Word: ltv
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...Pilot at LTV...
...permitted to remain as president. Now, after unsuccessfully maneuvering to regain power, Ling has agreed to step down to vice chairman, and he admits "I am no longer to be an active participant in the management of the company." Ling still owns $6,000,000 worth of LTV stock, but all of it is pledged to banks against loans. His $2.5 million house, a smaller Versailles set in Dallas, is reportedly for sale...
...LTV board itself was pruned from 20 to 14 directors, and each of those remaining has or represents a direct investment in the company. For example, E. Grant Fitts, the president of Gulf Life Holding Co., is accountable to his stockholders for LTV securities that once had a value of some $34 million but are now worth only about $8.8 million. The word around headquarters last week was that Braniff Airways President Harding Lawrence, husband of Adwoman Mary Wells Lawrence, will be a powerful figure on the new LTV board...
Balky Judge. LTV must repay $55 million in interest to its banks next January and an equal amount next July; a primary problem of the new board is meeting those installments. Last week LTV announced that it expected to prepay up to $47 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...
Ultimately, LTV may not survive; the possibility of its demise is openly discussed in Wall Street and Dallas. The low price of LTV's debentures indicates that many investors do not expect them to be paid off. If the 14th largest industrial company in the U.S. should go under, the real danger would be in the psychological shock on other conglomerates−as well as on the demoralized stock market and the nation's queasy economy...