Word: controled
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Dates: during 1960-1969
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...overextended himself, as he did in 1961 when he almost lost control of his company. Last year Ling borrowed $900 million to snare Jones & Laughlin, National Car Rental, and Braniff Airways whose latest advertising campaign shows odd couples flying high. He tried to refinance part of that debt last fall, but investors spurned his efforts. Ling scoffs at the doubters. "This is just the year to kick conglomerates," he says. He planned to sell off a small slice of Braniff, most of National Car Rental and perhaps a few other securities to raise all the funds that he said...
...Richard Pistell's General Host Corp., a Manhattan baking and food-freezing firm. Pistell took an option on Bluhdorn's remaining 600,000 Armour shares at $60. Thus Bluhdorn escaped the patrician Prince's trap. With great help from Bluhdorn's stock, Pistell last month captured control of Armour, despite Prince's frantic efforts to resist...
...they are not always effective; they can stumble as easily as they succeed. Harry Figge's "Automatic" Sprinkler Corp. went into a nosedive last year when strikes and production snags crippled two divisions, while a third ran into cost-control woes. Ogden Corp. suffered after its shipbuilding subsidiary hit rough weather. Tex Thornton's Litton ran into multiple trouble: losses in shipbuilding, engineering snags on a new typewriter, slumping sales of office furniture. Much to the dismay of investors, the company blamed its plight on management deficiencies...
...above-the-market price. For the companies that issue them, debentures offer an even bigger tax break. The interest payments can be deducted from corporate taxable income as a business expense. On the other hand, stock dividends must come from after-tax earnings. Using debentures, conglomerates can often grab control of other companies at little or no real cost to themselves. For example, Victor Posner, Miami conglomerator who has plucked a personal fortune from slums and money-losing corporations, has just captured Sharon Steel (annual sales: $225 million) after a bitter battle. Posner's NVF Co., a Delaware mini-conglomerate...
...Western used them to pay for acquisitions. Issued in moderate amounts, warrants may have no significant effect on a corporation's finances. But Manhattan's General Host Corp., which has only 2.6 million shares of common stock, last month offered 14 million warrants in its successful fight to win control of Armour & Co., whose...