Word: g
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Dates: during 1950-1959
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Captain Milburn G. Apt, who flew the X-2 on her last flight, was new at the job. He was an experienced test pilot and familiar with jet aircraft, but he had never handled the X-2 or any other rocket plane. Air experts have wondered why he was not permitted to take it easy the first time and fly the X-2 slowly (maybe twice the speed of sound) until he got the feel...
From Wilshire Boulevard to Wall Street, stockholders in the world's biggest moviemaking company chose up sides in the most colossal management fight in Hollywood history. The prize: control of Loew's Inc., which encompasses Metro-Goldwyn-Mayer, M-G-M Records, some 170 U.S. and foreign theaters, plus a $33 million funded debt. To head off the battle, Joseph Vogel, Loew's president of three weeks, flew from his Manhattan office to Hollywood, hustled through the first leg of a monthlong, no-martini inspection, promised to find out what was wrong...
Last year, M-G-M studio, geared to make 45 to 50 pictures a year, made only 25, lost money. The movie losses, say the dissidents, were made up by Loew's generally profitable theater operations, The re-release of several old films (Gone With the Wind, The Wizard of Oz.), the leasing of MGM's film library to TV (returns to date: $26 million). Loew's overall 1955 profits amounted to $5,311.733, or just 16% of the total profits of Hollywood's Big Six moviemakers, v. Loew's 32% slice in 1950, when...
...Lehman-Lazard interests charge that the M-G-M movies made during the tenure of MGM's Production Boss Dore Schary, which dates from 1948, have lost an estimated $25 million. (Schary claims that he went in the red only two years.) The dissidents note that MGM's successful box-office movies, such as The Blackboard Jungle and Trial, have been outnumbered by the flops-The Prodigal, Jupiter's Darling, The Swan, Somebody Up There Likes...
Family Affair. Some insurgent stockholders are also fueling their campaign with charges of excessive salaries and nepotism indulged in by M-G-M brass. Says New York Judge Louis Goldstein, who says he represents more than 200,000 shares: "In 1955, Nicholas Schenck, then Loew's president, received $171,786 in salary and nontravel expenses; Charles Moscowitz, vice president and treasurer, received $156,429; Schary...