Word: murchison
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Only half-jokingly, Clint Murchison once laid down a maxim that "a man is worth twice what he owes...
...merger of the Norfolk & Western (of which it owns 32.7%) and the Nickel Plate; 2) after a titanic proxy fight, control of Alleghany Corp.-the holding company that controls the Central-passed from Robert Young's associate, Financier Allan P. Kirby to the Texas brothers, Clint and John Murchison, and Perlman found himself working for new bosses who insisted that the solution to the problems of the Eastern railroads lay in merger. Reopening negotiations, the two lines called in a trio of prestigious investment banking houses-Morgan, Stanley & Co., the First Boston Corp. and Glore, Forgan & Co.-which spent...
Last May when Texans John and Clint Murchison Jr. (TIME cover, June 16) ousted Wall Street Millionaire Allan Kirby from control of Alleghany Corp., Kirby growled ominously: "The Murchison boys are way out on a limb." Last week Kirby. who still holds the biggest single block (33⅓%) of Alleghany'sl common stock, reached for his saw. In a letter to the SEC, Kirby protested the Murchisons' proposal to split and reclassify the stock of Minneapolis' Investors Diversified Services, a $4 billion mutual fund complex currently controlled by Alleghany. Kirby clearly feared that if the Murchisons were...
...turning point for Perlman and the Central apparently came when John and Clint Murchison (TIME cover, June 16) took over Alleghany Corp., which controls the Central. As late as last September 20 Perlman was still proudly refusing Pennsy offers to share a roadbed with the Central. But between the mounting financial difficulties and the persuasion of John Murchison, a strong believer that mergers offer the Eastern railroads their best hope of profitability, Perlman finally had little choice but to accede to a shotgun marriage. At a casual glance, the proposed wedding might look like a pooling of weaknesses; the Central...
...rather heartsick to see the same old TIME drums beat reverently for the same old tycoons who are agile enough to outwit other tycoons. What difference does it make to us in a world where we wish to save our children from bombs and anarchy whether or not the Murchison types have more or less money? Can all the Murchisons together equal one Jonas Salk, for instance...