Word: fenner
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Dates: during 1970-1979
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...travels to Israel, Greece and Spain. He owned an $80,000 building, containing a disco called the Red Garter, a home worth $30,000, and had $16,000 in cash, $46,000 in Washington checking accounts and $365,000 in a bond account with Merrill Lynch, Pierce, Fenner & Smith. Then why did he go on begging? Said his banker: "I think it was a lifelong habit...
...Merrill Lynch, Pierce, Fenner & Smith...
Because cash-rich companies such as IBM, Teledyne and United Technologies are either buying their own stock or making daring acquisitions, the Kennecott strategy seems uninspired to many analysts. Says one, Charles Bradford of Merrill Lynch, Pierce Fenner & Smith: "The only reason to buy that stock is because it's a takeover candidate." With the company's stock priced at about $30 a share on the New York Stock Exchange, Kennecott's market valuation is $996 million-far below its book value. At that $30 price, a buyer of the company could acquire assets worth...
...twelve-year TWA antitrust suit for Hughes and became a major power within Summa. At stake is what remains of Hughes' fortune, estimated to have been as high as $1.8 billion in the late 1960s (excluding Hughes Aircraft Co.) but now assessed by Merrill Lynch, Pierce, Fenner & Smith at no more than $168 million. If no will is found, Lummis, who is the court-appointed temporary co-administrator of Hughes' estate, hopes to divide up that estate in an amicable settlement among the 22 heirs. He buttressed his position last week among the heirs by negotiating...
Despite the press estimates of Hughes' wealth, the exact amount is a matter of considerable confusion. Lawyers for the estate filed appraisals in Houston and Las Vegas courts last March declaring it to be worth only $ 169 million. They included an evaluation by Merrill Lynch Pierce Fenner & Smith stating that Hughes' two main holdings, the Summa Corp. and the Hughes Television Network, were worth $110.8 million. Of the total, they said, $87 million should be set aside to cover costs of lawsuits pending against Hughes interests...