Word: odium
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Lesson for Pan Am. Actually, the rise in stocks, notably those of the airlines & aircraft builders, caught many an expert flatfooted. For example, when Pan American Airways Corp. planned new stock issues last December, it thought it safer and cheaper to make a deal with Floyd Odium's Atlas Corp. to buy any unsold stock, up to $25,000.000. For its financing, Atlas received an option on 500,000 shares of Pan Am at $18 (TIME, Dec. 18). Last week, Pan Am canceled the deal. Reason: Pan Am's stock was up to 28, higher than even...
...undertook the main problem in Rumania. We undertook the main problem in Greece. . . . The British Government cannot abandon its position in the Mediterranean." Disregarding 20 trade-union resolutions denouncing Churchill outright, the conference passed a new one backing the Prime Minister but neatly shifting from Labor shoulders any public odium the Government might incur...
...issue more of Pan Am's common stock to raise the money. But he did not want to pay the underwriter's fee for selling the stock, roughly $1,000,000 on a $25,000,000 issue. So he sat down with his old friend, Floyd B. Odium, boss of risk-taking Atlas Corp., who has long hankered to invest more of his corporation's idle cash in airlines. They worked out an unorthodox deal by which 1) Trippe will get his $25,000,000; 2) Odium will get his chance to invest-but no underwriter...
...part, Odium will underwrite the sale of $25,000,000 worth of the new stock-i.e., Atlas will buy any stock, up to this sum, which Pan Am's stockholders do not. In return, Atlas gets an option at $18 on 500,000 shares, hopes the market price of Pan Am stock will rise before the end of December 1947. But Trippe, jealous of his tight control of Pan Am, has shrewdly specified that Atlas can hold permanently only 200,000 shares, must resell the rest. In all. Pan Am expects to need $100,000,000. But Trippe...
Hortense McQuarrie Odium, able board chairman and ex-president of Manhattan's swank women's specialty store, Bonwit Teller, ex-wife of Financier Floyd Odium, resigned her chairmanship. Mrs. Odium (who sent sales up from $3,500,000 to $10,000,000 while president) said: "I am not a business woman...