Word: braniffs
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Dates: during 1970-1979
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...heavy interest charges on its $862 million debt, Ling was forced to sell off National Car Rental, Staco, Inc., Wilson Sporting Goods, Allied Radio and Whitehall Electronics, as well as most of the conglomerate's holdings in Computer Technology and some of its stock in Braniff Airways. Last week the cash squeeze got worse when Jones & Laughlin directors voted to omit the quarterly dividend−cutting off $4.2 million in income that LTV could have applied to its debts...
...positioned before a string of A.M.C. models under the headline: "I can't believe that people enjoy paying more for a car than they have to." Mary Wells Lawrence, president of Wells, Rich, Greene, the agency that produced the ad, made her reputation with frivolous promotions like painting Braniff Airways planes in pastel colors and suiting up the stewardesses in Pucci pajamas. Such stunts, she agrees, would not work today. "You can't emphasize fantastic luxury," she says. "What smells right at the moment is sweetness, honesty and a clear explanation of value...
...story to a congressional committee that is investigating conglomerate mergers. When Representative Emanuel Celler charged that LTV's debts exceed its salable assets by $171 million, Ling replied that the consolidated balance sheet was "not really meaningful." He reasoned that LTV's interests in some subsidiaries, including Braniff International Airlines and Okonite, a wire and cable maker, were undervalued because control of a company normally commands a premium over the market price of its stock. He also claimed that LTV's debts were over stated because the company does not guarantee most of the debts...
...Ling says, many of his company's nine subsidiaries were hurt by un foreseen events. The economic slow down cut Braniff's passenger traffic, a rise in copper prices hurt Okonite's prof its and the pullback in defense contracts reduced the earnings of both LTV Electrosystems and LTV Ling Altec...
Premium Rate. Ling has been liquidating other LTV holdings in order to meet his interest charges and bank loans. As he explains it, LTV will retire $112 million in loans due next year by selling either Braniff or Okonite, both of which Ling agreed to dispose of within three years in return for Justice Department withdrawal of the J. & L. antitrust suit. In February, LTV got $63 million by selling its holdings in Wilson Sporting Goods, and this too can be applied to the debt. Earlier this month, LTV Altec sold Allied Radio Corp. for $30 million. Meanwhile, Ling...