Word: milligans
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...Hughes stunned everybody by cashing in his chips-all 6,584,937 shares of TWA, for $546 million, six times his original $90 million investment. Still, Tillinghast has insisted that the suit against Hughes remain alive. "It's a corporate asset," says TWA's General Counsel Melvin Milligan...
...Angeles, grannies have become de rigueur for dates and general after-school wear. "They are a good change from Capris and a top for parties," says 20-year-old Gail Eckles. "They make you feel so dressed up," added 14-year-old Cathy Milligan, who owns three of them. "It's a study in contrast," explained one designer. "The kids go from the wild, wild short dresses to the neat little granny." Another observer has a better theory: "The kids want it because it is something mother won't copy...
While building production, Milligan has been reducing costs. He has chopped Pure's marketing staff by 37%, shuttered or sold 1,800 unprofitable gas stations (leaving 16,300), and concentrated on selling such higher-profit products as premium gasoline and jet fuel...
Clever Plan. Now Milligan and his board are being asked to recommend that Pure's shareholders sell out. What the Loeb-Consolidation-Allied group hopes to bring off is a deal that is complex but fairly common in high finance. First, the group would buy Pure's assets for $700 million, using those same assets as collateral for loans to finance the transaction. Pure then would take the $700 million, use $90 million to pay off its funded debt, and distribute the rest to holders of its 10 million shares on a $60-per-share basis. Result...
Whether this clever deal will come off depends on the answers to three questions: Will stockholders bite? Will Milligan fight? If he does, how successful will he be? Waiting for the outcome, the bidders are bullish. "You know what they say about the oil business," grinned Joseph Oliver, a Consolidation vice president. "When it's good, it's great; and when it's lousy, it's still pretty darned good...