The Charlotte Observer, N.C., Business Insider Column.

Nov. 27--AUTHOR POINTS CRITICAL FINGER AT CAROLINAS DEALS: Four deals with Carolinas ties pop up, usually not in a flattering way, in a recent book by former class-action lawyer Michael Craig, now a business writer. "The 50 Best (And Worst) Business Deals of All Time" (Career Press) critiques the financing for William Farley's ill-fated $2.8 billion takeover of what is now WestPoint Stevens.

Craig calls "what possessed" KKR to invest $300 million in Denny's owner, now called Advantica, a "mystery." KKR earned fees while holding a controlling stake in the S.C. company, but its investment ended up worth less than a Grand Slam breakfast.

KKR's $25 billion buyout of Reynolds Tobacco -- the basis for the book and movie "Barbarians at the Gate" -- is summed up as doing little better than breaking even for investors. Bank of America predecessor NationsBank gets a brief mention for its $15.5 billion acquisition of Barnett Banks, the largest U.S. bank deal at the time. At nearly $67 billion, the BofA deal a year later eclipsed Barnett.

Note to Craig's proofreaders: It's Barnett, not Barnet.

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