Word: murchison
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...court settlement, Young agreed to pay Alleghany the $700,000, will also guarantee it against loss in Young's deal with Oilmen Clint Murchison and Sid Richardson to buy 600,000 shares of New York Central stock with Alleghany funds...
...rash of proxy battles. The Senate subcommittee, headed by Wall Street Alumnus Herbert H. Lehman, wanted Bob Young to explain just how he had managed to win control of the $2 billion New York Central last year, and especially how he made his big deal whereby Texas Oilmen Clint Murchison and Sid Richardson cast a whopping 800,000 votes in his favor...
Whose Money? Almost from the first question, the sparks started flying. Democrat Lehman began by asking how Murchison and Richardson had bought the 800,000 shares of Central stock, then selling at around 25. Gloated Young: "It was one of the cleverest deals I have ever made in my financial history." Replied Lehman: "I am not looking for clever deals, Mr. Young." How, Lehman wanted to know, was the purchase financed? How much of their own money did they put up? The Texans borrowed the money, said Young. His Alleghany Corp. had lent $7,500,000; Alleghany's President...
With that, Bob Young lost his temper. Red-faced and angry, his silver hair ruffled, he roared: "How does the U.S. Treasury finance its transactions? It's all done on credit, but their credit is good-and it isn't any better than the credit of Murchison and Richardson." Under the deal, said Young, the two Texans agreed to pay Alleghany 4½% interest on their borrowed funds...
TEXAS' CLINT MURCHISON is taking over control of Investors Diversified Services, Inc., the $1.5 billion savings plan and investment trust that Railroader Robert R. Young snapped up in 1949 for $2,000,000. Young's Allegheny Corp. has agreed to give Murchison 230,000 shares of I.D.S. voting common stock in return for $7,687,500 cash, and 130,000 nonvoting shares that Murchison holds. If the SEC approves, Murchison will have 367,500 voting shares, or about 64% control, while Young will still have 170,195 shares...