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...principal problem is the fact that the product we sell has not done very well. We are selling stock at precisely where it was 13 years ago." Some investment professionals are even knocking their own principal product. Says Walter Burns, of the institutional investment advisory firm of Lynch, Jones and Ryan: "There is no longer any haven for institutional investors in common stocks. We are telling our clients to invest all their funds in bonds...
Because cash-rich companies such as IBM, Teledyne and United Technologies are either buying their own stock or making daring acquisitions, the Kennecott strategy seems uninspired to many analysts. Says one, Charles Bradford of Merrill Lynch, Pierce Fenner & Smith: "The only reason to buy that stock is because it's a takeover candidate." With the company's stock priced at about $30 a share on the New York Stock Exchange, Kennecott's market valuation is $996 million-far below its book value. At that $30 price, a buyer of the company could acquire assets worth...
...finally won the twelve-year TWA antitrust suit for Hughes and became a major power within Summa. At stake is what remains of Hughes' fortune, estimated to have been as high as $1.8 billion in the late 1960s (excluding Hughes Aircraft Co.) but now assessed by Merrill Lynch, Pierce, Fenner & Smith at no more than $168 million. If no will is found, Lummis, who is the court-appointed temporary co-administrator of Hughes' estate, hopes to divide up that estate in an amicable settlement among the 22 heirs. He buttressed his position last week among the heirs...
...estimated $28 million-on Hughes' estate tax, which falls due next January. He suggested a number of possible economies (like disposing of Hughes' 13-plane fleet of unused executive jets) and the sell-off of several divisions (prime candidate: a helicopter company). Lummis also hired Merrill Lynch to evaluate the market worth of the company; it came up with the shockingly low figure of $168 million. Critics charge that some assets were understated. Hughes' Silver Slipper casino, for which he paid $4.5 million, was valued at only $1. That appears to be a case of ultraconservative accounting...
Despite the press estimates of Hughes' wealth, the exact amount is a matter of considerable confusion. Lawyers for the estate filed appraisals in Houston and Las Vegas courts last March declaring it to be worth only $ 169 million. They included an evaluation by Merrill Lynch Pierce Fenner & Smith stating that Hughes' two main holdings, the Summa Corp. and the Hughes Television Network, were worth $110.8 million. Of the total, they said, $87 million should be set aside to cover costs of lawsuits pending against Hughes interests...