Word: odlum
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...Said Odlum to himself: Since I cannot beat the ticker tape with the $37,000,000 I have in the market, why shouldn't I let it go to somebody who has a use for it? Why shouldn't I stick to the $25,000,000 of "special situation" money that I can handle profitably...
Wall Street's first reaction was: Odlum has moved again! Its second: Has he turned away from his old hunting grounds (bankrupt utilities, movie companies, stores), moved into the aircraft business -the field in which Wife No. 2 is interested. Friends of the Curtiss-Wright management offered to raise a pool to defend the company against Odlum's raid. Guy Vaughan, president of Curtiss, cooled them off. He told them the smartest thing he had ever done was to get his friend Floyd Odlum on the Curtiss-Wright board...
Curtiss Quandary. As Odlum's problem was to get rid of capital he couldn't use, the main Curtiss-Wright problem has been to get new capital. Like other U. S. aircraft companies, it has grown from small beginnings by ploughing earnings back into new plant capacity. Now its biggest problem is to fill $140,000,000 of new orders quickly and profitably, to find means of taking a great many more new orders which could be bagged by any company with the right product and idle capacity. For three reasons Curtiss-Wright has been unable to raise...
Last February the committee named Odlum returned from the desert with its mind made up. At a Curtiss-Wright meeting one day, Odlum asked whether the other 14 committees had a solution. They hadn't. He asked for a day, returned with a description of a hypothetical "X Corporation," told how a marriage with hail of "X Corporation" would solve Curtiss' problem. The directors agreed, but they did not tumble until Odlum spelled out the name of "X Corporation": ATLAS...
...Deal. As intricate as Floyd Odlum's shrewd mind was the deal that he worked out. It offered an inducement for each company and for every class of stockholder of each. To Curtiss-Wright it meant getting rid of its troublesome "A" stock-by exchanging each share of "A" for ¼ share of a new 5% $50 cumulative preferred plus 1.8 shares of common, or (if "A" stockholders prefer) for ½ share of new preferred and 1/5 of a share of common. To "A" stockholders it meant an assured dividend and preferred position in liquidation (neither of which they...