Word: breakups
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...specialists who work the floor of the New York Stock Exchange arrived on the job an hour and a half early last Monday. They were preparing for an avalanche: the start of trading in 1.6 billion shares in eight new companies to be created Jan. 1 by the breakup of American Telephone & Telegraph. At precisely 10 a.m., the opening bell sounded with six swift clangs, and the rush was on. By 10:14, all eight of the new issues had opened, and 1.9 million telephone shares had changed hands...
...part of the breakup of the phone company, which will take place Jan. 1, A T & T last week filed 53,000 documents with the Securities and Exchange Commission. The papers projected 1984 sales, profits and dividends for the eight companies that will come into existence when the familiar Ma Bell is split up. The first quarterly dividend next year for all eight firms is expected to total $1.365 per current share of A T & T stock. That is 1½? more per share than the old A T & T has been paying for the past three years. Said Robert...
...documents filed with the SEC, which weighed half a ton, provided the first detailed look at how A T & T thinks the eight new companies will fare after the New Year's Day breakup. The most carefully studied report was a 267-page information statement and prospectus that will be sent to every A T & T shareholder during the next few weeks; printing and distributing that document alone cost $3.9 million. In the study, A T & T projected that its new slimmed-down company, which includes long-distance service, Western Electric and the Bell Laboratories, would show revenues...
Brown admits that his deal with the Government was a retreat from AT&T's longtime resistance to a breakup. "Divestiture was not our idea," he says, "and we think it is wrong from the standpoint of the country's interests." But the alternative seemed bleaker: "Time was not on our side. The Government's determination to restructure the Bell System would have gone on for years, draining our energy and preventing us from planning our own future." Rather than cling to the past, Brown was eager to get on with the "exciting" task of building...
Even so, the breakup is almost like a divorce in the family for Brown. A native of Richmond, he is a Bell brat. His mother had been a Bell operator before getting married, and his father spent 37 years with the company, eventually rising to district traffic manager in Richmond. While earning a bachelor's degree in electrical engineering at the University of Virginia, Brown worked two summers as an AT&T ditchdigger and cable layer, making $13 a week. After joining the Navy during World War II and serving as a radioman in the Pacific Fleet, he became...