Word: dividend
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...help pay his tab, Lance has investment income. In 1976 he collected $275,000 from his investments, including dividends from 190,000 shares of the National Bank of Georgia. But this income has been reduced because the troubled bank in August stopped paying its dividend of 80? per year. In addition to the dividends last year, Lance made $150,000 from NBG, including salary and severance pay when he left to become Carter's Budget Director. Of course, his Government salary of $57,500 now will stop...
...that Lance had received a $2,625,000 loan from New York's Manufacturers Hanover Trust Co. in 1975 and signed a note pledging 148,118 shares of National Bank of Georgia stock, plus any future income from that stock, as collateral. After Lance received an N.B.G. stock dividend of 14,657 shares in December 1975, officials of the New York bank futilely sought to get Lance to deliver those 14,657 shares, to which it was entitled. Insisting that the value of stock already given Manufacturers Hanover fully collateralized the loan, he did not turn over the dividend...
Lawyer Clifford eagerly pounced on an ill-advised invitation from Percy to clarify the matter. Clifford argued that Lance had merely bargained with Manufacturers Hanover over supplying the stock dividend and, when he and the bank could not reach agreement, ended the matter by paying off the loan. Indeed, Lance did so last January, drawing yet a third loan-for $3.4 million-from the First National Bank of Chicago. Clifford failed to point out that this was a full year after Lance first received the stock dividend. Percy was correct in insisting that Manufacturers had had a right to demand...
...August. Chairman Edgar Speer also indicated that some operations would be suspended at the company's Youngstown, Ohio, mill, and that construction of a $4.5 billion integrated plant in Conneaut, Ohio, might be postponed. At Bethlehem Steel, where first-half profits dived 88%, the board halved the quarterly dividend, to 250 a share, closed three small mills and made plans to lay off 7,300 out of 22,900 workers at plants in Johnstown, Pa., and Lackawanna...
...heat of the struggle, professional arbitragers -speculators who like to gamble on takeovers-picked up an estimated quarter of B & W's shares. To persuade them to sell to McDermott rather than United, B & W arranged a tasty lagniappe: a special dividend of $2.50 per share on top of the regular 37½? dividend, which will be passed back to present B&W stockholders by McDermott in October. (Harry Gray refused to do that.) That brought McDermott's effective offer to $65 per share...