Word: lannan
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...decision to scuttle the magazines and salvage the book division was reached by a group of Manhattan and Chicago industrialists, who had put $4,600,000 into the company last year. The group, headed by Financier J. Patrick Lannan, could have gained control of the company by converting its debentures into 600,000 shares of common stock, although actual control (400,000 shares) was in the hands of Manhattan's Publication Corp., whose subsidiary publishes This Week magazine. Last week Lannan's group and Publication Corp. got together to save what they could of Crowell-Collier...
...Lannan said that more than 20 unnamed friends of his had gradually bought more than 300,000 of the Milwaukee road's widely scattered 2,123,210 outstanding shares (present market price: 20¾ per share). He thought this slice large enough for effective control. Directors promised Lannan and Wirtz, who own almost 30,000 shares apiece v. 8,500 shares held by all other directors combined, seats on the board. Said Lannan's good friend and Milwaukee Board Chairman Leo Crowley: "We're happy to have a fellow like Pat on the board...
None of the Milwaukee's management seemed worried by the possibility that Lannan's group might take over. One of the busiest buyers and sellers of companies in the U.S., Pat Lannan, 51, specializes in buying into slow-rolling but potentially good companies and stepping up their lagging profits...
...Lannan's formula is to reorganize, modernize, diversify. The Milwaukee road, weakest of the so-called "transcontinental" lines (because its lightly traveled track traverses largely underpopulated areas), is tailor-made for his touch. Extending from Chicago west to Omaha and northwest to Puget Sound, it is twelfth on the list of moneymakers; its 1955 net was $9,532,282. But Lannan is betting on a Northwest boom to boom the Milwaukee...
...Heineman (TIME, Feb. 20). Heineman wants to strengthen his road before bar gaining with its leading competitor. Since becoming North Western's boss, Heineman has cut costs and deadwood, stream lined maintenance, figures to have North Western steamed up enough to start negotiations in three years. But Lannan also plans to do a lot with the Milwaukee by that time...