Word: celotex
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Seldom has a company boasted so many suitors in such quick succession as Celotex Corp., a Chicago manufacturer of building supplies. It was his ardent pursuit of Celotex that brought about the downfall of the "boy wonder" financier, Eddy Gilbert (TIME, June 22). No sooner had Gilbert fled to Brazil than a New York building materials firm named the Ruberoid Co. decided to make a try for Celotex. It offered to buy 350,000 Celotex shares at $25 apiece-which was 8¾ above Celotex's lowest price after the Blue Monday skid but 17⅜ below...
Lots of Assets. On the face of it, Celotex hardly seemed a prize catch. Its sales have been slipping steadily from their 1956 high of $76.5 million, and for the first half of this year the company reported a $1,200,000 loss. But Wall Street is convinced that Celotex's troubles are largely the result of stodgy management -and Walter is anything but stodgy. With sales of skeleton shell houses (which the buyer finishes) slipping because of fierce price competition,Walter recently branched out into semifinished houses-which will provide a readymade market for Celotex insulation, gypsum board...
...Celotex has other attractions, too. Explains a Celotex executive: "We have a lot of valuable assets which are carried on our balance sheet at a very nominal figure." Among them: 48.3% of the stock of New Orleans' South Coast Corp., which owns 89 square miles of Louisiana sugar land including 4,000 acres of potential industrial sites along the new Houma Canal to the Gulf of Mexico...
...reverberations of the Gilbert crash echoed in Europe, where Eddy had borrowed much of the money to underwrite his scheme for seizing control of Celotex. In Zurich, darkly smooth Abdulla Zilkha, 49, an Iraqi-born financier who makes a specialty of lending money to would-be securities buyers on low margins but high interest rates, ruefully admitted that his firm had some $2,000,000 riding on Gilbert. "We won't know about our losses," said Zilkha. "until a post-mortem is made...
...York, Wall Street's McDonnell & Co.. whose president is Henry Ford's brother-in-law, brought suit against Man about Manhattan Jacques Sarlie, 47, a Dutch-born market operator and art collector. Sarlie. complained McDonnell, refused to pay for $754,770 worth of Bruce and Celotex stock bought for his account. (Sarlie's rebuttal: McDonnell had bought the stock without his authorization, on orders from Eddy Gilbert.) Still another victim of Gilbert's downfall was his personal broker. Francis Farr, a socialite customers' man for McDonnell & Co., who invested heavily in Bruce stock. Until...