Word: divested
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Northwest was a last-minute starter in the competition. Ironically, Northwest had been a division of El Paso until 1974, when the Justice Department forced El Paso to divest itself of Northwest, and McMillian managed to gain control. Two years later, McMillian entered the pipeline race, and he learned fast. To enlist across-the-border support, he joined forces with two Canadian companies and christened his project Alcan. McMillian proved unabashedly opportunistic. When he heard, for example, that influential congressional staffers favored a route south from Prudhoe to Fairbanks, he seized on it. His approach inspired a Washington quip: "McMillian...
Carter's request, promised the President and the Senate that he would divest himself of his shares in the bank before Dec. 31. (Treasury Secretary Michael Blumenthal made a similar pledge to divest himself of Bendix Corp. stock...
...seemed simple. The Justice Department decided that a rash of acquisitions by ITT, the big conglomerate, did violence to the antitrust laws. Justice decreed that the firm could keep the Hartford Fire Insurance Co. and some smaller firms if it would divest itself of Avis, the nation's No. 2 car-rental firm, within three years. Since then the effort to sell off Avis has become bogged down in byzantine legal maneuvering that, if nothing else, sharply underscores the difficulties of pursuing a vigorous antitrust policy...
...most serious problem facing Lance, report TIME Correspondents Rudolph Rauch and Philip Taubman, is his commitment under the Administration's conflict-of-interest guidelines to divest himself of the 190,000 shares he holds in the National Bank of Georgia, of which he was president before going to OMB. He had borrowed heavily to buy 164,228 shares of that stock in June 1975. He had paid $17.74 per share, or $2.9 million, as part of a move with two partners-Pattillo, a construction company president, and John Stembler, a Georgia movie-theater chain owner-to gain majority control...
...Competition, which once determined how and to what degree resources would be used, is being eroded by community need. It was to this notion that ITT appealed in 1971 when it successfully prevented the Justice Department from forcing it to divest itself of Hartford Fire Insurance Co. "The company lawyers said, in effect, 'Don't visit that old idea of competition on us. The public interest requires ITT to be big and strong at home so it can withstand the blows of Allende in Chile, Castro in Cuba and the Japanese in general...