Word: pennroad
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...months ago, at the Inter-American Investment Conference in New Orleans, Shipping Tycoon Rudolf Hecht suggested the formation of a U.S.-sponsored company to provide capital for Latin American companies by buying their securities. Last week Pennroad Corp., TIME Inc. (which publishes editions of some of its magazines in Latin America) and South American Gold & Platinum Co. announced that they are forming just such an investment company called the Interamerican Capital Corp. It will be the first big-risk capital corporation set up "for the primary purpose of making diversified, direct commitments" in Latin American business...
...company seeks ultimately to raise $10 million. Of the nominal organizing capital, Pennroad will pay in 40%, TIME 40%, and South American Gold, which will manage the company, 20%. Interamerican Capital will buy stocks, convertible bonds and other securities of promising South American and Caribbean area enterprises, new or old. Despite political risks, the opportunities look promising. Latin America's industrial growth rate in the past 15 years has almost paralleled that of the U.S.; some countries, e.g., Brazil, Colombia, Venezuela, have even topped the U.S. rate...
...Manhattan's PENNROAD CORP. which has joined with other investors to raid and reorganize sick companies. In 1952 Pennroad with Harris Upham and others secretly started buying stock in South America Gold & Platinum Co., which had a cash kitty of $4,000,000 (about 50% of its net worth), two years later had enough stock to oust the management. Last year Pennroad used South American's kitty to buy another gold company with $6,000,000 more in the till, then merged the two, diversified into cement and pipelines. As a result, South American's profits...
...showdown came last week at a conference in Havana. TWA and Pennroad bought out Yerex's contract as TACA president for about $100,000, half what he would have received in the eight years the contract still had to run. In return, Yerex agreed not to operate airlines in TACA's Latin American bailiwick for two years. He kept some $3,500,000 in TACA stock and a seat on the board of directors...
...first move against Yerex was the election of Pennroad President Benjamin Franklin Pepper as chairman of TACA's board. Then in came ex-Brigadier General Tom ("There will be no weather") Hardin as executive vice president (TIME, Nov. 12). Out went Yerex's longtime personal assistant and fellow New Zealander, Edward W. Scott...