Word: ling
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...midst of financial crisis, top executives are often forced to walk the plank. Stuart T. Saunders was ousted as boss of Penn Central. Bernard Cornfeld was pushed out of his I.O.S. mutual-fund complex. The latest to go is James J. Ling, who built Ling-Temco-Vought into a conglomerate with sales last year of $3.75 billion...
...meet LTV's heavy interest charges on its $862 million debt, Ling was forced to sell off National Car Rental, Staco, Inc., Wilson Sporting Goods, Allied Radio and Whitehall Electronics, as well as most of the conglomerate's holdings in Computer Technology and some of its stock in Braniff Airways. Last week the cash squeeze got worse when Jones & Laughlin directors voted to omit the quarterly dividend−cutting off $4.2 million in income that LTV could have applied to its debts...
...Notches. That last setback only emphasized LTV's mounting difficulties. Early this year Troy V. Post, a Dallas insurance millionaire and longtime patron of Ling's, began agitating for a radical shake-up in the conglomerate. A collector of antique clocks as well as modern corporations, Post merged his holding company, Greatamerica Corp., with LTV in 1968. In return for their shares, Greatamerica stockholders got a package of LTV debentures and stock warrants; but each $1,000 debenture is now worth only $150. LTV's stock plunged from around $100 a share at the time...
Dallas Worries. Ling was not the only one to take a beating. Later in the meeting, a procession of vice presidents marched in, one by one, to share in the bitter medicine. Each announced how many people he had on his staff and how many he was going to fire. On the next day, 64 out of 160 headquarters staff members were dropped. LTV employs some 25,000 people in the Dallas area, and city fathers are frankly worried about the future of the company. In the last quarter of 1969, LTV Electrosystems laid off one-third...
...million of the debt "in the near future." The money will come from the sale of Wilson Sporting Goods, which was disposed of in February. Discussions have also been going on with several possible purchasers of Braniff Airways and Okonite Co., two sizable pieces of LTV that Ling agreed to sell in return for the Justice Department's withdrawal of its J & L antitrust suit. Those sales could be held up, however, by Federal Judge Louis Rosenberg, who will begin hearings next week in Pittsburgh to satisfy himself that the settlement will be in the public interest...