The official name of the corporation was changed to New Valley Corporation in 1991, just in time for that entity to seek bankruptcy protection as part of Mr. Amman’s strategy to eliminate the overleveraged balance sheet while continuing to grow the money transfer business. The name change was taken to shield the Western Union name from being dragged through the proceedings (and the bad PR that would cause). Under the day to day leadership of Robert J. Amman and the backing of LeBow, the company’s value increased dramatically through its years’ operating under Chapter 11. Investors, along with the general public, thought the name “New Valley” sounded like a name for a ranch salad dressing.
Following various restructurings that included negotiations with Carl Icahn who became a large bond h
