Bank of America Merrill Lynch has agreed to a $40 million settlement with Robert Levine, co-founder of Cabletron Systems, according to filings and sources familiar with the case. ''We were two guys, with no venture capital, and now we're a $1.5 billion company with 6,600 employees. That arbitration case was filed with FINRA in February 2018 and is pending. I really don't know.". Aug. 6, 1997 1:45 p.m. PT 3 min read Cabletron Systems (CS) founder, president, and. People would say, 'I don't want to do that,' and they would say, 'You find a way to make them do it.'". As a result, Cabletron has grown much faster, and more daringly, than anyone might have expected. Founder and CEO of networking hardware maker Cabletron, S. Robert Levine, will voluntarily step down. Cable installations now account for 4% of sales. John Ford. " Welts doesn't worry as much anymore. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. The few white-collar criminals were primarily there for embezzlement. Benson attended Chatham High School in Chatham, New Jersey.After receiving a bachelor's degree in finance from Babson College in 1977, Benson attended Syracuse University, graduating with an MBA in 1979.. ", At the news conference, Levine said he will stay with the company until November to assure a smooth transition. Started in a Massachusetts garage by Craig Benson and Bob Levine in 1983, the company moved to Rochester, and became one of the biggest players in the emerging networking industry. The two devices, which cost roughly $200,000 to produce, represented Cabletron's first foray into manufacturing. In charge of this transition were Patel, Kirkpatrick and Jaeger, who came from Ropes & Gray, Cabletron's law firm. Could it be the beginning of a bureaucracy? ''Really, he hadn't functioned in the traditional role of a C.E.O. Defendant Cabletron is a New Hampshire corporation in the business of manufacturing and selling networking hardware and software for large enterprise computer networks. But she said she kept her thoughts to herself until it was too late. They'd just slow things down. "We can ship a large order and rebuild stock very quickly," notes Kenneth Levine. Levine, co-founder of Cabletron, is a pioneer computer-networking magnate noted by Forbes magazine. Tuesday, I received my indictment papers. Push.'". Cabletron ultimately developed its own routing capability, but found it increasingly difficult to compete at the low end of the Ethernet market and continue to invest in high-end routing technology. And she thought her role in them was relatively minor. Cabletron was founded by S. Robert Levine and Craig Benson. That's not so easy, given that Cabletron -- like Levine -- can't sit still. After returning from the . [5], Learn how and when to remove this template message, "Chmn. More to the point, he wouldn't. Benson differs. You will receive additional instructions via email. "We pack them in like rats," says Benson. [His] eccentric management style has contrasted sharply with the usually conventional world of computer-networking equipment, the Wall Street Journal said upon the announcement he would retire. Some people swear they've seen the magazine of the same name lying on his desk. The company also developed a reputation for its advanced SPECTRUM network . He bought a tank. The advisor involved is Charles Kenahan, according to FINRA's BrokerCheck. The one-of-a-kind estate is now up for sale, listed for $42 million. Benson alleges Kenahan made similar churning violations, a FINRA public disclosure says. As a test, Levine told telemarketers to ask customers ordering cable if they were interested in having Cabletron do the job. If someone would say, 'This deal is not going to work out,' they would say, 'Why don't you try harder? "Their eyes lit up," Oliver recalls. In addition to his work with Nynex, Reed is also involved in the global Perhaps the most stunning and understated amenity is a 200-foot steel viewing bridge over the forest. Benson, who still had a full-time job, got swamped trying to keep up with the invoicing. Self: Being Mary Tyler Moore. As a teenager, he "exercised the engine" of his mother's white Cordoba by zooming along at 101 miles per hour -- or at least that's what the police claimed when they caught up with him. Shares of Cabletron, based in Rochester, N.H., slipped 62.5 cents, to $36, on the New York Stock Exchange. "We've written our own rules from day one," he adds. Get this delivered to your inbox, and more info about our products and services. But the thin ranks mean that some employees get pushed to their limits -- or beyond. After two years at McAfee, Ken became CEO of Digital Guardian. Robert Levine was born in 1954. CABLETRON SYSTEMS, INC. has been set up 8/15/1989 in state DE. Such big-company prerogatives as vice-presidents and massive meetings have no place at Cabletron. Benson pitched in during his lunch hour, leaving invoicing chores for the weekend. ''I went so far, when I was head of New England Telecom, as to take my team up to Cabletron to get a glimpse of what Bob Levine and Craig Benson were about,'' he said. Indeed, the company's most dramatic -- and costly -- diversification began with what by now has become a standard pattern: spot a consumer need, get ideas on how to improve on what exists, and then put together enough money and people to do it quickly. Not wanting to sully their high-tech image -- or tie up inventory dollars in low-margin fare -- few computer companies supplied the cable. In 1996 the company eclipsed US$1 billion in sales. The digs are hardly ritzy: partitions, steel desks, small cubicles. Don't miss the premier event for real estate pros. Lives in Greenwich, Connecticut with his wife, Mary Tyler Moore. Levine travels at least 30% of the time; Benson stays mostly at headquarters. Cabletron and Enterasys would then report those as sales, increasing company revenue. In 1988 the company earned the #7 spot on the Inc. 500, our ranking of the fastest-growing small private companies. ", When it all began, she said, "it was a noble thing to do. "Run the company as if it's not making money," says Bob Monaco, director of operations, "and you'll always make money. Levine helped Cabletron cofounder Craig Benson find Reed about a At the same time, competitors like Cisco Systems Inc., the 3Com Corporation and Ascend Communications Inc. have pursued multibillion-dollar acquisitions that have given them much broader product lines and higher revenues. Yes, I also want to receive the CNET Insider newsletter, keeping me up to date with all things CNET. It's fake. Recently, Levine and Benson hired a couple of high-powered executives: one to serve as chief financial officer, the other as director of manufacturing. To keep costs down, Levine has hardly modified the telemarketing system that his brothers perfected back in his garage days. "What they could never figure out was that I never got anything for it," she said. The final chapter in Cabletron Systems Inc. 's (NYSE: CS) rocky history was closed today as the company completed its name change and the . "Their enthusiasm was a breath of fresh air," says John Casson, head of international operations. But then a series of disputes led Levine to conclude that the supplier had become "nonreactive and bureaucratic." The Cabletron story starts in March of 1983 with then 25-year-old Robert Levine. She moved back home in July 2009. TimesMachine is an exclusive benefit for home delivery and digital subscribers. Don Reed, president and group executive at As for the terms, they were taken out, but then included in a side letter. The town's winning traits? Levine said he decided almost two years ago to leave Cabletron, but he did not want to step down until he and Benson hired a new president and chief executive. "This is a unique opportunity to run a company in these extraordinary Cabletron with expert knowledge in key markets," said Benson. The loans started at $50,000. Jack Branowski, who is a director of sales, has 17 people reporting to him. Accoridng to the NY Times, the couple wedded in the Pierre Hotel. Barbara Scrivens and Maria Nobrega of LIV Sotheby's International Realty are now the real estate agents trying to find a buyer to take over the sprawling estate. Anyone can read what you share. "That's where the growth is right now.". He got to spend a week on Levine's boat, resting. Some 4,000 people applied for the first 50 jobs. Walk away. Known Addresses for Cabletron Systems, Inc. Attn: Tax Dept. Recently, he received $40 million in compensation from Merrill Lynch after accusing them of churning,or excessive trading to generate commissions against the best interest of their clients. Levine would then emerge as one of the early tech moguls of the 1990s Forbes Magazine estimated his worth to be at around $625 million in 2001. I'm not working here," she said. [1] As manufacturing and design operations expanded, Cabletron relocated to Rochester, New Hampshire, employing 6,600 people at its peak. Then, with his father's help, he located a banker, who, he says, "kept lending us money. In 1987, with sales at more than $9 million, they shifted to semiautomatic machinery. A part of outside grounds have been recreated to look like a Wild West town, complete with a shooting range, a model sheriffs office and even a jail cell as one of the rooms. But there are signs that Levine and Benson's sometimes harsh style of management and Cabletron's self-image as a bit of a ruffian may not serve the company well as it struggles to stay ahead of the pack. Barbara Scrivens and Malia Nobrega of LIV Sothebys International Realty are the listing agents for the estate. The longest any of them had lasted was six weeks. Only 3 days left to register for Inman Connect Las Vegas before prices go up! Analysts said Levine's resignation will mean that Cabletron can now concentrate its efforts on regaining the market share it has lost in recent years. Cabletron, headquartered in Rochester, N.H., announced Wednesday that Levine, 39, would step down Dec. 1. "People kept talking about how much money people were going to make when this all happened. Last summer, for kicks, he chased a pizza-delivery boy, and the following day while "four-wheeling in the woods," he ran smack into a tree. The emptiness I feel without her with me is without bottom. They pose with Robert's motorcycle. Share. Mary Tyler Moore battled hardships from brain tumors to diabetes throughout her marriage to Dr. Robert Levine, and he stood by her side through it all. In all 126,000 square feet of Cabletron's headquarters, now in Rochester, N.H., there is not even one meeting room. Benson once spied an 18-person meeting going on. "With the rapid convergence of voice, video, and data, Don's extensive Spence said her heart goes out to Gagalis, but he could have cooperated like she did. By 1989 Cabletron's factory was fully automated. We had to feel instinctively from the heart that this was the right individual both from a capability standpoint as well as a cultural standpoint. Family Dollar had always been a family company. Profile of this year's Entrepreneur of the Year winners. The house itself is a stylish mansion full of glass and stone. As the company has grown, the two have become more fierce about stamping out anything that even remotely resembles bloat. ''Bob is a flamboyant, energetic motivator, and as such, he has motivated people much like a football coach,'' he said. "Four of the largest five entertainment giants are now run or owned by Jews. In a company press release, S. Robert Levine, the president and chief executive officer, said these results represented Cabletron's "thirty-second quarter of consecutive record growth, the strongest and steadiest earnings growth rate among all S P 500 companies." Free and open company data on Rhode Island (US) company CABLETRON SYSTEMS, INC. (company number 000057845), PO BOX 5005, ROCHESTER, NH, 03867-00505 "They see it coming. Robert Levine. Murdoch's News Corp (at number four) is the only gentile holdout however Rupert is as pro-Israel as any Jew, probably more so." Los Angeles Jewish Times, 'Yes, Virginia, Jews Do Control the Media', Oct. 29-Nov. 11, 1999, p. 14. Connect with the definitive source for global and local news. That particular project engineer also happened to be the chairman of the company, though he didn't advertise it. "The class that I am taking now is about business ethics," she said. Nynex executive will replace Cabletron founder Robert Levine. He joined New England Telephone in 1966. Commissioner "I hated him," says Benson, who was eventually persuaded to give the new hire a chance. Such trigger-happy behavior takes a toll on morale. And then she added, with angst still in her voice, "Why didn't I speak up?". Alongside Craig Brenson, Levine founded Cabletron in 1983. "Maybe he was doing the 'don't ask, don't tell,'" she said, laughing. One had not even started yet. He will be. Spence sent Workman an e-mail to take out the problematic terms and date the papers to "coincide with the [purchase] order," in order to count it as revenue. One of the rooms is a retro-style ice cream parlor with marble countertops and sleek cone and topping holders on the table. The complaint was filed in March 2018 for allegations of "unsuitable investment recommendations, excessive trading and misrepresentation from February 2012 until December 2017." Levine would then emerge as one of the early tech moguls of the 1990s Forbes Magazine estimated his worth to be at around $625 million in 2001. "They get wrapped up in their titles instead of getting work done," he says. It also happened to be when terrorists flew jumbo jets into the World Trade Center and Pentagon, not only killing thousands of people, but also disrupting the nation's economy and information system. Mini Biography. He shared the title of Inc. Magazines Entrepreneur of the Year with his co-founder, Craig Benson, in 1991. Things were hectic, she said, but they also were exciting. Top headlines from around the real estate industry. The case involved allegations of churning against former Merrill broker Charles Kenahan. It would be wrong to present Bob Levine's need for speed as simply a strategic imperative. The amenities lodge is attached to an indoor sports field primarily used for baseball, said the listing agents. ", Johnson said the decision to bring Reed on board will help the company More than a decade ago, Bob Levine's high school classmates voted him "Least Likely to Succeed." In 1992, a different group of peers voted S. Robert Levine, president and CEO of Cabletron Systems, Inc. magazine's "Entrepreneur of the Year," an honor he shared with Craig Benson, the company's chairman. Along with eight bedrooms and 10 bathrooms, the estate boasts an ice cream parlor, guest suites modeled after the Wild West and a suite that looks like a jail. of the Global Information Infrastructure Commission and is its policy task force cochair. The CABLETRON SYSTEMS, INC. principal address is 35 INDUSTRIAL WAY, P.O. [1] As manufacturing and design operations expanded, Cabletron relocated to Rochester, New Hampshire, employing 6,600 people at its peak. Mr. Levine said he had not determined what he would do beyond smoothing the executive transition at Cabletron. Spence went on to plead guilty to securities fraud and was sentenced to more than two years in federal prison. CONCORD, N.H. (AP) _ Fourteen years after co-founding a small computer cable company in his garage, S. Robert Levine is retiring as president and chief executive of Cabletron Systems. Cabletron still moves as fast and as flexibly as a $25-million upstart. It's hard to miss the symbolism taking place at the former Cabletron headquarters off Ten Rod Road in Rochester, even if Bill Gibney works to downplay it. The limit, as he well knew, was $70. And she doesn't think businesses would be reluctant to hire a convicted felon. If they said yes, Cabletron sent a project engineer out to meet with them. Levine had seen that happen many times. Transceivers, as Benson likes to explain, are the traffic cops of networks, transmitting and receiving signals. At the time, Levine worked as a senior fellow in the division of cardiology of Mt. Now that I have your attention'". But some of his motivational techniques for his sales force _ such as singing bawdy songs and dressing up in a leather motorcycle outfit _ have come under fire from customers. A real one, with a howitzer on top and turrets that spin around. Instead, cable now constitutes less than 7% of sales. As she told that business class at UNH: "You need to trust your judgment, to follow your gut. Getty Images for IMDb. That's an important role, so I hope they find somebody to fill that function. The new owner will be able to reap the benefits of the current owner acquiring the land and approvals as well as constructing the improvements and will be able to hit the ground running with a turnkey estate that is all about living life and creating memories, Nobrega and Scrivens said. Branch of CABLETRON SYSTEMS, INC. (Delaware (US)) Controlling Company CABLETRON SYSTEMS, INC. Inc. 5000 Application Deadline Extended: April 28!Apply Now. Although Cabletron has made a few small acquisitions, it has largely sat out the furious consolidation of the networking industry. Some companies realized they needed cable only after their minicomputers had arrived, or they suddenly discovered that the new floor plan in sales would require 20 additional feet of cable. There have been no vice-presidents since. And there was Levine, who, as a kid, shot birds because they woke him up with their chirping. Edwards, Colorado. Or, swept away by its continued growth, it may lose its edge. Levine and Benson listed about 20% of Cabletron on the New York Stock Exchange in their 1989 IPO. How so and so had so much shares, stocks options and this and that. She met her husband Luke Luacaw, the head of security for Levine. Meanwhile you can send your letters to ATTN: TAX DEPT., P.O. As a subscriber, you have 10 gift articles to give each month. To find takers, he printed up brochures that promised 24- or 48-hour delivery, depending on the customer's needs and the size of the order. Started in a Massachusetts garage by Craig Benson and Bob Levine in 1983, the company moved to Rochester, and became one of the biggest players in the emerging networking industry. "Basically buying people's business," Spence said. While Vail has some of the highest land prices in the country, Levines property is as spacious as they come, boasting 250 acres of land bordering a national forest that includes a trout pond, a playground and trails for hiking in the summer and snowmobiling in the winter. She's also going for a business management degree through the University of Phoenix in Burlington, Mass., but she plans to switch to online classes, so she can spend more time taking care of her 91-year-old mother. "I'm going to bury him on Saturday. Such "box movers," as he calls resellers, have no incentive to excel at customer service. Six months later they had developed two products: one tested the cable, the other tested other network equipment. Benson hired a few engineers he knew. The once-public Cabletron, a competitor to Cisco, had annual revenues at one point of more than $1 billion. "I'm not a mercenary or anything," he says with a smile. Storming in, he threatened, "If you people all have the time for this meeting, then I guess I really don't need this many people.". Robert John Levine, M.D., passed away peacefully at the age of 86 on February 25, 2021 at Whitney Center in Hamden, CT where he lived with his wife of 33 years, Jeralea Hesse. What began as a part-time venture in a garage evolved into a billion dollar company by 1996. To subscribe to exclusive newsletters, visit your email preferences in the account settings. To keep its product line expanding in the right direction, Cabletron exploits the advantages of having a direct-sales force. One is that Palermo is a seriously sprawling space. Thirty percent of outside salespeople don't make it through the first 90 days; another 40% are gone within six months. No revelation there. ''For a year or more, they've been revamping sales and marketing, and as they got more professional management, I think these guys bridled more at Bob Levine's style,'' said Paul Johnson, an analyst with Robertson, Stephens. He currently serves as a The owner was trying to make it so that whenever you come around a bend, or wherever you turn, or whenever you peek inside a door, you discover something you wouldnt expect, Scrivens told The Post. At Nynex, Reed is being replaced by Morrison DeS. Ken was CEO of then start-up NitroSecurity, a SIEM platform, before a successful acquisition by McAfee in 2011. Among his previous endeavors: a landscaping business that killed grass and butchered hedges, a biorhythm company that had to hand out refunds when customers discovered their charts were not individualized, and a limousine service that quickly stalled out. Between 1987 and 1988, sales shot up more than 160%, from about $9.5 million to almost $25 million. The company could have grown at 10% a year simply by becoming unbeatable in cable delivery, its original niche. In a memorandum to the company's work force on Jan. 10, Mr. Levine said the bank's automatic teller machine at the Cabletron headquarters had been disconnected. Unconventional style may have got us where we are; conventional thinking would have never started the company. Levine and Craig Benson, who is Cabletrons chairman, started the company in Levines garage in 1983 after realizing the potential need for custom cables to link personal computers. Following on this early success, Cabletron developed one of the first modular Ethernet hubs, the MMAC-8 (and its smaller siblings, the MMAC-5 and the MMAC-3) at the time that 10BASE-T was becoming standardized. As Levine got orders he spooled off the appropriate footage and then called on Benson to perform the delicate task of stripping off the jacket, bending back the foil, and crimping on the connectors. In an exclusive statement, Levine said: I can't believe she is gone. But by the summer of 1984, Cabletron had moved into a 4,000-square-foot office in Ashland, Mass. In June 2014, 55 years after his father Leon had started Family Dollar . They hired a person, leased space, and came up with a strategic plan -- all in six days. Robert Levine (l.) and Craig Benson are co-founders of Cabletron, a company that makes hubs to connect computer networks. He will be succeeded by Don Reed, 53, a top officer from the regional phone company Nynex Corp., which is being acquired by Bell Atlantic Corp. ``The amount of effort and time and travel that will be involved to get Cabletron to the multi-billion dollar level, which I have no doubt Cabletron can achieve, is time I am not willing or able to invest at this time, Levine said in explaining his decision. Get the latest tech stories from CNET News every weekday. In that wide-ranging interview on the deck overlooking her spacious backyard in Newfields where she lives with her dog and her 91-year-old mother Spence discussed how she went along with a corporate culture of greed, her "time away" at the prison in Danbury, Conn., and telling her whole story to a stunned class of business students at the University of New Hampshire who were expecting a boring lecture by a businesswoman in a suit. There's nothing wrong with that, of course; every founder stamps his or her quirks on the business. But while she was at college, her dad died unexpectedly, and she got in a serious car accident. As Cabletron expanded its reach in the networking business, they initially moved into Layer 3 routing by partnering with Cisco, co-developing a Cisco router that would fit into the MMAC-8 hub. Levine, 32, likes to confound expectations. Rochester, NH 03866 PO Box 6257 Rochester, NH 03868 50 Minuteman Rd Andover, MA 01810 10 Main St Rochester, NH 03839 35 Industrial Way Rochester, NH 03867 ATTN: TAX DEPT. A large part of this walkability is due to . When 39-year-old Cabletron co-founder Robert Levine retired in 1997, newspapers called him eccentric he did, after all, wear ostrich-skin boots and chase off a pizza delivery boy in his armored tank, as he told it but he was just getting started. 'Oh yeah, take all the time you need.' In making the announcement, Benson emphasized Reed has a different management style, but Reed said he has no immediate plans to make changes. "I'm not mechanically inclined," he says. "When we do, we optimize them by making them three times more effective.". Rochester, NH 03867 34 Raeder Dr Stratham, NH 03885 COUNTRY BROOK Stratham, NH 03885 19 Bay Shore Dr Greenland, NH . Levine was the companys chief salesman, and his hard-driving management style has defined Cabletron. Mr. Benson remains with the company as chairman. Cabletron Systems Inc., a computer networking company, said yesterday that S. Robert Levine, its president, chief executive and co-founder, would resign effective Sept. 1. Bob Lepine is the Lead Pastor at Redeemer Community Church in Little Rock, Arkansas which he helped plant in 2008. "I don't know who that guy is," he admits. Look closely; it's not Levine. He now heads up the office in Washington, D.C. To avoid draining resources, Levine and Benson moved into the manufacturing of electronics gingerly, investing just $50,000 at first in a special mold and farming out the assembly and testing. ``Frankly, we wouldnt just turn Cabletron over to just anybody. In retirement, Levine built a Colorado mega-mansion with unheard-of amenities, including an ice cream parlor, two shooting ranges and a Western town with a sheriffs office, to name a few. "There's a feel to this place," he says, furiously buttoning it. What began as a part-time venture in a garage evolved into a billion dollar company by 1996. Kenahan and Levine could not immediately be located for comment. Three-corner deals became a big deal up to and during the launch of Enterasys. Another benefit included renting manufacturing space at half the amount for the same square footage near Boston. They also had manufacturing facilities in Ironton, Ohio, and in Ireland. That complaint was brought by Craig Benson, the former governor of New Hampshire and co-founder of Cabletron with Levine, according to sources familiar with the case. It was like nothing could go wrong for so long, and then all of a sudden we hit that bump.". That is, until the activist investors started swarming. Founder of Cabletron Systems, an internet networking company in New Hampshire that once rivaled Cisco, but went belly-up, owns this house.
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