Word: lazard
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David E. Lilienthal, 56, longtime head of TVA and first chairman of the Atomic Energy Commission, became chairman and chief executive officer of newly organized Development & Resources Corp. President of the company, backed by the Manhattan investment banking firm of Lazard Freres & Co., is Gordon R. Clapp, 49, who succeeded Lilienthal as TVA chairman and resigned recently as deputy city administrator of New York City. Development & Resources Corp. will act as a consultant to foreign governments in TVA-type river and land development programs, coordinate other private or public projects such as atomic-energy production in power-short countries...
...negotiating the labyrinthine stock transfer, more than 100 attorneys from a dozen leading Manhattan law firms worked over a ton of legal documents. In the deal, Webb & Knapp and Graysler Corp., owned by Lazard Freres, investment bankers (with a 25% interest in the transaction), got all the stock in the Chrysler Building and its annex plus the stock controlling the Graybar Building. The money came from $40 million worth of mortgage bonds taken by Equitable Life Assurance Society, $4,000,000 from J. P. Morgan & Co., $8,000,000 from Webb & Knapp...
...world's greatest Government enterprises: TVA and the Atomic Energy Commission. In his books and innumerable lectures he sang the praises of what he called "people's businesses." A year and a half ago, however. David Lilienthal went into private enterprise as a consultant to Lazard Fréres & Co., New York investment bankers. (His chief current interest: management of Philadelphia's Attapulgus Minerals & Chemical Corp.) This week he had a new book on the market with a title that, at first sight, might jolt his old New Deal disciples. The title: Big Business...
Last week, with cattle prices pushing their ceiling, the Scotsmen decided to get out at the top. The five directors and more than 90% of the owners of the company's 800,000 shares of stock agreed to sell to Lazard Bros. & Co., Ltd. (British associate of Wall Street's Lazard Freres & Co.) for $23.70 a share. By holding out ever since Lazard made its first offer last December, stockholders made a fat profit. During eight months of negotiations, the stock shot up in London and the U.S. from $7 a share to nearly $28. Lazard Bros, said...
...Although Humble Oil & Refining Co. has put down 14 dry wells on Matador land, hope stirred anew when the big oil strike was made in Scurry County (TIME, Dec. 5, 1949), only 90 miles from Matador. Dundee's thrifty owners drove such a Scottish bargain that they made Lazard Bros, agree that if oil or valuable minerals are subsequently found on Matador's ranges, the new owners will share their royalties 50-50 with the sellers...