Word: penns
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Dates: during 1950-1959
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Leopold D. (for Dias) Silberstein, 51, likes to call himself a "professor of sick companies." In the past eight years, he has acquired more than a dozen companies, some sick, some healthy, and built up a thriving empire called Penn-Texas Corp. (TIME, July 25). Last week Professor Silberstein took over a stretcher case: Colt's Manufacturing...
...group and others. Colt's tried to diversify, but was unable to recover and looked around for merger possibilities. Colt's directors approached Silberstein, and he offered $7,200,000 for the company (through an exchange of Colt's stock for shares in Silberstein's Penn-Texas). By the deal, Silberstein gets a cash reserve of more than...
Silberstein decided that venerable Pennsylvania Coal & Coke Co. was about the sickest company in one of the sickest U.S. industries. In a year he had 75,000 shares (of 148,000 outstanding) and won control. With Pennsylvania Coal (later rechristened Penn-Texas) as a base, Silberstein started buying oil and gas properties, a warehouse terminal, Crescent Co. (wire and cable), and Quick...
...Ladder. Next on Silberstein's list in 1953 was Industrial Brownhoist Corp., a Michigan industrial-machinery maker which had more than $1,000,000 in cash reserves. The following year, Silberstein used Penn-Texas capital to buy up 51% of the stock in Connecticut's Niles-Bement-Pond, a machine-tool mak er with plenty of cash in the till. After a bitter proxy fight, Silberstein won control, made the company a Penn-Texas subsidiary. Last week he changed the name of the company to Pratt & Whit ney Co., the name of a company it had once absorbed...
...with three hydroelectric power plants, one lignite plant, and 4,300 miles of transmission lines, was turned over to the Greek government by Manhattan's Ebasco Services, which had designed and built the system. Said Ebasco's Harvey Breckenridge, onetime vice president of Pittsburgh's West Penn Power Co.. who supervised construction: "It's the first time in history that a nation has had a power system in such a short time...