Word: clinte
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Last May when Texans John and Clint Murchison Jr. (TIME cover, June 16) ousted Wall Street Millionaire Allan Kirby from control of Alleghany Corp., Kirby growled ominously: "The Murchison boys are way out on a limb." Last week Kirby. who still holds the biggest single block (33⅓%) of Alleghany'sl common stock, reached for his saw. In a letter to the SEC, Kirby protested the Murchisons' proposal to split and reclassify the stock of Minneapolis' Investors Diversified Services, a $4 billion mutual fund complex currently controlled by Alleghany. Kirby clearly feared that if the Murchisons were...
...turning point for Perlman and the Central apparently came when John and Clint Murchison (TIME cover, June 16) took over Alleghany Corp., which controls the Central. As late as last September 20 Perlman was still proudly refusing Pennsy offers to share a roadbed with the Central. But between the mounting financial difficulties and the persuasion of John Murchison, a strong believer that mergers offer the Eastern railroads their best hope of profitability, Perlman finally had little choice but to accede to a shotgun marriage. At a casual glance, the proposed wedding might look like a pooling of weaknesses; the Central...
Your coverage of the Clint and John Murchison story was a masterpiece of clarity and understandability of a very complicated and tangled situation that most financial journals and newspapers to date have been unable to clearly explain to their readers...
...rarely consult him about business deals any longer. To B. H. Majors, an old Murchison family friend, the boys are motivated above all by a desire "to do right by their father and the legend he has created." They certainly live by a principle inculcated in them by old Clint. Says Clint Jr.: "There isn't any sense in having $40 million in the bank or even in securities if you aren't doing something to enhance the value of those securities. Dad once gave me a great piece of advice. He said: 'Money is like manure...
...Murchisons consider themselves "speculative businessmen" who justify their business existence by spreading money around. "Some people say we are gamblers," complains Clint Jr., "but that isn't true. In gambling, you are betting on Lady Luck; in speculating, you have your mind to help you, and you are betting on yourself." Whatever "speculator" may mean to most Americans, no one needs to smile, podner, when he says it to a Murchison...