Word: sales
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Dates: during 1970-1979
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Pudgy Supersalesman Edgar Gregory set out in 1971 to make a fortune. Flush with cash from the sale of his used-car agencies in Warrensburg and Joplin, Mo., the high school dropout bought a propane-gas dealership in Pensacola, Fla. Three years later he sold out for a net profit of over $1 million. He then bought five small banks in Alabama, and by 1975 was operating ten motels in that state and in Florida and Mississippi. By the end of last year, Gregory, 40, was boasting about a personal fortune of $11 million and corporate assets of close...
...profits to be made from wrongdoing, while really severe fines can punish stockholders as much as culpable executives. In the Olin case, where the victims arguably range from those workers at the Winchester plant who are concerned about apartheid, to all U.S. citizens embarrassed by Olin's arms sale, to South African blacks themselves, deciding who deserves restitution is difficult. As far as Columbia Law Professor Walter Werner is concerned, Zampano's decision was as good a solution as any. "It dramatizes the antisocial nature of the corporation's activity," said Werner. "It is doing justice...
There is another potential winner. For Fred Sullivan, 63, the red-haired and compulsively energetic chairman of Walter Kidde, the sale of U.S. Lines completes an eight-year saga of frustration and expensive litigation. Sullivan, a Litton Industries alumnus who ran the conglomerate with Founders Tex Thornton and Roy Ash, has built Kidde from a sleepy outfit into a diversified firm (cranes, safety equipment, sporting goods, etc.) with 1977 sales of $1.5 billion and profits of $56.7 million. But the acquisition of U.S. Lines in 1969 for $104 million in cash and stock was, Sullivan admits, a grave mistake...
Mary Gordon is frightened about the money that she is making-$300,000 from the paperback sale, for example. "I deserve something, but not all that," she muses. She will take a trip to Spain, teach a course on the religious novel at Amherst next year, finish a new book and "look into causes that need help" if that money piles up too high. First, like Isabel after her liberation, she will buy some clothes at Bloomingdale...
...shareholder resolutions, the ACSR report on South African investments has drawn the attention of the University community. In its report presented to the Corporation on March 20, the recommended a policy of non-investment in banks ending money to the South African government or its public corporations, the sale of the bonds Harvard now holds in those banks, and the establishment of a detailed procedure for monitoring U.S. firms' compliance with apartheid. After studying the firms the ACSR will reevaluate the entire situation next fall and will propose shareholder resolutions in those Companies that it believes offer more help...