Word: rko
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Dates: during 1950-1959
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With a $23.5 million check, Multimillionaire Howard Hughes last week rid himself of a pack of vociferously unhappy stockholders, and, for all practical purposes, became the nation's only sole owner of a major motion-picture studio. The check to RKO Pictures Corp. concluded Hughes's deal to buy all RKO assets. Two obstacles to the purchase were cleared as courts in Wilmington, Del. and Las Vegas, Nev. dismissed stockholders' suits to prevent the sale on the ground that the price was too low and the company was mismanaged...
...months ago would have brought only $2.87½) is turn his certificates in to the Irving Trust in New York. (Although Hughes's check was for $23,489,478, his ultimate cash outlay will be only $15,916,758, since he already owns 1,262,120 of RKO's 3,914,913" outstanding shares...
What Howard Hughes would do with RKO, now that he no longer faces stockholder suits for heavy operating losses and fat contracts to idle actresses, was something only Hughes knew. As usual, he was not talking. But there was reason to believe he would do little, since Hughes, with stock control, has been running the studio in his own way anyhow...
...less than two hours last week, RKO stockholders voted overwhelmingly to accept Howard Hughes's offer to buy all of their stock (TIME, Feb. 22). Proxies for 2,095,996 shares (besides the 1,262,120 shares owned by Hughes) were sent in to the special meeting and 2,022,769 voted in favor of the plan, only 73,227 against. The only barrier remaining was a court suit filed by two stockholders who contend that Hughes is getting too big a bargain in buying the rest of the RKO stock for $15,916,758, if all the stockholders...
Dangerous Mission (RKO Radio) is a misguided tour of Glacier National Park in which the public inspects such unnatural phenomena as a studio glacier, a special-effects forest fire, an avalanche in miniature and Victor Mature. Actor Mature is a policeman from New York who has gone west to put the arm on a murder-case witness (Piper Laurie). One look at Piper and he offers both arms...