Word: option
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Dates: during 1950-1959
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...entire $20 million needed to buy 800,000 shares of Central stock from the Chesapeake & Ohio Railway, which until February was controlled by Young. They got more than half the money from Young's own Alleghany Corp. and his business associate, Allan Kirby. With it, they got an option to sell 50% of the stock back to Alleghany at the $25 price they paid (current market value: about...
...commissions henceforth would go to 1) engineering students, 2) those cadets qualified and willing to undergo flight training and three years' active duty. (Many cadets were reluctant to fly.) Result: nearly 5,000 of this year's 13,000 graduates will get no commissions, instead have the option of enlisting in the Air Force for two years or waiting for the draft...
Murchison said that he and Richardson had borrowed a total of $10 million from Alleghany with the option of paying off the loan with 400,000 of their 800,000 shares valued at $25 a share, the loan to be "secured by our own general credit." The rest of the $20 million, said Murchison, came from a $2,500,000 personal loan and a $7,500,000 loan, secured by the 800,000 shares, from an Ohio bank...
...that the ICC has not officially recognized that Alleghany has divorced itself from the C. & O. But the net result of the deal was that Millionaires Murchison and Richardson are now in a position to make millions without taking a penny out of their own pockets. With the option of selling back the stock in six months at $25 a share (the price they paid for it), they cannot lose if it goes down, will get the profits if it goes up. Thus, Alleghany takes all the risk and none of the profits, unless the two shrewd Texans voluntarily...
...year contract with NBC, will star in his own show; Liebman is working on the format of a new Show of Shows with a new cast; and Imogene thinks she will have a show of her own, too ("But NBC hasn't yet picked up my option...