Word: antitrusters
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...power struggle now under way. In the first months after his death, it seemed that the longtime Summa insiders and his heirs would avoid strife. Chester Davis, the pugnacious Wall Street lawyer who masterminded Hughes' long and ultimately successful legal battle against the Eastern financial Establishment regarding alleged antitrust violations at TWA, suggested that the closest heir, Houston Lawyer Will Lummis, 48, become chairman of the Summa Corp. at $180,000 a year and co-administrator of the estate. But after Lummis, the son of Hughes' maternal aunt and a striking Hughes lookalike, examined the Summa books...
...addition, newspaper editors are notoriously reluctant to shuffle their comic-and-editorial page lineups to accommodate newcomers, for fear of alienating readers. That preference for old, familiar faces is becoming easier to satisfy as newspapers, prodded by antitrust actions, gradually give up the broad exclusivity they have long insisted upon. Universal, for instance, had to guarantee the Bulletin that no other paper within 100 miles of Philadelphia could run Doonesbury; switching to the more permissive Inquirer opened the strip to 26 other potential newspaper customers in the area...
...After months of investigation, the Justice Department's antitrust division issued Civil Investigative Demands (known as CIDS) to the major international companies-a move that could lead to an antitrust case against the industry. The trustbusters are investigating various charges, including one by a consumer group, that oil-company pacts with producing countries might keep them from making their purchases from the cheapest source...
...company is sitting on a comfortable cushion of $1.2 billion in cash and securities-the proceeds of an enforced sale of Peabody Coal, which Kennecott acquired in 1968, to a consortium led by Newmont Mining. The Federal Trade Commission ruled in 1971 that Kennecott's Peabody purchase violated antitrust rules barring concentration in any given industry, arguing that the company could have entered the coal business by investing its own capital. After a five-year rear-guard battle against the FTC ruling in the courts, Kennecott's board, which includes such powers as John Schiff, chairman...
Family Pact. The struggle pits Hughes' first cousin, Houston Lawyer William Rice Lummis (pronounced Lumm-us), 48, against Chester Davis, 66, the Wall Street in-fighter who in 1973 finally won the twelve-year TWA antitrust suit for Hughes and became a major power within Summa. At stake is what remains of Hughes' fortune, estimated to have been as high as $1.8 billion in the late 1960s (excluding Hughes Aircraft Co.) but now assessed by Merrill Lynch, Pierce, Fenner & Smith at no more than $168 million. If no will is found, Lummis, who is the court-appointed temporary...