Word: mops
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Worked out as a compromise between the claims of the senior bondholders and the loud squawks of the junior holders, the new MOP plan is a thorough rehash of the ICC plan issued three years ago. First & foremost it allows for the snappy rise in MOP earnings since 1938, would use cash to pay off more than $50,000,000 top-ranking bonds (the ICC plan would distribute $2,700,000 cash). This fat payoff permits the new plan to give a much better deal to junior security holders and at the same time stay within the framework erected...
Promoter of this deft plan is scrappy, flash-quick Robert Ralph Young (TIME, Dec. 28), whose rambling Alleghany Corp. owns 60% of MOP common and $11,000,000 in 5½% convertible bonds. Usually a rooter for rail debt reduction, Bob Young boiled over when he first saw the ICC plan: Alleghany's huge holdings in MOP common were tossed out entirely, its 5½% bonds were treated almost as badly. When he took another look he got madder still: the big insurance companies (holding the topflight bonds) would control the road...
First break for Bob Young came when MOP security holders voted on the ICC plan and more than one-third of them turned it down. Meanwhile Young proposed four MOP directors and saw them elected. Then he convinced potent Massachusetts Investors Trust and some of the smaller insurance companies that his plan was best. Lastly he got the unexpected help of the war boom. MOP's net available for dividends soared from a loss of $9,564,000 in 1940 to a record $30,600,000 in 1942. Meanwhile, the once-rickety road was put in tiptop condition, with...
Biggest criticism of Bob Young's plan is that too much reliance may have been placed on present high-tide war earnings. If MOP profits fall drastically in peacetime, the road may find itself in worse shape than if the ICC plan had been followed to the letter. But this week Wall Streeters figured the Young plan was going through-in heavy trading the junior bonds hit $80 each v. last year...
...other trainees demonstrated how to avoid and neutralize booby traps left by the enemy. Carefully they carried out a mop-up raid on "Führerville," which the engineers had contrived from old lumber. Two of them imitated weary soldiers trying to find a place to rest, did all of the incorrect things. One picked up a pair of gloves. An explosion followed. The same happened when they set foot on the doorstep, opened a door, shut a window...