Word: frye
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Like fighters after a 15-round draw, both sides thought that the battle for T.W.A. had gone far enough. Company President Jack Frye finally realized that T.W.A. could not get the money it needed without the cooperation of majority stockholder Howard Hughes. And headstrong Howard Hughes realized that he could not try CAB's patience much longer with his obstructionist tactics...
...Hughes sat down last week to discuss a compromise with his onetime friend Jack Frye. Present at some meetings of the three-day peace conference was CABoss James M. Landis. He pointedly reminded Hughes and Frye that a major airline was something of a public utility which private individuals could not kick around with impunity. After a final six-hour session, Hughes agreed to lend T.W.A. $10,000,000 (through his Hughes Tool Co.) and back Frye's plan to authorize a new issue of 2,000,000 shares of T.W.A. common stock...
...into T.W.A. common stock at any time (thus enabling Hughes to preserve his control of T.W.A., even if the rest of the newly authorized stock is sold), and the Hughes Tool Co. was to name some new members to T.W.A.'s board of directors. After accepting the terms, Frye declared that Hughes was once more 1) his friend, 2) his boss...
...Frye and Hughes collided head-on over finances. T.W.A., its till drained by overseas expansion and a 25-day pilot strike, needed cash in a hurry, up to $100 million (TIME, Dec. 9). To get part of it, President Frye consequently proposed that T.W.A. issue another two million shares of stock...
Warming Up. But Jack Frye won over T.W.A.'s directors. They called a special stockholders' meeting for last week. Wall Street gossiped that Hughes tried to buy up the entire issue himself at bargain rates, thus cheaply increase his control to around 80%. When the stockholders' meeting was held, Hughes stayed away. Lacking a quorum, other stockholders adjourned. Hughes then demanded that six of the eleven directors resign, let him send in a new team, including a financial vice president. Told off again, he stayed away for the second meeting...