Word: odium
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...biggest cash deal in Hollywood history was closed last week exactly as prescribed by the script. Howard Hughes gave an $8,825,690 check to Atlas Corp.'s Floyd Odium for its 929,020 shares of stock (24%)-and control-of Radio-Keith-Orpheum Corp. (TIME, May 10). (Atlas still kept an interest in RKO by its ownership of warrants to buy some 300,000 shares of stock.) Despite ample warnings of the change, RKO's staff got so jittery over their new boss that RKO President Nathaniel Peter Rathvon had to pour out soothing syrup: "Mr. Hughes...
...protest against the refusal of the Board of Trustees to allow the Liberal Club to have its own magazine," the editors said. "If progressive students, in defense of their rights, must resort to a strategem," a preface to the magazine states, "let those who occasioned it suffer the odium...
...whim of any tenant." Indignant letters poured in to the Washington papers; cartoonists lampooned the plan. Crumped the New York Herald Tribune: " 'Back-porch Harry' is scarcely an appellation that a man would like to carry into a presidential campaign, even if he were impervious to the odium of violating good taste, propriety and historical feeling...
Howard Hughes climbed into his plane last week and flew down to San Diego, where Atlas Corp.'s Floyd Odium was inspecting Consolidated Vultee Aircraft Corp., one of Atlas' properties. Hughes was interested in another Atlas Corp. property: RKO. Since the dark days of 1935 when RKO and its chain of theaters were deep in the red, Atlas had gradually bought up 929,020 RKO shares, a controlling (24%) interest. Atlas Corp.'s management, and the war, had put RKO healthily into the black. Now Odium wanted to get out and take his profit...
...hour Hughes dickered with Odium about buying Atlas' RKO holdings. The best guess about the price: around $8,000,000. Then Hughes flew back to his Beverly Hills home to make up his mind. To the press Odium complained: "Under today's almost panicky conditions in Hollywood (TIME, Jan. 19) [no one] has the combined money and nerve to meet the faith of Atlas Corp. in the industry...