Word: hearsts
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Dates: during 1950-1959
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Then Columnist Hedda Hopper, archrival of Hearst's own Louella Parsons, broke the big news: on Nov. 5, 1950, Hearst had called in Miss Davies, his companion through 32 years, and with her signed a voting trust agreement. It provided that on his death, she would become the sole voting trustee of the Hearst Corp., the empire's top holding company, and would remain so for life...
...Some day, Marion, I'll make it up to you," William Randolph Hearst told Marion Davies in the mid-'30s, when she handed him $1,000,000 to help save his faltering empire. This week the empire was shaken by the news that Hearst had made it up to her handsomely indeed; he had picked her to be the boss of his vast editorial domain...
...patiently kept, during a painful fortnight in which she had a good chance to learn who her friends were. The empire's chieftains, who had once sought her favor, quickly gave her the brushoff. They had read the Chief's will: it left the multimillion-dollar Hearst fortune* to Hearst's widow and five sons and to charities, left the details of administration to his sons and eight other executors who assumed, as a matter of course, that they would run the business...
...Fight Begins. As such, if the agreement proves to be legally watertight, she would replace the seven Hearst executives who were made the voting trustees in a prior agreement signed in 1937. In her own right, she owns only 30,000 shares (15%) of the Hearst Corp.'s preferred stock. But she would have the voting rights to all 100,000 shares of the common and the remaining 170,000 (85%) of the preferred, which old W.R. himself owned. She would thus have the power to choose all the officers and directors of the subsidiary corporations...
When Hedda Hopper's bombshell burst, the lawyers who had drawn the agreement for Hearst promptly confirmed it-and so did Marion Davies. The news brought a quick and bold counterattack from the Hearst estate's special administrators, Son Randolph Apperson Hearst and Lawyer Henry MacKay Jr.: "This so-called agreement . . . was never executed and for this and many other reasons has no more effect than if it never existed." Snapped Filmland Lawyer Gregson Bautzer, who had helped set up the agreement last year for Hearst: "The document will speak for itself when filed...