Word: raider
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From the day Raider Louis Wolfson became chief stockholder of American Motors, Wall Streeters wondered what he planned to do with the 420,000 shares (7%) owned by him and his family. Last week the SEC enlightened them. It discovered that Wolfson had sold all his A.M.C. stock while publicly proclaiming his great faith in the company. Then he and associates had sold short at least 150,000 shares, i.e., sold borrowed stock in the expectation of buying it back at lower prices. After that, charged the SEC, they had made "false and misleading statements," and put out "bogus information...
...Things. His fictional proxy fight leans heavily on recent headline-splashing struggles, notably the Louis Wolfson-Sewell Avery duel for Montgomery Ward. Author Brooks, 37, handles the mechanics of such a contest with authority and relish. He also poses a more serious psychological question: What makes a big company raider tick...
...just after World War II began, three cruisers of the Royal Navy (Ajax, Achilles, Exeter) sighted a dangerous German raider, the pocket battleship Admiral Graf Spee, off the coast of Uruguay, and attacked. They had their nerve. The German was one of the most formidable ships afloat-a fact soon demonstrated. In little more than an hour the Exeter was wallowing out of action. But the other two cruisers, harrying the enemy like sharks at a whale, managed to hit where it hurt. The German commander (Peter Finch) withdrew into the River Plate, and docked at Montevideo. Prodded...
...James) Russell Duncan, 40, vice president of Chicago's Consolidated Foundries & Mfg. Corp. since 1954, was elected president of Minneapolis-Moline, farm implement company founded in 1929, succeeding Henry S. Reddig, 50, who resigned. The move followed a shareholder revolt in which Raider J. Patrick Lannan (TIME, July 25, 1955) and two associates won places on Minneapolis-Moline's board of directors two months ago. Lannan's H. M. Byllesby & Co. bought into Minneapolis-Moline two years ago with Henry Reddig and his brother Edward when the company's prospects looked good and its stock...
From somewhere southeast of Greenland came the crackle of an urgent radio message: "Being fired on by Orange surface raider. Inchcliffe Castle." With that alert from a famed but fictitious merchant vessel,* simulated hell broke loose in the North Atlantic. Out to punish the "aggressors," a six-nation Blue fleet totaling nearly 160 fighting ships began steaming toward Norway. In the Iceland-Faeroes gap, 36 Orange submarines, including the atom-powered 'Nautilus, lay in wait. The U.S. destroyer Charles R. Ware was "sunk"; a "torpedo" slowed down the carrier U.S.S. Intrepid, and H.M.S. Ark Royal had a hot time...