Word: landa
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...Pratt & Whitney. Colorado-born Bob Kerr graduated from U.C.L.A. ('27), spent his early years as a reporter on the Los Angeles Examiner, went into the tool industry in 1938, became president of Toledo's Bingham-Herbrand Corp. before moving to American Machine & Foundry. Kerr and President Alfons Landa hope to disassociate Penn-Texas from the poor publicity brought on by the fight to oust Former Chairman Leopold Silberstein by changing its name to Fairbanks Whitney Corp...
Mother & Freud. Landa likes to think of himself as a sort of corporate purgative, says: "The stock goes up when I clean the bastards out." But he has found it profitable to fight most of his proxy battles on the side of management. Rarely before has he tried to take over in a corporate fight. Usually he makes his money by buying stock cheap in a sick company, selling out after he has done his bit to make the company and stock strong. "You don't always have to do everything for a fast buck," he says...
...first proxy battle of consequence was at Colonial Airlines, where he took over briefly (nine months) as president in 1951. He stepped back in as a consultant a couple of months later when a stockholders' proxy fight developed because of proposals from two competing airlines to buy Colonial. Landa pacified the stockholders, managed to hold off any purchase until Colonial stock had risen. Eastern Air Lines eventually bought Colonial at $24 a share v. the $7.62 market price when Landa stepped...
...Cool $1,000,000. Landa's most notable fight, before Penn-Texas, was at Fruehauf Trailer Co. There he defended President Roy Fruehauf against a raid after brother Harvey Fruehauf sold a large block of stock to the Detroit & Cleveland Navigation Co. Landa proceeded to raid the raider, made himself a cool $1,000,000 on Fruehauf stock during the fight. Landa welcomes allies from any quarter. During the Fruehauf fight, he negotiated a $1,500,000 loan from the then Teamster President Dave Beck to finance Fruehauf stock purchases...
...Landa has never stayed long in one place once he has made his money, but he plans to make Penn-Texas an exception. "Within six months to a year," he says, "I'll stem the flow of blood." Apparently many Penn-Texas stockholders think he can do it. Penn-Texas stock, which plummeted during Silberstein's reign from $22.87 to $2.87 a share, last week gained $2.75 to close...