Word: profiteered
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Dates: during 1950-1959
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Bargain Hunter. In the last seven years Ditisheim, backed by a syndicate, made raids on three other "undervalued" companies-companies whose stock was selling far below book value and where there was a chance to take over and pick up a quiet profit. The raids were only half successful: Ditisheim did not get the companies, but he and his friends picked up a nice piece of change...
...Buying 100,000 shares (about 3%), Ditisheim proposed a complete reorganization. But when the company refused to go along, Ditisheim was squeezed out. However, White stock moved up in the general market boom, hit $48 a share last year. Gradually selling their holdings, Ditisheim & Co. wound up with a profit in the millions...
...stock outstanding), Ditisheim and the same group of backers again tried to reorganize, but failed when Executive Committee Chairman Albert Wiggin, who backed their bid, died in mid-deal. Selling their stock at an average $40 a share, the Ditisheim group still counted a $2,000,000 profit...
...Board & Carton Corp., whose stock had been limping along at around $9 a share (book value: $24). He joined a group that bought 130,000 shares (54%) and actually had control, but once again he sold out his share of the stock (13,000 shares), for a $155,000 profit. This time Ditisheim's reason was to build up cash to move into Butler Bros., which was then selling around $11 a share but had a book value...
...week. It was so desperate that it offered a group headed by Lawyers Arthur Krim and Robert Benjamin half the company's stock, valued at $5,400,000 and full control for ten years at the nominal cost of $8,000, if the group could show a profit in any of the next three years. Within months United Artists was in the black-and that year grossed $18 million...