Word: murchisons
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When Texans Clint Murchison and Sid Richardson bought 800,000 shares of New York Central Railroad stock last March, it did not look as if they would hang on to it very long. The deal gave them the right to sell half of it back to Robert R. Young's Alleghany Corp. and to Young's crony and financial angel, Allan Kirby, at the same price they had paid: $25 a share. Last week they did sell a big chunk of the stock. Richardson sold 200,000 shares to Kirby, thus repaying the $5,000,000 that Kirby...
Then Alleghany turned around and made a new deal with the Texans to put its stock under joint ownership, along with their remaining 300,000 shares (for which Alleghany had lent them the money). Under the contract, Murchison and Richardson will get dividends and the profits from any sale of their 300,000 shares, though the voting rights will be exercised by Alleghany Corp. And the Texans will stand any losses on both their holdings and Alleghany's if they are sold at a loss...
Feeley, president of the Greak Lakes Dredge & Dock Co. of Chicago. The two absentees: Murchison and Richardson, who are already busy lining up a new deal (see below). with the personnel and the problems...
Texas Millionaires Clint Murchison and Sid Richardson, who parlayed their way from the oil business into the New York Central (see above), last week placed a bet at a different window. For some $1,200,000 they bought a 40% interest in California's Del Mar Race Track, and, said they, had "control." This time their goal was not profit, but charity...
...race-track purchase is the first step toward building up a pet Murchison project known as Boys, Inc. The organization would fight delinquency by constructing community recreation centers for boys throughout the nation. Wheeler-Dealer Murchison's idea is to support the organization by buying race tracks and putting them on a taxfree, charitable basis; he has already appealed to the Treasury Department for a favorable ruling. Said Murchison: "If I can, I'll buy every blamed track in the country and turn them all into nonprofit corporations to supply funds for Boys...