Word: odlum
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Dates: during 1950-1959
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Atlas Corp.'s Floyd Odlum was in Buenos Aires for the second time. On his first trip, in June, he had proposed only to produce crude oil at Neuquen, 600 miles southwest of Buenos Aires and to build a pipeline to get it out (TIME, June 14). Peron approved, but nationalistic politicians and army officers raised the old cry of foreign exploitation. Odium countered by dressing up his deal with a plan that combines the oil project, an investment company that would put the blocked pesos of U.S. companies to work and-most glitteringly-atomic energy. Under this proposal...
...FLOYD ODLUM, who just completed an oil deal with the Argentine government of Juan Peron, is now discussing the formation of a new holding and investment company, Atlas Corp., Argentina, to push Argentine industrial development. U.S. companies' pesos frozen in Argentina would be used as operating capital at the start, and the stock would be listed on the New York Stock Exchange so that U.S. investors could buy in later...
...Floyd Odlum likes to keep plenty of cash in Atlas Corp., his big investment trust, to be able to step quickly into "special situations." Last week Atlas got into some very special situations in widely scattered parts of the world. In Albuquerque, the finishing touches were being put on a deal to put Atlas solidly into a new field-uranium mining-by taking over the Lisbon Uranium Co. (TIME. May 3). In Buenos Aires, Odlum emerged from a two-hour conference with President Juan Perón to announce that "an agreement in principle" had been reached...
Strongman Perón, who has an ambitious five-year industrialization plan, was avid for the Odlum deal. The government oil monopoly has increased oil output only slowly, while consumption by the thirsty new industries has shot up fast. Imports rose from 10,693,000 bbls. in 1948 to 18,241,000 in the first ten months of 1953, draining off nearly $200 million a year in hard-to-get dollars and sterling. Argentina has enough oil underground for its own needs, but lacks the equipment, skilled workers and capital...
...Promising Claims. While Odlum was negotiating with Perón, Atlas representatives were putting through a deal with stockholders of Lisbon Uranium by which three companies linked with Atlas (Wasatch Corp., San Diego Corp. and Air-fleets, Inc.) took over control of Lisbon. In exchange for 2,800,000 shares of stock (out of 4,150,000 outstanding), the Odlum interests turned over to Lisbon 15 promising uranium claims in southeast Utah and cash for diamond-drilling with a total value of $930,000. The claims are all near the rich mine started by Charlie Steen (TIME...