Word: braniff
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...Ling-Temco-Vought, his once high-flying conglomerate, Jim Ling moved to settle a federal antitrust suit arising from his corporate acquisition of Jones & Laughlin Steel Corp. In order to hold onto the nation's seventh largest steelmaker, LTV will have to sell its controlling interests in Braniff Airways and Okonite Co. LTV also agreed in principle to refrain from "certain activities" for ten years -which probably means no more major acquisitions for that period...
...company. He may well be in a selling mood at a time when LTV stock is down to only 40% of its price two years ago and other LTV holdings are also depressed. Until recently, LTV officials had been negotiating to sell the company's 55% interest in Braniff Airways to Norton Simon Inc., but they ended the talks, presumably because terms could not be agreed upon...
Earnings Up. The campaign was the idea of TWA's adwoman, Mary Wells Lawrence, who also started the battle of the frills in 1965 when she persuaded Braniff to paint its planes pastel and outfit the stewardesses in original Pucci culottes. After she married Braniff President Harding Lawrence, it became obvious that the family relationship was too cozy for business. The conflict was resolved last summer when she won the TWA account and Braniff dropped her. Last week she announced that earnings of her agency, Wells, Rich, Greene Inc., rose 63% to $801,000 during the first half...
Conspicuous Losers. The big losers were Lyndon Johnson's most conspicuous winners. Houston-based Braniff, which has strong ties to the old Administration, lost a stopover in Mexico, although it retains several new runs to Hawaii which, as domestic routes, are not subject to presidential review. Under the Johnson decision, Los Angeles-based Continental Airlines stood to grow from the eleventh biggest U.S. trunk line into a sizable international carrier serving such South Pacific spots as Samoa, Australia and New Zealand. Continental's President Bob Six had served the previous Administration by providing extensive-if not always clearly...
...million; in the year's fourth quarter, they plunged 58%. In order to finance the takeover of J. & L., Ling had to negotiate short-term bank loans of $225 million; he has been meeting that obligation by selling off LTV assets, including part of its interest in Braniff Airways. Further sales of assets may be necessary to pay off LTV's total indebtedness of $900 million...