Word: millions
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Dates: during 1960-1969
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...Hardin's If I Were a Carpenter was a big hit for Bobby Darin, while Hardin's own recording was ignored. Few people paid any attention to Laura Nyro's version of Stoned Soul Picnic, but the song sold a million for The 5th Dimension...
...James J. Ling, Dallas-based LTV has grown since 1957 from a $4,000,000-a-year contracting company into the nation's 14th largest corporation, with sales last year of $2.8 billion. And its takeover last summer of Pittsburgh's J. & L.-whose sales of $900 million make it the nation's sixth largest steel producer -was the biggest conglomerate merger in history. J. & L. stock was selling for about $50 before the merger; Ling paid $85 a share, or $425 million, for a 63% holding. It is quite likely that he not only overpaid...
Still, Ling is in trouble, and the Government's attempt to cut him down to size will only add to his problems. LTV has such heavy debts that the company faces difficulty in meeting the interest payments-about $45 million this year-out of current income. Partly as a result of the high payments, earnings are down. Excluding such special items as the sale of the LTV Tower in Dallas, profits in 1968 were off 18%, to $28 million; in the year's fourth quarter, they plunged 58%. In order to finance the takeover of J. & L., Ling...
...holdings in J. & L. from 63% to 81%. Under federal law, ownership of at least 80% is necessary before dividends can be freely transferred from one company to another on a tax-free basis. If LTV owned enough J. & L. stock, it would be able to collect about $20 million in dividends-a windfall that would help Ling pay his interest and retire some short-term debt. Thus Ling made a tender offer that expires this week. In exchange for more J. & L. stock, he will give a complicated package of LTV securities, including debentures and warrants. Last week...
With a court test ahead that could drag on for two years or more, LTV stock became increasingly unpopular. LTV common, which hit a high of $135 last May, closed last week at $59. And Jones & Laughlin dropped so much that Ling's $425 million investment was, for the moment at least, worth only $290 million...