Word: loew
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IIIicit Interlude sports ballet and bodies in a hold-over run at the Brattle; Boston censors unaccountably kept shears sheathed from Passionate Summer, at Loew's Center, the French-Italian tale of "A big stud-horse of a man" who runs up against three marish women and goats on an island...
Split Board. Vogel's avowed enemies are onetime TV Producer (Dragnet) Stanley Meyer and Joseph Tomlinson, a millionaire Canadian contractor and biggest (5%) individual Loew stockholder; both have long been dissatisfied with the operation of the company. Last year, with M-G-M showing a $3,000,000 loss on movie production, the threat of a proxy war was stemmed only by a deal that split Loew's board. At the February meeting Vogel was allowed to choose six directors, the Tomlinson-Meyer group another six, with a neutral member in New York Herald Tribune President and Editor...
Since then President Vogel has done his best to get Loew's back on the track. He planned to release 36 "worthy" pictures in 1957-58 v. only 18 in 1956, and made a succession of deals with Hollywood's independent producers to put M-G-M on a competitive par with its more alert rivals. But for Tomlinson and Meyer it was evidently a case of too little too late; Loew's estimates that its profits for the third quarter of fiscal 1957 will total exactly 1?. At a board meeting a fortnight ago, charged Vogel...
...With him went two other directors. General Dynamics' President Frank Pace Jr. and Manhattan Attorney George A. Brownell,* both of whom have voted with President Vogel. Appealing to his stockholders for help, embattled President Vogel warned that the dissidents planned to put Contractor Tomlinson in as Loew's chairman, with TV Man Meyer as president. He also charged, as a final shot, that the man behind it all was none other than longtime M-G-M Mogul Louis B. Mayer, the aging (72) lion trainer who retired six years ago, but whose cream-colored, leather-paneled office...
...Mayer, he denied everything. "Vogel?" he glowered. "I don't know what he's talking about." About the only interested parties who have said nothing publicly throughout the fight were Investment Bankers Lehman Bros, and Lazard Frères & Co.. who control about 20% of Loew's 5,336,777 shares outstanding. Their votes will probably decide any proxy fight...