Kent State University,where he earned his bachelor's inBusiness degree.

Throughout his career, Capel-las has gained a solid reputationacross the market as an executive

with a balance of strategic insight,operational expertise, technologyand financial skills, and sales andmarketing savvy.

He has been widely credited forengineering the sale of MCI toVerizon. Only a few years ago, itseemed unlikely that anyonewould wish to purchase disgracedWorldCom, which had collapsedinto Chapter 11 owing $11 billion,making it the largest bankruptcy inhistory. Capellas took charge inDecember 2002 and reorganizedthe carrier.

His initial 100-day plan focusedon improving customer satisfac-tion and celebrating small success-es. "You can't try to do everythingall at once. You'll go nuts. Yousolve as much as you can eachday," he says. With that philoso-phy, and his methodical approach,he brought MCI out of Chapter 11in April 2004, when it re-emergedas MCI Inc.

When SBC Communicationsannounced in February 2005 thatit was to acquire its former parent

AT&T Corp for approximately$16 billion, the move triggeredsome long overdue consolidationin the American communicationslandscape.

Once the dust had settled onthe SBC and AT&T deal, specu-lation soon turned to the number-two ranked long-distance phonecompany in the U.S., MCI.

BITTER TUG-OF-WARCapellas and MCI quickly

found themselves in the middle ofa bitter tug-of-war between U.S.telecommunications operatorQwest Communications Interna-tional and Verizon.

Verizon and Qwest waged abattle for MCI which lasted morethan four months last year. Veri-zon eventually won the backing ofMCI's board even though thesmaller Qwest offered more mon-ey.

Capellas and his board hadbacked the Verizon deal all along,arguing that Verizon was the fi-nancially stronger partner andthat, strategically, it would be abetter fit. But he had to contendwith a determined Qwest, whichrefused to accept the board's deci-sion and instead concentrated on a"hearts-and-minds" battle withMCI shareholders to persuadethem that Qwest offered the betterdeal.

With New York-based Verizonseemingly unwilling to budge fromits initial $6.75 billion bid, Capel-las had to contend with rebelshareholders, as Qwest progres-sively upped the ante until its bidtopped the $10 billion mark. De-spite this, he managed to squeezean extra $2 billion out of Verizon,which eventually raised its offer to$8.6 billion.

It is thought that Capellas wasalso involved in negotiating thecontroversial sale of the largestshareholding of MCI to Verizon,after Mexican billionaire investorCarlos Slim Helu agreed to of-fload his 13.4-percent stake inMCI to Verizon, despite his beinginitially opposed to the Verizonacquisition. Capellas had alsobeen battling to keep the rest ofMCI shareholders onside, despitethe fact that there was a higher of-fer on the table from Qwest.

Meanwhile, MCI announced it

has made amended filings with theSecurities & Exchange Commis-sion to reflect a restatement ofpreviously issued financial state-ments for the quarterly periodsended March 31, 2005; June 30,2005; and September 30, 2005.The restatement reportedly hadno impact on MCI's merger withVerizon.

The Washington Utilities &Transportation Commission ap-proved the combination late onDecember 23, allowing Verizon toclear the final obstacle to the deal.Verizon needed approval fromstates and territories, as well as thefederal government.

"This deal, along with the SBC-AT&T merger, launches these twocompanies on a platform to com-pete nationwide,'' said ToddRosenbluth, an equity analyst atStandard & Poor's, who has a"hold'' rating on both companies."It puts these two companies bat-tling more aggressively.''

Verizon and AT&T will bothbe selling services to business cus-tomers in territories which hadbeen predominantly owned byBellSouth Corporation or Qwest

Communications InternationalInc., Rosenbluth said.

The purchase of MCI ends atwo-decade history for a companywhich began in the early 1980's asLDDC Corporation under thenCEO Bernard Ebbers, and endedup a poster child for the excessesof the last 1990's. As WorldComInc., MCI plunged into bankruptcyin July 2002, after discoveringsales were fabricated to help meetanalysts' estimates.

Ebbers, a former milkman andbouncer, was sentenced to 25 yearsin jail last July for leading an $11billion fraud, the largest in U.S.history.

WorldCom lost $184.6 billionin market value from its high inJune 1999 to July 2002. The com-pany emerged in April 2004 underCapellas, though it failed to driverevenue growth amid plungingtelephone calling prices.

The above incorporates infor-mation from reports posted byBloomberg News, DatamonitorNews & Comment, the WallStreet Journal, Business Wireand the Associated Press.

By Steve Bailey

WALTHAM, Mass. - Mick Jag-ger is still touring at 62. And at 78,George Hatsopoulos is still think-ing big, as he attempts to build an-other billion-dollar technologycompany on Route 128. Alex d'Ar-beloff, at 77, is right there with him.

Hatsopoulos and d'Arbeloff arethe kind of tech legends we don'thave anymore.

A visionary engineer, Hat-sopoulos built Thermo ElectronCorporation as a hotbed of innova-tion and ran it well for most of his43 years there, until his famousstrategy of spinning out one publiccompany after another spun out ofcontrol in the late 1990's.

D'Arbeloff and a classmatestarted Teradyne Incorporatedover Joe and Nemo's hotdog standin downtown Boston so they couldwalk to work, and spent 40 yearsbuilding it into the country's largestmaker of semiconductor-testingequipment.

Hatsopoulos was chairman ofthe Boston Federal Reserve; d'Ar-beloff was chairman of the schoolwhich helped make them both: theMassachusetts Institute of Tech-nology.

But at a time in life when mostof their contemporaries have longsince moved off stage, d'Arbeloffand Hatsopoulos continue to lookfor the next new turn in technolo-gy. The reason: They love theirwork.

“I just like to work. That is whatI enjoy doing," says d'Arbeloff, whoteaches innovation and en-

trepreneurship at MIT, and is onthe board and an investor in a half-dozen startup companies, includ-ing Hatsopoulos' company,Pharos.

“I love my start-ups," says d'Ar-beloff

“I don't like golf," says Hat-sopoulos, Pharos's chief executive.

The two think Pharos can be abillion-dollar company.

Hatsopoulos started the compa-ny five years ago, and is building itin the image of Thermo Electronas a business based on technologiesgenerated by its own engineers.

So far, Pharos has one operat-ing business, Levitronix, which hastwo divisions, one developingblood pumps for heart patients andthe other focused on the semicon-ductor market.

The company is based in a for-mer Thermo building, and hasabout 40 employees here and inSwitzerland.

Pharos has a long way to go:Hatsopoulos expects sales to reach$11 million this year, but he is al-ready taking about a public offer-ing in two or three years.

Ambition is not Hatsopoulos'sproblem. ''I am probably going todo it again," he says of his billion-dollar goal, ''depending on howlong I live."

This is the second time aroundfor these two old friends.

D'Arbeloff was on the Thermoboard, but quit when he thoughtHatsopoulos' spinout strategy,which peaked at 23 separate com-panies, had gotten out of control.Time proved him right, and even

Hatsopoulos acknowledges that to-day. “'I should have stopped - notat the 23rd, but at the number six.It was impossible to manage."

How long do they plan to work?“Who knows," says Hatsopoulos,who works about 30 hours a week,down from the 65 hours of the past.''Not until I am bedridden. Peopledon't understand. I enjoy this."

Said d'Arbeloff, before runningoff to teach a class: ''I am excitedpeople still want me to do things."

Sixty-five isn't the magic num-ber it used to be. We're livinglonger, and many of us are workinglonger - some by choice, some not.Hatsopoulos and d'Arbeloff havespent a lifetime inventing the fu-ture of technology. In a real way,they are our future, too.

The above was originally pub-lished in the Boston Globe.

THE NATIONAL HERALD, FEBRUARY 25, 2006 50 WEALTHIEST GREEKS 11

After Presiding Over Verizon-MCI Merger, Michael Capellas Joins CISCO

At 78, George Hatsopoulos Still GoingStrong and Contributes to the Future

Continued from page 1

Michael Capellas, center, during a recent event at Drexel University,where he lectured on corporate accountability. Also picture are Deanof Drexel’s LeBow College of Business George Tsetsekos, left, andUniversity President Constantine Papadakis, right.

12 50 WEALTHIEST GREEKS THE NATIONAL HERALD, FEBRUARY 25, 2006

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By Evan C. LambrouSpecial to The National Herald

NEW YORK - Boston Scientific'schairman and co-founder, Greek Ameri-can Peter Nicholas, knows Indiana well.He worked for the Indianapolis drugmaker Eli Lilly and Company from 1968to 1978, rising to general manager of itsNorthern Europe office. He got his job,in part, through his marriage to Ruth V."Ginny" Lilly, a great-great granddaugh-ter of the drugmaker's founder. Guidantemerged from Lilly as a spin-off in 1994.

Hankering to get out on his own, Ni-cholas left Lilly and teamed with JohnAbele to buy a new-fangled business inMassachusetts which sold steerablecatheters. They outbid Cook founderBill Cook for the tiny startup which hassince grown into Boston Scientific.

Headquartered in a former breweryin Natick, Massacusetts (near Boston),Boston Scientific has 16,000 employeesat 22 production and research sitesaround the world, and is the world'sleading manufacturer of coronary stents.

Heart stents now make up 40 percentof Boston Scientific's sales. Doctors use

the tiny drug-coated wire-mesh tubes toprop open plaque-congested arteries -the device expands inside the arterieswith a balloon to act as a scaffold to keepthe blood vessel open. The drug coatinghelps prevent the artery from recloggingby keeping tissue from growing throughthe mesh.

Stents have had a tremendous impacton the field of interventional cardiology,becoming an accepted mode of treat-ment for a wide range of diseases of thearteries due to their many advantages:better clinical performance, faster pa-tient recovery time and fewer medicalcomplications.

The Massachusetts-based company isone of a few companies in the highlycompetitive medical device industrywhich makes an array of highly engi-neered products to patch up the ailinghuman body, and purchased troubled In-dianapolis-based medical device maker

Guidant Corporation for $27 billion onJanuary 25, ending a nearly two-monthbidding war for Guidant with Johnson &Johnson.

The boards of directors of Boston Sci-entific and Guidant have given their re-spective approvals to the transaction,which is subject to clearance under theHart-Scott-Rodino Antitrust Improve-ments Act, the European Union mergercontrol regulation, and other customaryclosing conditions (the agreement will al-so require the approval of the sharehold-ers of Boston Scientific and Guidant atspecial shareholder meetings).

The two companies came of age to-gether during the 1980's, but had turnedinto intense competitors. They foughtfor market share in the stent andcatheter businesses, and have battledeach other in court numerous times overpatent rights to their valuable technolo-gies.

Three years ago, Boston Scientificused its legal muscle to stop Guidantfrom getting access to the paclitaxel drugcoating on heart stents. Guidant wantedto get its hands on the drug coating bybuying a fellow Indiana company, Cook

Inc., which shared rights to use the drugwith Boston Scientific.

Boston Scientific's victory in that casecaused Guidant to back off from buyingCook, and it led to Boston Scientificgaining sole rights to sell paclitaxel onheart stents, a huge market opportunitywhich has enabled the Massachusettscompany to nearly double its sales in thepast three years, to more than $6 billionthis year. That figure was about twice thesize of Guidant's annual sales.

The Guidant acquisition nonethelessappears to be a costly one for Boston Sci-entific at this point.

The Massachusetts-based companyhas agreed to acquire Guidant for $80per Guidant share made up of a combi-nation of $42.00 in cash and $38.00 inBoston Scientific common stock (subjectto a collar).

In accordance with the terms of theagreement, Boston Scientific will reim-

burse Guidant for the termina-tion fee of $705 million, payableto Johnson & Johnson as a re-sult of the termination.

Boston Scientific has lessthan six weeks to complete thedeal if it wants to stay on trackwith its acquisition timetable.But the companies were stillawaiting regulatory approval inthe United States and Europe,as well as the endorsement ofshareholders.

If the acquisition is delayedafter April 1, the deal's termscall for Boston Scientific to in-crease its $80-per-share sharebid by about one cent a day.

And some analysts (e.g.,Moody's Investors) have recent-ly lowered their financial expec-tations for Boston Scientific be-cause of its quality-controlproblems and the debt and reg-ulatory risks from buyingGuidant, which endured a rashof recalls, lawsuits and investi-gations involving its productslast year.

Since June, Guidant has re-called or issued safety advi-sories for about 88,000 defibril-lators and more than 200,000pacemakers and defibrillatorslast year. At least seven deathshave been linked to the faultydevices. The company facesregulatory investigations, aswell as multiple lawsuits fromthe recalls.

While Boston Scientific willinherit those problems, howev-er, it also will gain Guidant'sbusiness in the fast-growingmarket for implantable defibril-lators and pacemakers.

INCREASINGLYOPTIMISTIC

Company officials have saidthey are increasingly optimisticthat Boston Scientific canquickly complete the acquisi-tion, while also fixing its ownquality-control problems.

After reporting a higherfourth-quarter profit despitedeclining sales, Boston Scien-

tific executives told an-alysts that the Guidantdeal looks more ap-pealing that it first did,in part because of atax-law change BostonScientific expects willcut its debt.

Once Boston Scien-tific completes theGuidant purchase, itsdebt load is expectedto stand at $9.6 billion- $900 million less thanits earlier forecast be-cause of a change infederal law affectingtax obligations of com-panies making acquisi-tions.

"The more we see,the better we like it,and the more opportu-

nity we think we have," President & CEOJim Tobin said. Boston Scientific will notbe required to pay taxes on past profitsGuidant earned overseas, for whichGuidant postponed tax payments to alater year.

Boston Scientific's comments on itsfourth-quarter performance also leftsome analysts convinced that the compa-ny is bouncing back from recent sales de-clines for its top product, the Taxus heartstent.

"The end of the fourth quarter lookedbetter than the beginning, and 2006 islooking okay," said Jan Wald, an analystwith A.G. Edwards & Sons.

Boston Scientific said its net incomefor the October-December period rose12 percent to $334 million, or 40 centsper share. That compared with a profit of$297 million, or 35 cents per share, dur-ing the same period a year ago period,though sales dropped 4 percent to $1.54billion, hurt by a 12 percent decline inTaxus stent sales.

Boston Scientific executives concededthat Taxus' share of the U.S. drug-coatedstent market dropped from about 60 per-

cent at the start of 2005 to around 54 per-cent by year's end, with a rival stent fromJ&J making gains on studies J&J claimsdemonstrate greater effectiveness andsafety.

But Tobin says the erosion in Taxus'share has reversed in recent weeks: "Wetook J&J's best shot and withstood that,and we're seeing our results looking verypositive moving into 2006," he said.

Excluding several one-time charges,Boston Scientific's fourth-quarter profitcame out to $340 million, or 41 cents pershare, falling a penny short of the con-sensus estimate of analysts surveyed byThomson Financial.

Ultimately, minimally invasivesurgery is also rapidly gaining popularitybecause it allows patients to recoverfaster and stay in hospitals for a reducedperiod of time. It also helps reduce thechances of related complications whichcould occur after major surgeries, there-by avoiding the need for re-admission.With such compelling advantages, thetrend towards minimally invasive surgerywill continue to grow and generate de-mand for coronary stents.

Added to these benefits, a fast-grow-ing ageing population and the risingtrend towards minimally invasive surg-eries are helping to drive the coronarystents market in Europe.

Boston Scientific reported on Febru-ary 15 that French regulators approvedits Taxus Liberte drug-coated stent, thenext generation device of the Taxus Ex-press 2 (not yet approved for use in theU.S.).

All these factors together point to apromising future for the coronary stentsmarket in Europe. The market for drug-eluting stents (DES) is currently valuedat $314 million, and is likely to increaseto $883 million in 2012 at a compoundannual growth rate of 15.9 per cent.

The above incorporates informationfrom reports posted by the IndianapolisStar, the Associated Press, Drug Weekand Biotech Equipment Update.

After Acquiring Guidant for $27B, Boston Scientific at a Crossroads

The Boston Scientific drug-coated Taxus stent, above, which props open arteries and pre-vents them from reclogging. Boston Scientific, which was co-founded by Greek AmericanPeter Nicholas, markets a wide range of biomedical products for minimally invasive surgery.

Boston Scientific Chairman Peter Nicholas, left, withPresident & CEO of Boston Scientific Jim Tobin. Mr.Tobin oversaw the company’s recent acquisition ofGuidant Corporation.

The headquarters of the Indianapolis-based Guidant Corporation, which was acquired lastmonth by Boston Scientific for $27 billion. Boston Scientific, which is chaired by GreekAmerican Peter Nicholas, outbid Johnson & Johnson for the acquisition.

ASSOCIATED PRESS

ASSOCIATED PRESS

By Liana SideriSpecial to The National Herald

NEW YORK - Crain's NewYork Business rated five majorGreek-owned Companies based inthe New York area among the topprivately held companies of NewYork in 2005 (see our December10, 2005 edition, page 1).

That prompted us to investigatehow Greek-owned and/or -operat-ed companies were doing else-where in the country.

Greeks in Chicago and Bostondidn't fare too badly (informationwas not readily available for Greek-owned and/or -operated companiesin Detroit, Philadelphia and Cleve-land).

CHICAGO AREAAccording to Crain's Chicago

Business (April 18, 2005 issue),three Greek-owned enjoyed rev-enues high enough to make the listof the top 250 privately held com-panies in the Chicago area. Thosethree companies included one realestate firm and two food industrycompanies: American Invsco,owned by Nicholas S. Gouletas(ranked #71); Little Lady Foods,owned by John Geocaris (#155);and Treasure Island Foods, ownedby Christ Kamberos (#214).

Based in Chicago, American In-vsco has been a pioneer in the resi-dential real estate industry since1969. According to Crain's, AI'sproperty values were estimated byCrane's to be in excess of $4 billion.In 2005, the company's revenueswere $600 million, significantly upfrom $352.3 million earned the pre-vious year, and $293.1 million in2003. The company has 250 full-time employees in the Chicago areaand 284 worldwide.

Mr. Gouletas, the firm's chair-man and CEO, has successfully de-veloped, marketed and managedmore than 40,000 condominiums inmore than 40 cities across the coun-try.

“Building is in our blood,” Mr.Gouletas, the son of Greek immi-grants, told the National Herald.The Gouletas family first came tothe United States in 1944, towardsthe end of World War II, in searchof a better life. Mr. Gouletas creditshis parents for his success. “Thefirst thing my parents did (whenthey came to the States) was save afew dollars to purchase our firsthome, a $7,000 two-flat in Chica-go,” he recalled. “Even then, Isensed the importance of owningproperty.” His sister, Evangeline, isa formidable real estate developerin her own right.

Mr. Gouletas' father, Steven,held down multiple jobs to helppurchase that property, while hismother also held down a pieceworkjob, sometimes until 2 AM. Mr.Gouletas also maintained a strongwork ethic from an early age. At 14,he and his brother quietly trans-formed their two-flat house bybuilding a basement apartment anda garage into the property. Fromthat point on, Mr. Gouletas keptbuilding. At 31, he formed Ameri-can Invsco, primarily a real estatebrokerage firm. Three years later,in 1972, he did his first condomini-um conversion, at a time when theconcept was in its earliest stages.The resulting property was soldwithin 90 days.

Today, Mr. Gouletas is now aChicago Real Estate Hall of Fameinductee who, along with his son,AI President Steven Gouletas, is arecognized name in converting andconstructing luxury residential de-velopments. The Father-and-sonteam says the company is constantlyresearching the market and seekingout prime properties. They havedeveloped more than 50 such prop-erties in the Chicago area.

AI has recently set its sights onthe Orlando, Florida market. ItsSand Lake Private Residences soldout in five days, and its PlantationPark Private Residences sold outwithin a stunning half hour duringtwo simultaneous events in Chicagoand Orlando.

AI has also successfully pene-trated the Las Vegas, Nevada mar-ket with a resort-type 678-unitcalled Meridian Private Resi-dences, and is currently seekingmore properties in the Las Vegasarea. In the year 2005, AI began ex-panding worldwide through its in-ternational division, searching a va-riety of marketing initiatives.

Despite his global expansionambitions, Mr. Gouletas sees him-self as a child of the AmericanDream “The most valuable asset isyour character, the second is repu-tation,” he said. “I don't care whereyou start. America gives you the op-portunity.”

Headed by Mr. Geocaris, LittleLady Foods is based in Elk Grove,

Illinois which established itself 20years ago by producing private-la-bel frozen pizzas for big-chainclients like Wal-Mart and A&P,and the local restaurant chain,Leona's.

In 2004, its sales totaled $123million, a 73 percent increase fromthe previous year's $71 million. Lit-tle Lady Foods, the 18th largestplayer in the $2.6 billion U.S.frozen pizza market, introduced in-dividually sized pizzas into the mar-ket. It has since moved into newproduct lines, including sandwich-es. “They are tapping into thewhole on-the-go lifestyle,” DavidWellman, editor of the trade maga-zine, Frozen Food Age, toldCrain's. Two years ago, Little LadyFoods opened a state-of-the-artsandwich factory in Gurnee, Illi-nois, its second new facility in thepast four years.

The company has increased itsclient base along with its productline. Over the last several years, its

clientele has included United Air-lines, H.J. Heinz Company, Den-ny's Corporation and Six Flagstheme parks. “They've consistentlydemonstrated an ability to win im-portant accounts,” Bob Golding,executive vice president of Chica-go-based food consultant Tech-nomic Inc., told Crain's.

The company also has its ownlabs and formulators to developnew foods. “The nature of contractmanufacturing can be quick in-an-outs binge and purge,” Mr. Geo-caris said. “But when we get an ac-count, we want to keep it long-term.”

Little Lady Foods was foundedin 1985 by Mr. Geocaris' late father,Angelo, a well-connected fundrais-er for Democratic candidates andChicago charities. Angelo Geocariswanted to develop packaged foodswhich were hard to mass-produceat the time. His timing proved to beperfect, aligning with the rise of biggrocery store chains like Krogerand Albertson's. The companykeeps growing, paying special at-tention to quality private-labelgoods.

Treasure Island Foods is head-quartered in Chicago. It is a retailchain of grocery stores run by Mr.Kamberos, its president and CEO.According to Crain's, the compa-ny's revenues for the year 2004were estimated at $80 million,maintaining the same levels as theprevious year (2005 estimates werenot published). The company em-ploys 500 people. The NationalHerald's calls to Mr. Kamberos of-fice were not returned.

BOSTON AREAThe Boston Business Journal

(February 25 - March 3, 2005 issue)rated three companies ownedand/or operated by Greek Ameri-cans among the top 100 largest pri-vately held companies in the Bos-ton area: Cumberland Farms Inc.,owned by Lily Bentas, Chairmanand CEO (ranked #3); OceanSpray Cranberries Inc., headed byRandy Papadellis, CEO (#14); andthe Middlesex Corporation, head-ed by Al Aponas, President (#58).

Cumberland Farms, a conve-nience store/petroleum marketer inthe Northeast, is the largest retailerin Massachusetts, with 900 conve-nience stores, gas stations,petroleum and grocery distributionoperations. The Company wasfounded in 1939 when Vasilios andAphrodite Haseotes bought a farmand started a dairy in Cumberland,Rhode Island. During the dairy'searly years, the Haseotes family op-erated a rural milk delivery busi-ness which runs to this day.

The company's initial businessin the 1950's was milk delivery tohomes and local schools, and open-ing an outlet in Massachusetts,where milk prices were not con-trolled by the commonwealth (aswas the case in Rhode Island andother states in New England). By

the late 1960's, Cumberland Farmshad become a retail empire withstores throughout the Northeast. In1971, its first self-serving gas pumpswere introduced to the public at astore in Connecticut; eventually,there were 100 stores with gas facil-ities.

In 1986, the company expandedits petroleum business by purchas-ing the northeast marketing andpetroleum distributions assets ofChevron/Gulf. That acquisitiongave Cumberland Farms 542 Gulf-branded gas stations, supply con-tracts and franchises for Gulf gaso-line wholesalers, including fourdeepwater ports, plus equipmentand a fleet of petroleum transportvehicles.

In 1994, Cumberland Farms andBoston's Catamount Managementcreated Gulf Oil LTD, in whichCumberland holds a two-thirds ma-jority ownership of the oil termi-nals, as well as the license to use theGulf trademarks and contracts fordistributors. In 2003, the companymade another petroleum acquisi-tion, purchasing 200 Exxon gas sta-tions and more than 600 Cumber-land Farms stores with gasoline.

New store designs were devel-oped to create friendlier and easiershopping. They typically feature awarm New England-style architec-ture to complement the local com-munity, offering wider aisles, cen-tral checkout and a softer, earth-tone decor. Changes at the corpo-

rate level have also been made withthe appointment of Harry Brenneras the president of the company in2003, the first time after 65 yearsthat this position was not held by afamily member. Mr. Brenner hasbeen with Cumberland Farms formore than 20 years.

Owned today by Mrs. Bentas,the daughter of Mr. & Mrs.Haseotes, the company totaled $2.5billion in revenues for the year2004, according to the Boston Busi-ness Journal. With 1,100 outletsand nearly 7,000 employees, Cum-berland Farms is focused on build-ing new stores and renovating exist-ing ones, expanding product varietyand continually transforming theCumberland Farms retail experi-ence. OCEAN SPRAY CRANBERRIES

Ocean Spray, North America'sleading producer and distributor ofcanned and bottled juices and juicedrinks, is an agricultural coopera-tive owned by more than 650 cran-berry growers in Massachusetts,Wisconsin, New Jersey, Oregon,Washington, British Columbia andother parts of Canada, as well asmore than 100 Florida grapefruitgrowers.

Headquartered in Lakeville-Middleboro, Massachusetts, OceanSpray was formed by three cranber-ry growers from Massachusetts andNew Jersey in 1930. Florida grape-fruit growers joined the company in1976.

With the introduction of Cran-berry Juice Cocktail 75 years ago,Ocean Spray became the first pro-ducer of cranberry juice drinks. In1963, Ocean Spray revolutionizedthe marketplace with the introduc-tion of the juice industry's first juiceblend: Cran Apple. The cranberry-apple juice drink became such ahuge sensation that the companycontinued to add new flavors to theline, including a variety of low-calo-rie cranberry juice blends. Accord-ing to BBJ, gross sales totaledroughly $1.4 billion in 2004. OceanSpray employs more than 2,000people worldwide.

Mr. Papadellis, 48, runs thecompany. He joined Ocean Sprayin 2000, became President andchief operating officer of the com-pany; prior to that, he was seniorvice president of marketing atWelch Foods. Before joiningWelch's in 1994, he served as VicePresident of Marketing for Cad-bury Beverages N.A. He began his

career with Frito-Lay in 1981. Heholds an MBA in Marketing andFinance from Cornell Universityand a bachelor's in Business &Government from Colby College.MIDDLESEX CORPORATION

The Middlesex Companies be-gan with the founding of MiddlesexPaving Company in 1972 by RobertW. Pereira. It is a diversified cor-poration covering all aspects of the

construction industry in New Eng-land and Florida. Middlesex con-sists of two corporations: The Mid-dlesex Corporation and AsphaltProduction MFG LLC. Together,these companies cover all aspectsof the construction business, fromproducing and installing bitumi-nous concrete to constructing ma-rine, rail, bridge, site and heavy civilconstruction projects.

Led by Mr. Aponas, the compa-ny's total revenue for the year 2004was $140 million, according to theBBJ. Middlesex employs 425 em-ployees and operates under anaward-winning comprehensivesafety program which is applied andenforced at every project location.

As the company grew, it gradu-ally began branching out into largerconstruction projects. In 1998, Mid-dlesex acquired Paquette Paving ofLeesburg, Florida and incorporat-ed its asphalt production, pavingand site construction into our cur-rent operations, and acquiredAsphalt Production LLC, anotherbituminous concrete producer,soon afterwards. These companiesare centrally located in Lake Coun-ty, Florida and have stabilized theMiddlesex presence in the centralFlorida marketplace.

NEW YORK AREAAnd to recap previously pub-

lished information on New Yorkarea firms, according to Crain'sNew York Business (November 2,2005 issue), the five largest private-ly held companies owned and oper-ated by Greek Americans were theRed Apple Group, owned by JohnCatsimatidis (ranked #9, $3 billionin revenues); CIC InternationalLTD, of which where Soteris “Son-ny” Fassoulis is Chief Executive Of-ficer and majority stockholder(#31, $873 million); Bouras Indus-tries Inc., owned by Nicholas J.Bouras (#100, $227 million); M.A.Angeliades Inc., owned by MikeAngeliades (#125, $165 million);and St. Eve International, owned byTodd Demakos (#155, $119 mil-lion).

Crain's bases its informationon published sources, its owndatabase, Forbes, Dun's RegionalBusiness Directory, Hoover's andLong Island Business.

THE NATIONAL HERALD, FEBRUARY 25, 2006 50 WEALTHIEST GREEKS 13

6 Greek-Owned and/or Operated Companies Top Privately-Held Lists

Randy Papadellis, CEO of OceanSpray Cranberries, Inc. Lily Bentas, Chairman/CEO of

Cumberland Farms, Inc.

Nicholas S. Gouletas, center, CEO of American Invsco, a Chicago-based real estate company. “Building is in our blood,” Mr. Gouletassays of his $4 billion empire.

By Jennifer ConlinThe New York Times

Stelios Haji-Ioannou is the sonof a Greek shipping tycoon andthe founder of easyJet PLC, a bud-get airline he started in 1995 at theage of 28. Last year, easyJet flew30 million passengers, making itone of the largest short-haul air-lines in Europe. Since then, Mr.Haji-Ioannou has started 14 otherventures through his private in-vestment venture, easyGroup, andlicenses the ''easy'' brand name toventures like easyHotel andeasyInternet Cafe.

His most recent project,easyCruise, was started last sum-mer on the French and ItalianRivieras and is now offering cruis-es in the Caribbean, operating outof Barbados, and with stops in St.Vincent, the Grenadines, Grena-da, St. Lucia and Martinique. Theaverage age of easyCruise cus-tomers in its first season was 32.This conversation took place onJanuary 10 in London.

NYT: When you think of yourtarget easyCruise customer, whattype of person are you picturing?

HAJI-IOANNOU: Someoneyoung. My research showed theirbiggest objection to cruising wasthat it was a lot of old people. So Ithought, ''Give them their ownship.'' The younger people are notwilling to spend $5,000 on a cruise.And they do not want to be heldcaptive on the ship, so we have atwo-night minimum stay. By notmaking the ship a floating resort,we have been able to keep theprice low. Instead, it is a floatinghotel that we keep in port at nightso people can eat onboard if theywish, or go ashore. And everythingis a la carte, so they can choosewhat services they want.

NYT: In the same way you tookon British Airways when you start-ed easyJet, you seem more thanhappy to go up against CarnivalCruise Lines. Do you like contro-versy?

HAJI-IOANNOU: I said thatCarnival's ships have tacky ball-

rooms and are full of old folks,which made Micky Arison prettyangry (Mr. Arison is chief execu-tive of Carnival Cruise Lines). Iam a great believer that, to make adifference in people's lives, youare probably going to have to ruf-fle some feathers. One of ourbrand models is to take on the bigboys.

NYT: Someone once said thatyou look at traditional industries,and then blow them to pieces byfiguring out a way to do themcheaper and more efficiently? Doyou think that is a fair assessmentof your business philosophy?

HAJI-IOANNOU: I can'tpromise to blow all of them apart.But I think it is a complimentwhen the big boys are taking no-tice. It is also a convenient way ofdifferentiating our product fromthe more traditional products.

NYT: How do your best ideasoriginate?

HAJI-IOANNOU: It is a lot oftrial and error, observing, travel-ing and using my personal experi-

ence from other industries. Withthe cruise line, I came up with theidea of staying in port at nightfrom my personal experience andmemories of private yachting. Igrew up being on boats becausemy father had a yacht. What doyou do with a yacht? You sail dur-ing the day and go into port atnight, which is not the itinerary oftraditional cruises. Cruising in themiddle of the night is not pleasant.You look out at a dark sea. Sailingduring daylight and arriving in theafternoon is better. You actuallysee views.

NYT: You emphasize low cost.When do you think luxury shouldnot be sacrificed?

HAJI-IOANNOU: Everyone isdifferent. For me, I would feel em-barrassed within Europe on short-haul flights to be in business class.But when I fly to Miami from Lon-don, I want business class becauseI want to sleep. If you are going tospend one night in a city and havebusiness meetings, then a budgeteasyHotel is fine, but I don't thinkyou should spend your honey-moon in an easyHotel. What ascary thought!

NYT: Would you bring theeasyHotels to America?

HAJI-IOANNOU: Yes. I amthinking of franchising it in NewYork, where we are in negotia-tions, and perhaps Miami.

NYT: You are often mentionedin the same breath as RichardBranson, who is now also going in-to the cruise market. What do youthink you have in common, andhow do you think you are differ-ent?

HAJI-IOANNOU: There is nodoubt in my mind that I have beeninspired by him. I wanted to startan airline because I thought thatBranson was having fun runningan airline. But the business modelcame from Southwest, so I thinkthat Herb Kelleher is more of a

hero there. Making the brand big-ger is something I learned fromBranson. But Virgin is more of aluxury brand, and easyGroup ismore of the money-for-valuebrand. He is saying that his cruiseproduct is for people in their for-ties who are too old to rock 'n' rolland too young to tango. Hopeful-ly, they are too young for Carnivaland too old for easyCruise.

NYT: You once said you want-ed to paint the whole world or-ange, your company's signaturecolor. Do you ever grow weary ofthat bold orange color?

HAJI-IOANNOU: I knowwhere you are coming from aboutthe color. Let me give you a hint.Maybe the next ship will have lessorange. I am not saying there isanything wrong with orange, butwe can debate the quantity of or-ange. Maybe not every square foothas to be orange. But we want tobe faithful to the brand, and thecolor is part of that. It tells peoplewe are about value for money andfun.

On February 3, Mr. Haji-Ioan-nou also launched a no-frills pizzaoperation aimed at shaking-upGreat Britain's fast-food deliverysector, springing the first franchiseof easyPizza.com in SegensworthEast, between the southern Britishcities of Portsmouth andSouthampton.

The chain would reduce costsby making use of call centers andthe Internet for placing orders,while overheads would be cut ow-ing to an absence of high-streetchains. The no-frills pizzas are be-ing made in Germany. They arethen frozen before being flown toBritain, where they are to becooked in ovens.

EasyPizza.com plans to have9,000 franchises across Britain, of-fering 11.5-inch pizzas at 4.50pounds (6.60 euros, $7.85 dollars)each, plus delivery costs of up to 5

pounds (7.30 euros, $8.70), de-pending on the time of order.

Delivery costs would likely bemore expensive in the eveningsand weekends when demand forpizza is high.

"Anyone can produce cheappizza, but we have not compro-mised on quality and service stan-dards. The easyPizza.com fran-chise is attractive because it is wellpriced; easy to operate; and offersa centralized kitchen, one nationalphone number and web address,"Mr. Haji-Ioannou said.

The New York Times pub-lished the above on January 22.The original headline is,“ENTREPRENEUR OF THEYEAR: Stelios Haji-Ioannou,Making the 'Big Boys' Take No-tice.” The story also incorporatesinformation from a report postedby Agence France Presse on Fe-bruary 3: “EasyJet founderlaunches no-frills pizza in Bri-tain.” In 2001, Forbes ranked Mr.Haji-Ioannou 336th among theworld's richest people, estimatinghis fortune at $1.5 billion.

By David HarrisonThe Sunday Telegraph

LONDON - It is the ultimateclub for the fabulously wealthy: Pri-vatSea, “the exclusive club for su-per yachts enthusiasts.

Members cruise in the most lux-urious yachts; fly in sleek private

jets; and stay at sumptuous villas inthe most chic parts of the Mediter-ranean, Caribbean and UnitedStates.

Membership opens doors atsome of the most prestigious yacht-ing, polo and country clubs - nor-mally with waiting lists of up toeight years - including the GuardsPolo Club at Windsor, Europe'smost exclusive venue for the sport.

The club is the latest venture ofthe Latsis Group, the shipping, oil,banking and property empire runby the reclusive Spiro Latsis, whotook over the company when his fa-ther, John, the Greek shipping bil-lionaire, died three years ago at age92. The family fortune is estimatedto be 2.4 billion pounds ($4.2 bil-lion - Forbes ranks the Latsis fami-ly 58th among the world's richestpeople, and estimates its fortune at$7.5 billion).

It is not known whether the Bri-tish Royal Family has signed up,but John Latsis was a friend of theRoyal Family, and the Prince ofWales (Charles) has been a fre-quent guest on board his 400-footsuper yacht, the Alexander, whichwill be available for PrivatSeamembers (www.privatsea.com).

The affluent elite who havesigned up include royalty, heads ofstate, senior politicians, en-trepreneurs, and rock stars. Someare household names; others haveaccumulated vast wealth quietlyand discreetly. Most insist onanonymity, but the Prince Albert ofMonaco, Yves Piaget, the Swisswatches and jewelry tycoon, andthe family of Victor Pastor, theMonaco property magnate, are re-portedly among the first members.Prospective members could includethe likes of the actor, Sean Connerywho has, in the past, used one ofthe 20 yachts - worth up to 200 mil-lion pounds ($349 million) each -now available to those who join.

These lavishly-fitted boats arefurnished with "toys,'' including mi-ni-submarines, helicopters, jet skisand recording studios. Every whimis catered for, and guests' securityand privacy are paramount. Suchpampering does not come cheap,however. The joining fee for thenew club is 18 thousand euros($21.5 thousand). Members thenchoose one of four membershiplevels, costing from 150 thousandeuros ($179.1 thousand) to 1.2 mil-lion euros ($1.43 million), toppingup their accounts as they use uppoints.

SCREENING PROCESSApplicants for membership of

PrivatSea have to be seriously rich.

Old money and new money arewelcome, but money alone is notenough, according to Phillipe Lam-blin, the chief executive. "We havea strict screening process,'' he said."We need to know not only the ex-tent of their wealth, but also whereit came from. We don't want to bestuffy or pompous, but we want theright people.''

Anybody with a criminal back-ground, or a "negative reputation,''and celebrities known for "trashinghotel rooms,'' illegal activities suchas drug-taking, and even "partyinghard,'' would be turned down.

Several applications have al-ready been rejected, including onefrom an American rap star. A Pri-vatSea spokesman said thatPremiership footballers, despiteearning up to 120,000 pounds($209.3 thousand) a week, and oth-er high-earning sporting figures,would be considered only "on mer-it.''

The membership will be limitedto 100, the club says, even when thenumber of yachts is doubled to 40.Some of its boats are owned by theLatsis Group, while others areleased from private individuals andbrokers.

The club's biggest yacht - andthe fourth biggest in the world - isthe Alexander. It has 41 state-rooms and accommodates 60guests and 60 crewmembers. Con-nery and Frank Sinatra, in the past,used the 180-foot Revelation,which takes members on holidayexpeditions to places such as Alas-ka.

The club offers a chance for thesuper rich to parade their statuswithout actually buying a superyacht, which costs a minimum of 50million pounds ($87.2 million). Atiny elite - the mega-rich - will al-ways want to own the ultimate sta-tus symbol, however, happy to payrunning costs of up to 12 millionpounds ($20.94 million) a year.

Roman Abramovich, the Rus-sian oil billionaire and owner of theChelsea Football Club, worth 7.5billion pounds ($13.1 billion), andPaul Allen, the co-founder of Mi-crosoft, worth 14 billion pounds($24.2 billion), are "on another lev-el'', said Mr. Lamblin. "They are ina rich club of their very own.''

The Daily Telegraph publishedthe above on January 14. The orig-inal headline is, “FloatingPalaces, Jets and the Most Exclu-sive Venues: The super-rich, roy-alty and rock stars join the Latsisfamily's latest exclusive venture.”

14 50 WEALTHIEST GREEKS THE NATIONAL HERALD, FEBRUARY 25, 2006

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By Fiona Cameron

MELBOURNE - A Greekshipping tycoon sold a huge swathof land around Rockhampton inQueensland in a $100 million-plusdeal, three weeks before the prop-erties were due to go to auction.

Gregory Hadzieleftheriadessaid he was now looking for otherinvestments in Australia.

Central Queensland cattlemanGraham McCamley and his wifeShirley, in partnership with theirfriends, Allen & Carolynne Nobbs,contracted to buy the cattle sta-tions this past November 4.

The deal covers the Glen-prairie, Fitzroy Vale and LakeLearmonth properties, and 24,000head of cattle.

"Yes, we have done a deal," Mr.Hadzieleftheriades said fromAthens.

The sale covers 71,000 hectares,

all of which has been converted toorganic operations under the cur-rent ownership.

Despite talk that it was thedeath this year of Mr. Hadzieleft-heriades' Australian wife, Pamela(whom he married in 1970), whichprompted the sale of the stations,he said this was not the case:"There are many good reasons.Definitely, it was not the fact thatmy wife passed away."

Sir Graham, whose cattle oper-ation is based on the Tartrus sta-tion, said he had long covetedGlenprairie in particular.

"We've been here 50 years, andI suppose of all the places in thewhole area over that 50 years thatI'd like to have had, it was Glen-prairie," he said.

Under the deal, Sir Graham willtake Glenprairie, and the Nobbsfamily will take Fitzroy Vale andLake Learmonth, although they

will continue to market the sta-tions' cattle together.

Mr. Hadzieleftheriades said theoperation had made many greatachievements and could belaunched into "something evenmore spectacular," but he was notin a position to do it.

"I have three children, and Ihave to give a lot of attention tothem. I don't have the time really,with my other businesses," he said.

Mr. Hadzieleftheriades is presi-dent of Athens-based shippinggroup, Eletson Corporation - es-tablished by his father Vassilios in1966.

With 26 ships, Eletson runs oneof the world's biggest fleets of dou-ble-hull tankers.

Mr. Hadjieleftheriadis said hewas considering developing atourist resort on his 280-hectarebeachfront property at StanageBay in central Queensland.

He also said he was looking for-ward to having a renewed focus onhis home and 6,880-hectare prop-erty, Bolaro at Adaminaby in theSnowy Mountains.

The deal is the biggest propertytransaction in rural Australia sincethe Stanbroke sale two years ago,when AMP Life offloaded its ruralempire for $490 million, before itwas sold within months in a dealwhich valued them at around $700million. Mr. Hadzieleftheriadeswas one of the initial bidders forStanbroke.

The latest sale again shows theextraordinary depth of wealth con-trolled by the big local cattle indus-try families, whose incomes havebeen significantly underpinned inthe past two years by Japan andKorea's ban on beef imports fromthe United States due to mad cowdisease outbreaks there.

Corporate buyers showed in-

terest in Stanbroke, but at the endof the day, it was the cashed-upcattle industry families whichwielded the most buying power,leaving the corporates with notone of the prized Stanbroke hold-ings.

Mr. Hadzieleftheriades saidthe Rockhampton propertieswould be "in very good hands…We are all very happy," he said. "Itwas a good result; everybody willbe happy with this."

The Rockhampton stations,which Mr. Hadzieleftheriadesbought throughout the 1990's, areheld by his Alice Springs PastoralCompany, which has no propertyanywhere near Alice Springs.

Even before ASPC's purchase,the stations were renowned assome of Australia's best cattleproperty, being previously ownedby the Holmes Court's HeytesburyBeef and the British-based Vestey

family. The ASPC portfolio hasbeen overseen in Australia byDavid Warriner, the son of KenWarriner, businessman KerryPacker's longtime rural manager.The deal was arranged by LexHeinemann of Ray White Ruraland Dick Allpass of Elders.

The stations have spectacularnatural features, including 38 kilo-meters of ocean frontage and 21kilometers fronting the FitzroyRiver.

The sale augurs well for theother current big rural propertylisting, the $30 million worth ofNorthern Territory stations theSultan of Brunei has for sale.

The above was originally pub-lished by the Australian. Theoriginal headline is, “ShippingTycoon Offloads Three CattleStations for $100m-Plus.”

By Bruce MeyersonAP Business Writer

NEW YORK (AP) - For outgoing corporatechieftains, the lovely parting gifts remain as lovely asever.

Wallace D. Malone Jr., for example, is retiring asvice chairman of Wachovia Corporation with a nestegg of at least $135 million. He'll likely get tens ofmillions more in reimbursements for income taxes,the idea being that no executive should have to en-dure the trauma of writing that kind of check to IRS.

Malone's benefits consist of a dizzying array ofpayments from five separate deferred compensationplans and three different retirement plans. Thepackage also includes five "annual termination pay-ments" of $6.67 million, and an annual allowance of$200,000 for five years for office space and adminis-trative support.

And no tale of corporate excess seems completethese days without a story from the Magic Kingdomand Michael D. Eisner, the former CEO of WaltDisney who once championed a $140 million goldenparachute for Michael Ovitz, a friend who lasted just14 months as his deputy. Eisner departed prema-turely last year with a parachute of nearly $24 mil-lion, not including a $300,000 annuity for life.

The purpose here is not to recite all these large

numbers simply for dramatic effect. One mightdream of an executive who would be chastenedenough by the public spotlight to forgo some sever-ance, but most are apt to respond to criticism like theformer CEO of Gillette, albeit not so publicly: JamesM. Kilts used a September speech to denounce at-tacks on his $165 million windfall from the sale ofGillette to Procter & Gamble.

The real issue is whether the outcry against exces-sive pay and severance has resonated with the boardswhich control the corporate cash register.

The money going to Eisner and Malone is thelegacy of an era before the collapse of the bull mar-ket five years ago. Both men were long-serving exec-utives whose contracts were renewed in the mid-1990's, at a time when many boards seemed to feelno need to sweat the details of the packages theywere approving.

So, do the executive contracts awarded more re-cently show more restraint?

The evidence is mildly encouraging at best, withsome contracts offering two full years of salary andbonus, rather than three.

The contract given to new Disney CEO Robert A.Iger may entitle him to $18.5 million in severancerather than the $27.75 million an Eisner-type agree-ment would have produced. And at 3M Co., newCEO George W. Buckley would be entitled to atleast $8.4 million in severance, rather than $12.6 mil-

lion under a three-year framework.Nevertheless, some shareholder activists are gun-

ning for strict limits on severance and the right to ap-prove any deal more generous than the three-yearpackage. The board at Coca-Cola recently adoptedsuch a policy after opposing a shareholder measureat the 2005 annual meeting which drew a 40 percentvote in favor.

You'd also hope that directors might stop arguingthat their hands are tied by old contracts.

Wachovia asserted repeatedly in its disclosure ofMalone's parachute that a great deal of his moneywas due under "obligations" the financial servicescompany "assumed" in late 2004, when it acquiredSouthTrust Corp., the bank where Malone was long-time CEO.

That interpretation neatly omits that Wachovia'sboard could have objected when it negotiated atakeover, which in itself generated tremendouswealth for Malone.

There's little precedent for such a stand, whichcould antagonize egos and imperil a merger negotia-tion, so the big paydays for CEO's who sell theircompanies keep coming. In recent months, AT&TCEO David Dorman and MCI CEO Michael Capel-las each drew extra pay worth roughly $20 million forselling their companies to SBC Communications andVerizon Communications, respectively.

Then there's pay for lackluster performance: Eis-

ner was to have served as Disney's chairman andCEO until next October. His departure was has-tened by a combination of stagnant results - when heleft in October, Disney's shares were just a tad high-er than a decade earlier - and mounting shareholderdistaste for his style of stewardship.

But the Disney board deemed that Eisner left inOctober for "good reason," the contractual magicwords which bestow full severance on an executivewho departs earlier than planned.

Malone and Eisner at least spent lengthy tenuresat the helm. Even relative short-timers, whosetenures are cut short by poor performance, aregranted full severance.

The board at Zale's Corporation plans to pay fullseverance of $3.6 million to Mary L. Forte, who re-signed as the jewelry retailer's CEO at the end ofJanuary, just months after she was given a new con-tract. Never mind that a spokesman said Zale'sboard "was disappointed that after three and halfyears, (Forte's strategy) hadn't translated into betterfinancial performance."

Clearly, shareholder dismay has produced onlylimited backbone in the boardroom when it comes tothe messy work of reeling in executive pay.

The Associated Press posted the above on Fe-bruary 7. The original headline is, “Column: Part-ing Pay Still Sweet for Execs.”

America’s Corporate Milieu: Parting Pay for Departing CEO’s Still Very Sweet

Boats & Cows? Greek Shipping Tycoon Sells Cattle in Australia for $100 Million

16 50 WEALTHIEST GREEKS THE NATIONAL HERALD, FEBRUARY 25, 2006

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By Nigel LowryLloyd's List

ATHENS - John Angelicoussisaccepted the 2005 Personality ofthe Year Award at the secondLloyd's List Greek ShippingAwards gala dinner this pastNovember 25, on a night dominat-ed by big names in the industry.

Mr. Angelicoussis, who headsAgelef Shipping Group LTD, wonthe award for his group's pioneer-ing move into liquefied natural gascarriers, including its steps takento train a pool of Greek officers tooperate this kind of tonnage, ontop of the Angelicoussis group'sexisting record in both the tankerand dry bulk sectors.

For Lambros Varnavides, di-rector of shipping for sponsorRoyal Bank of Scotland, present-ing the award to Mr. Angelicoussiswas his second appearance on-stage during the evening, havingalready stepped up to take theShipping Financier of the Yeartrophy on RBS' behalf. The bankconsolidated its position as thelargest lender to Greek shipping.

Other major shipowners hon-ored in front of more than 1,000guests in the ballroom of theAthenaeum Inter-Continental ho-tel included Tsakos Group Chair-man Panagiotis Tsakos, recipientof the first Lloyd's List/Propeller

Club Lifetime AchievementAward for services to shipping aswell as to Hellenism.

Restis Group Chairman VictorRestis accepted the award for DryCargo Company of the Year onbehalf of First Financial, holdingcompany for his group's dry cargoshipping activities. One of the keysto First Financial's win was itstakeover of the 32-vessel dry bulkfleet of Malaysian InternationalShipping Corp.

George Prokopiou took theTanker Company of the Year hon-or for Dynacom Tankers Manage-ment, cited as “epitomizing theamazing modernization and re-newal of Greece's tanker fleet” aswell as being one of the first Greekoperators to invest in LNG carri-ers.

Other companies honored in-cluded Minoan Lines as PassengerLine of the Year, GeorgeMoundreas & Company, the 2005Shipbroker of the Year, and soft-ware company Ulysses Systems,winner of the Technical Innova-tion Award for its Task Assistantsoftware suite.

The Piraeus Marine Club,launched in 1967, won the first Pi-raeus International Center Award,while the Union of GreekShipowners, represented by itspresident, Nicos Efthymiou, col-lected the Safety & EnvironmentalAchievement Award for its cam-paign for robust, safer shipbuild-ing.

Emotional highlights of thethree-hour prize giving included aspecial award to the ChartworldShipping Corporation's Lou Kol-lakis, one of the United Kingdom'srichest men, who was unveiled as“Man of the Sea” for 2005. Mr.Kollakis was presented with theaward by George Vlachos, theGreek Merchant Marine Min-

istry's general secretary for portsand port policy, for Mr. Kollakis'Majestic International Cruises'donation of a ship to aid tsunamivictims in Sri Lanka for twomonths early in 2005.

Huge applause greeted JohnLazarou, master of a VictoriaSteamship-operated bulk carrier,who was flown back from Aus-tralia to attend the awards. Cap-tain Lazarou was adjudged GreekSeafarer of the Year for his actionin saving 15 Indonesian fishermenlast July after the men had been inthe water for two days.

Anthony Argyropoulos of Can-tor Fitzgerald was named Lloyd's

List's Newsmaker of the Year forhis role in a number of high-profileGreek shipping public offerings in2005 and 2004.

In a glamorous preamble to theannouncement of the award win-ners, the winner of this year'sEurovision Song Contest, ElenaPaparizou - the first Greek winner- saluted Greece as the “number-1” shipping nation in the world.She then received a special award,presented on behalf of Lloyd's Listand the wider maritime communi-ty by alternate Culture MinisterFani Palli-Petralia.

Sponsors of this year's GreekShipping Awards included overallevent sponsor Ernst & Young andaward sponsors ABN-AMRO, Al-pha Bank, The American Club,Chevron Fuel & Marine Market-ing, Germanischer Lloyd, the Gr.J. Timagenis Law Office, HellenicExchanges, Lloyd's Register,Marichem Marigases WorldwideServices, Royal Bank of Scotland,Tsavliris Salvage Group andXRTC Business Consultants.

Guests enjoyed a pre-dinnercocktail sponsored by TOPTankers, and Allied Shipbrokingsponsored a final champagne toastproposed by Peter Rigby, chief ex-ecutive of Informa, Lloyd's List'spublisher.

The awards were adjudicatedby an independent panel of judges

representing the Greek shippingcommunity, as well as industry ex-perts. The event was also support-ed by the Union of GreekShipowners, the Hellenic Cham-ber of Shipping, the Association ofGreek Passenger Shipping Com-panies, the Hellenic ShipbrokersAssociation, Helmepa, the Pro-peller Club and in London theGreek Shipping CooperationCommittee.

The above was originally pub-lished by Lloyd's List.

Greek Shipowners Continue to Make Huge Impact on the Maritime Industry

Victor Restis

Lambros Varnavides

John Angelicoussis

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THE NATIONAL HERALD, FEBRUARY 25, 2006 50 WEALTHIEST GREEKS 17

18 50 WEALTHIEST GREEKS THE NATIONAL HERALD, FEBRUARY 25, 2006