Word: odlum
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...whom this low seemed inviting was Floyd B. Odlum. In 1935 he had his investment trust, Atlas Corp., put around $4,000,000 into U. P. & L. debentures, the next year sold the English assets over Clarke's opposition, won for Atlas a sweet paper profit, bought more bonds. In January 1937 U. P. & L. went into the courts under 77B, Clarke's and Hopson's common stock lost control, ended by being wiped out. Odlum, who went on buying, finally held 64% of the bonds outstanding (cost to Atlas: $18,000,000), was in the driver...
...Odlum's liquidation program gave them a chance. Year ago he sold a small U. P. & L. property in Newport, R. I. It was the first time a holding company had ever sold 100% control of an operating company back to the public. But less than $2,000,000 was involved, none of it new money. During the past year, Odlum prepared to repeat the experiment: this time with the bigtime U. P. & L. property in Indianapolis...
...common (year-end net asset value: $12.80), it means trading $5 per share of their asset value for 65/100 share of Curtiss-Wright Common having a market value of over $6.75 ($10.50 a full share), and the remaining $7.80 per share of their asset value for one share of Odlum's special situations company. To Atlas' 1,951,073 perpetual option warrants (good to buy Atlas common if it ever rises from its present $9.50 to $25 a share), it offers a five-year warrant to buy a share of Curtiss-Wright common on a rising scale from...
...Odlum, Atlas' largest holder (roughly 200,000 shares of common, 200,000 warrants), a boom in Curtiss-Wright stock to these levels would be bonanza. To him also it means that his new $25,000,000 investment company will have only common stock, no preferred dividends to worry about in his speculative business. And it means that his clean capital structure may attract new speculative money, if he ever wants it. Even with its reduced capital Odlum's new Atlas, no longer an investment trust, now a new-fangled investment finance company, will tower over Wall Street...
Next step will be to put Odlum's blueprint to a vote. On his part Odlum intends to let Atlas preferred stockholders vote on the deal in a separate election instead of with the common as the Delaware law allows, so that they .will have an opportunity to reject it without having their votes outnumbered by those of the common...