Word: cording
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Dates: during 1930-1939
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...When Mr. Cord in Beverly Hills. Calif, saw the imminence of that threat last week he fairly popped with rage, sent his lawyers rushing into court at Wilmington. Del. Just as the Avco directors sat down to complete their merger plans for submission to stockholders, the Wilmington court granted a temporary injunction restraining the board from further action. Avco pried loose the injunction, but agreed not to consider the deal further until next week when Mr. Cord would be back in New York...
...battle was in the open. Mr. Cord turned to Avco's 28,000 stockholders, pleaded for proxies for a stockholders' meeting Dec. 21 to enlarge the directorate from 35 to 68. and supposedly to increase his own representation on the board from three...
...everyone knew, what Mr. Cord meant by the "reigning clique" was the group centering about Banker Harriman and his good friend Robert Lehman. W. A. Harriman & Co. and Lehman Bros, headed the bankers who raised $38,000,000 for Aviation Corp. when it was formed in 1929. Friends of Banker Harriman understood that he aspired to be in aviation what his late famed father was in railroading. At the outset the Aviation Corp. structure was loose. Its subsidiaries numbered 80, included unrelated small lines, charter services, schools, factories. (The list is now about 20.) The company grew...
President Cohu, a youthful Princetonian (1917), was an investment broker, head of Air Investors Inc. which is a substantial Avco stockholder. He could not deny Mr. Cord's statement last week that Avco had lost money since its birth,* but he did say that the fight with Mr. Cord had been brewing for months because of Cord's efforts to "jam Stinson planes down the company's throats." Cord builds Stinsons and the Lycoming engines that pull them. Old guard Avco men said that Cord was a poor transport man, that his Century Lines lost money, that...
Basically each side summed up its case thus. Cord: ''Of every Avco dollar 30 cents belongs to us, 63 cents to stockholders other than the present management. We are going to see the company properly run, by those who have a real interest in it." Avco: "Our directors are financiers, industrial leaders, representing widely distributed stock. Why turn the company over to a plane manufacturer who merely seeks a controlled outlet for his product...