Word: murchison
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Dates: during 1960-1969
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...Said he: "I've had experience in road construction and furniture manufacturing, and there's a lot in common between those two and oil. They all use heavy machinery." That seemed to satisfy investors anxious to get in with a possible challenger to oil-rich Clint Murchison. Williams soon collected more than $800,000 from some 100 to 300 investors, much of it from "people my daddy knew...
...badly ailing Capital Airlines last week there was a management shake-up that may well be the first in a series of steps toward merger. Out as general counsel and chairman of Capital's executive committee went Charles Murchison, the line's biggest stockholder (80,532 shares), who had hoped to become boss. In as board chairman went Aviation Trouble-shooter Thomas D. Neelands Jr., 57, longtime member of Capital's board (1948-58) and Wall Street investment banker, who has won a reputation as the man to find the money to save an airline...
...system is a creature of CAB." And he went on to complain about Capital's unprofitable short-haul runs (average length: 255 miles), its inability to boost fares or to drop marginal stops. Added Capital's biggest stockholder and chairman of the executive committee, Washington Lawyer Charles Murchison: "We have in mind getting out of 19 cities, if CAB would approve...
...Outside of bankruptcy, one obvious possibility is merger with other airlines. Both Delta and Northwest could use sections of Capital's routes, but the big carriers are sitting it out until Capital clears up its lawsuit with Planemaker Vickers and settles its management troubles. Among other things, Stockholder Murchison has been trying to oust Capital's Chairman George Hann, 71, and take over for himself (TIME, April 25). At last week's meeting. Chairman Hann stepped down. Yet Murchison was apparently unable to convince the other members that he is the man to manage Capital. At week...
...York Journal-American Columnist Leslie Gould, whose wife is Althea O'Hanlon, assistant vice president of Capital and a close friend of Murchison's, charged that Murchison (no kin to the wealthy Texas Murchisons), armed with inside information, sold two-thirds of his shareholdings around the time when Capital stock was at a peak ($41.50) four years ago, later bought back his stock at substantially lower prices, quadrupling his former shareholdings. His law firm has been paid $588,500 in legal fees by Capital in the past six years...