Word: penn
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Dates: during 1950-1959
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...Leopold Silberstein ran up the white flag. He seemed to have little choice, even though he claimed to have bought enough stock (50.4%) to control the company. The trouble was that he had overextended himself to do so. He had tied up nearly 30% of the assets of his Penn-Texas Corp. in Fairbanks, Morse stock, and still owed $12 million, much of it payable in the next few months. So Fairbanks, Morse President Robert H. Morse Jr. played a delaying game. He won a court injunction barring Silberstein from voting his stock on the ground that the purchases through...
Even more important, Penn-Texas must give up its Fairbanks stock control, and must agree to drop the proxy fight. It will sell 300,000 of its 692,000 Fairbanks shares to Fairbanks, Morse at $50 a share v. the $56 market price, a sharp cut below the $69 that Silberstein paid for some of the shares during his 15-month buying spree. To finance the purchase, which reduces Fairbanks, Morse outstanding shares to 1,072,000, the company will issue $15 million in convertible debentures, underwritten by Board Member Casey's investment banking house...
...sale of the stock Penn-Texas lost heavily, but the fight had also been costly to Fairbanks, Morse. When the battle started, its stock was selling for only about $40. Thus, it was buying Penn-Texas stock at an inflated price caused chiefly by Leopold Silberstein's buying during the proxy fight...
Having bowed to Morse in his own company, Silberstein also faced trouble from him in Penn-Texas, where Morse had financed a stockholders' protective committee. At the annual meeting last week in tiny Cresson, Pa. (pop. 2,569), four days before the peace pact was signed, the Penn-Texas stockholders sharply questioned Silberstein's tactics in the Morse fight. They cited the protective committee's report that Penn-Texas stock had dropped from $19.62 to $11.25, that cash dividends dropped from $1.30 in 1955 to 35? in 1956, with none in sight...
Dick Fisher, who was late for the Penn game because of generals, is scheduled to start for Stahura, with Matt Botsford likely to shift from right field into center. John Getch will be in left field...