In the 1950s young Chouinard, an army vet and former private dick for Howard Hughes, tired of suburban life in Burbank, Calif. and literally took to the hills.

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Called "the most influential private citizen in America" by Time, Dick Morris is a familiar figure as a commentator for the Fox News Channel and is well known for hard-hitting, nonpartisan commentary about the U.S. political scene.

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Dick May, managing director of American Working Capital, a private equity firm in Los Angeles and Chicago, said the family that founded American Greetings is taking advantage of low multiples in an out-of-favor industry, as well as inexpensive debt financing to bet on its future.

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