Word: ling
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Dates: during 1960-1969
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Those charged are: Michael J. Bishop '70, larceny from a person, punishable by a sentence of up of five years; John E. Cross '69, assault and battery, carrying in a maximum sentence of two and one half years; Mark Ling, a Cambridge taxi drivers, malicious destruction of property maximum of five years; Carl D. Offner, a graduate student in mathematics, assault and battery; and Michael Prokosch '70, possession of narcotics...
Washington's first big salvo against conglomerate corporations came only last month. It was fired by the Justice Department, which announced plans for an antitrust suit to divest Ling-Temco-Vought of its controlling interest in Jones & Laughlin Steel. Last week, "multimarket" companies, as they prefer to be called, quavered again as the Federal Trade Commission took aim at a merger by another big concern, Los Angeles-based Litton Industries...
Litton's latest merger is far smaller than James Ling's $425 million J. & L. deal, and does not even involve an American concern. The FTC's target is a pair of West German typewriter makers in which Litton (1968 sales: $1.9 billion) bought a majority interest last January. Their worldwide sales total some $52 million, but only $7.5 million comes from the U.S., where their Triumph-Adler brand of typewriters accounts for a minuscule share of the market. But the FTC complains that the acquisition tends to "lessen competition" in violation of the Clayton Antitrust...
...Under federal law, ownership of at least 80% is necessary before dividends can be freely transferred from one company to another on a tax-free basis. If LTV owned enough J. & L. stock, it would be able to collect about $20 million in dividends-a windfall that would help Ling pay his interest and retire some short-term debt. Thus Ling made a tender offer that expires this week. In exchange for more J. & L. stock, he will give a complicated package of LTV securities, including debentures and warrants. Last week the trustbusters threatened to seek an injunction against...
With a court test ahead that could drag on for two years or more, LTV stock became increasingly unpopular. LTV common, which hit a high of $135 last May, closed last week at $59. And Jones & Laughlin dropped so much that Ling's $425 million investment was, for the moment at least, worth only $290 million...