Word: odium
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...case was Floyd Odium's Ogden Corp., successor to Harley Clarke's bankrupt Utilities Power & Light system, which Odium has been splitting into its component operating properties since 1935. Biggest U. P. & L. property, Indianapolis Power & Light, was sold to the public three months ago (TIME, April 15). Ogden Corp. holds the U. P. & L. leftovers. Odium wanted to do something for Ogden's common stock, of which his Atlas Corp. owns 76%. He figured he could save around $110,000 a year by substituting a 2½% bank loan for Ogden's 5% preferred. Atlas...
...making an exception of Ogden: 1) Ogden admittedly exists for the purpose of liquidation; the new bank loan is therefore not long-term debt but a convenience yielding economies; 2) the proposed loan will be covered over three times by collateral of $14,914,024. Reason not given: Odium, whose liquidation of U. P. & L. is carrying out the intent of Section 11, deserves SEC expediting...
...good for a student to work his way through college, points out as exemplars Ralph Waldo Emerson, Herbert Hoover, Nicholas Murray Butler, Paul V. McNutt, Dartmouth's President Ernest Martin Hopkins, U. S. Senator Claude Pepper, Minnesota's Governor Harold Stassen, Atlas Corp.'s Floyd B. Odium, Cinemactor Fredric March, Supreme Court Justice William O. Douglas, Pollster George Gallup. Self-supporting U. S. college students (about half of all undergraduates), he reports, earn $32,500,000 a year, get some $90,000,000 a year in scholarships or loans. Most of his book is devoted to tips...
Biggest merger news in aviation's his tory was Floyd Bostwick Odium's proposal two months ago to turn over $37,000,000 in capital (securities, cash) of his big Atlas Corp. for new stock in Curtiss-Wright Corp., owner of the No. 1 U. S. aircraft& -engine backlog (TIME, April 1). Announced by Mr. Odium with the approval of Curtiss-Wright's President Guy Warner Vaughan, this super-Burbank financial tree-grafting took Wall Street by surprise, filled at least one class of Curtiss-Wright stockholders with articulate alarm...
Protest came chiefly from Massachusetts Investors Trust, holder of 21,700 shares of the Class A stock which, under the Odium plan, would have been exchanged for common and new preferred. Giving nine reasons against the plan, M. I. T. persuaded the management that the stipulated two-thirds of the stockholders would never approve it. Last week, with still other stockholders joining the uproar, Floyd Odium issued a long announcement, Guy Vaughan a short one. Kernel of both: the deal...