Word: pattersons
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Dates: during 1960-1969
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Under the terms hammered out by United Air Lines President William A. ("Pat") Patterson with Capital Chairman Thomas D. Neelands Jr., Capital stockholders will receive one share of United common stock for every seven shares of Capital common, plus an option to purchase an additional i^ shares of United common at $40 per share within the next five years. All in all, since Capital seemed to be jet-propelled towards bankruptcy over its $33.8 million debt to Britain's Vickers-Armstrong Ltd. (TIME, April 25), the terms seemed generous. Said Pat Patterson: "I suppose we could have done better...
More to Munch On. What intrigued the aviation industry was why the nation's healthiest airline (United is one of the most efficient in the business) was willing to take over the sickest. Patterson inherits from Capital the two problems that brought it low: the debt to Vickers, and an inefficient route structure. Patter son intends to clear up both problems. He has already got Vickers' agreement to take back 15 turboprop Viscounts bought on credit by Capital, and to accept United common stock as full payment on Capital's debt. Vickers may lose as much...
...Patterson and Neelands-a former Capital board member who returned to duty last May only to shore up the failing line and make it attractive enough to invite a buyer-have already put their plans before the CAB. Stockholders in both companies, and the CAB itself, must approve the merger before it can go into effect. The CAB is partly to blame for Capital's troubles for allowing it to overextend itself. Hitherto, the CAB has followed a resolute policy of encouraging competition, discouraging mergers. If it reverses its position and okays the United-Capital plan-as most industry...
...going to come up with something new in the way of digs! I think Richard will get the nomination, but the election-It's going to be very, very tough." . . . So great is the affection of Manager Cus D'Amato for his fighter, World Heavyweight Champion Floyd Patterson, that D'Amato outdid his customary generosity in giving Patterson a little something befitting the man's rank. At a testimonial banquet in Manhattan, Boxer Patterson, who regained his title in June from Sweden's Ingemar Johansson and plans to defend it in Los Angeles...
Born. To Floyd Patterson, 25, world heavyweight champion, and Sandra Hicks Patterson, 22, his second wife: their third child, first son; in Rockville Centre...