Word: ponts
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Dates: during 1950-1959
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...fast rubbing off. Due to die by fall are Studio One, Climax!, Kraft Theater and Matinee Theater. There was one particularly noisy survivor-a stubby, pugnacious man named David Susskind, 37. Producer Susskind has 25 live drama spectaculars lined up for next season, including seven for Du Pont, seven for Rexall, two for Sheaffer Pen. This is nearly twice as many as any other packager; and, with his bi-weekly Armstrong Circle Theater, Susskind next year may well be producing a good third of the major live-drama output of the entire industry...
Before the U.S. District Court in Chicago last week, Du Pont answered the Government's proposed plan to eliminate Du Font's control of General Motors. Du-Pont flatly said that it would fight the Government's proposal requiring it to distribute two-thirds of its 63 million G.M. shares to its stockholders over a period of ten years, sell the remaining one-third on the open market (TIME, Nov. 4). Said Du Pont: "A harsh, unreasonable and wholly unnecessary penalty...
Instead, the company offered to hand over all voting rights on Du Pont-held G.M. stock to its 185,000 stockholders on a pro rata basis. The family-controlled Christiana Securities Co. and Delaware Realty & Investment Co., which together own 29% of Du Pont, would do the same for their 4,000 stockholders. Du Pont would also promise not to buy any more G.M. shares, and would have no directors on G.M.'s board without specific court approval. "What would remain," said Du Pont, "would be an investment...
...reason for Du Font's turndown of the Government plan was an Internal Revenue Service ruling that would cost Du Pont stockholders millions. IRS ruled that the G.M. stock, if distributed, would be taxable at ordinary income rates when received. If the stock was sold, any profit would be taxed again either as straight income or capital gains. For individual Du Pont stockholders, said President Crawford Greenewalt, income taxes alone would come to an estimated $580 million, plus another $100 million for corporations owning the stock. Moreover, so many shares would be dumped on the market that the market...
...distribution in the same tax-free manner as it treated dispersal of stock by companies broken up by the Utilities Holding Company Act. The difference apparently is due to the Government's view that the utilities were operating legally prior to the law's passage, whereas Du Pont was found guilty of violating the 44-year-old Clayton Antitrust Act. The man who will decide what Du Pont must do is Chicago's Federal Judge Walter J. LaBuy, whose original ruling in favor of Du Pont three years ago was reversed by the U.S. Supreme Court. Last...