Word: ltv
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...What type of enterprise do Chrysler Corp., CNA Financial, Fibreboard, Walt Disney Productions, International Paper, LTV Aerospace and Signal Oil all have in common...
...other paper assets. Unlike most mutual funds, Gramco's USIF invested not in securities but in solid U.S. real estate. Colorful brochures showed some of the 214 properties that prospective investors would be able to buy into through the fund. Among Gramco's holdings: the 32-story LTV Tower in Dallas, the Northeast Airlines Building in Miami, an industrial park in Phoenix and apartment complexes and shopping centers in 17 states. The fund valued its holdings at $758 million, but that figure included large mortgage loans...
Making Waves in Acapulco. Troy V. Post, the Dallas insurance millionaire and longtime patron of Ling's, also resigned as vice chairman and chairman of the executive committee in order to devote more time to his investments. Besides his LTV holdings. Post is worried about an Acapulco resort project, which Cornfeld's I.O.S. reportedly backed out of financing...
...chief executive, also quit. Stewart had plainly been an interim choice though it was not anticipated he would step down so soon. His departure was hastened when the board of the First National Bank in Dallas, of which he is chairman, became nervous that his association with troubled LTV could damage the bank. During his short tenure, Stewart managed to repay $35 million of LTV's $110 million short-term debt and renew all of its subsidiaries' lines of bank credit. To accomplish that, he had to assure LTV's bankers that Ling was no longer...
Sick Subsidiary. The leadership of LTV has passed from financial entrepreneurs to a shirt-sleeved production man. Paul Thayer, 50, was named president, chairman and chief executive. A chain-smoking former chief test pilot for Chance Vought Corp. who came along when that company was acquired by Ling in 1961, Thayer helped design LTV's A-7A attack plane. He became president of LTV Aerospace in 1965. Under Thayer, sales climbed from $195 million to last year's $714 million; more important, profits increased from $3.6 million to $28.7 million. Zealously profit conscious, Thayer recently has been firing...