Word: gaffed
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...stock has plunged from a 1973 high of 151¾ to last week's 42⅛. What is more, Berkey's is not the only suit Kodak is contesting. Others have been filed by Pavelle, a tiny New Jersey firm that went bankrupt in 1975, and by GAF. There also is evidence that the Justice Department may be preparing an antitrust suit against the company...
Most of that competition, however, is coming from foreign companies. In the U.S., only Polaroid, with its instant cameras and film, remains a strong competitor of Kodak's in the amateur camera and film market. GAF abandoned that business last year because, said Chairman Jesse Werner, "it has become impossible to compete." Bell & Howell, which reached an out-of-court settlement of an antimonopoly suit against Kodak, has incurred losses in its consumer photo business since 1974 and has joined forces with two Japanese firms to market their products...
Legal echoes of its competitive battles will keep Kodak tied up in court for years, whatever the final Berkey verdict. GAF has filed an antitrust suit asking the courts to splinter Kodak into no fewer than ten separate businesses. Pavelle, a tiny New Jersey firm that sank into bankruptcy in 1975, has brought suit asking, among other things, that the trademark "Kodak" be as freely available to the public as the term aspirin. Polaroid has also sued, contending that Kodak's instant cameras and print film infringed on Polaroid patents. Most ominous of all, the Department of Justice...
...Washington University, Wilson spent his 30s as a U.S. prosecutor and won such a reputation as a litigator that in 1941, soon after returning to private practice, he was retained by the Swiss firm Interhandel to look after its interest in its U.S. subsidiary, General Aniline & Film. In 1942 GAF was confiscated by the U.S. Government because Interhandel was believed to be a front for the German cartel I.G. Farben. It was while the "little American" worked on this affair (in which he finally won a $150 million settlement) that Second Lieut. Inouye lost his right arm in Army combat...
LESSON ONE. Acquire a monopoly of firepower. GAF management signed up three of the nation's four big proxy solicitation firms, which make battle plans as well as send out proxy statements, including by far the largest, Georgeson & Co. With its in-house computer, the only one in the business, Georgeson can tabulate signed proxy statements as they come in and quickly shift its attack to the proper flank. If support appears to be weak in, say, Western Ohio, the machine can print out a list of stockholders from that area for telephone canvassers to work on. Some...