Word: millions
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Dates: during 1960-1969
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Price Scare. The industry is understandably jubilant. At a time of year when they are often backing down, automen are happily revising earlier forecasts upward. Chrysler President Virgil Boyd, in one of the year's more conservative estimates, predicts that 9.3 million car sales are pretty much a certainty. That might very well push 1968 over 1965, when the total sales, including 575,000 imports, added up to a record 9,313,912 cars...
...Fund puts 70% of its revenue into income-producing U.S. real estate. Moreover, the fund sells its shares only outside the U.S. to non-U.S. citizens in order to avoid supervision by the Securities and Exchange Commission. Last week the fund's realty holdings passed the $100 million mark as it bought Ling-Temco-Vought's 32-story headquarters building in downtown Dallas for $16.5 million. L.T.V. will lease the space it already occupies, and the fund will add a landlord's profits to those already generated by 33 other properties in eleven states and Puerto...
...GRAMCO President and Founder Keith Barish, 25. Even before he left the University of Miami after his junior year in 1965, Barish had accumulated a small fortune with various enterprises, including a housing project in Mexico; he had also founded Manufacturer's National Bank of Hialeah (assets: $10 million) and become a director of Hamilton Life Insurance Co. Though his first love was politics ("I thought the greatest thing in the world would be to be a U.S. Congressman"), Barish decided to concentrate first on making money. He took aim at a hitherto overlooked market: foreign investors eager...
Enough Schenley stockholders accepted a tender offer to give Riklis' Glen Alden Corp. 88% control of the big distiller (1967 sales: $518 million). Fat with $323 million in working capital, Schenley was a tempting merger plum. As befits Riklis' guiding philosophy-described as the art of buying companies with their own money-Glen Alden is paying for Schenley mostly with promissory paper. For each H Schenley shares, worth about $85 in the stock market, Schenley stockholders get $13 in cash; they also get a $100 debenture that pays 6% annual interest until its 1988 maturity. Riklis can thus...
Whatever management changes may be ahead, the acquisition apparently ends the career of Schenley's eccentric founder and chairman, Lewis S. Rosenstiel, 76. Before making his tender offer for the balance of Schenley stock, Riklis persuaded Rosenstiel to sell his own 18% controlling interest for $75 million in cash. Riklis also personally bought Rosenstiel's six-story Manhattan town house for $350,000. "Mr. Rosenstiel," said Riklis last week, "has indicated his desire to retire...