Word: murchisons
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...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...
ANITA O'KEEFFE YOUNG, widow of Railroadman Robert R. Young, wants to sell her Alleghany Corp. stock to Texas Millionaire Clint W. Murchison for estimated $11 million. Sale of stock, crucial to control of Alleghany, is being temporarily blocked by suit filed by a Young relative. When and if deal is closed, Murchison is expected to ask for at least two seats on Allegheny's nine-man board, put new zip into the company...
...only to be blocked by one legal snarl after another. Recently, Chairman Kirby decided to break the impasse, at least as far as he was concerned, by offering a separate $1,100,000 settlement that would free him of all liability. At first he ran into strong objections from Murchison and also from Mrs. Young, who fired off a telegram that she was "shocked" at the offer. But Kirby argued that a settlement had to be made sooner or later; he also threatened to kill the deal unless everything could be settled before...