Word: share
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Dates: during 1970-1979
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...output of oil-and now one of those little-known Saudis has volunteered to start digging Bert Lance out from under his mountain of debts. Ghaith Pharaon, 37, has offered to buy 60% of the stock in Lance's National Bank of Georgia for $20 a share, or about $4 above market value. Whether other stockholders accept or not, Lance will turn over 60% of his 200,000-odd shares to Pharaon and get a check for about $2.4 million...
...Pharaon willing to pay so much for control of a bank that is running in the red, has suspended dividends, and saw the price of its stock sink as low as $8.50 a share before the cash-laden Saudi stepped in? Last week Pharaon met with reporters in Atlanta and brushed aside suggestions that he was trying to win favor with President Carter, who reluctantly last September accepted the resignation of his friend Lance as budget boss. Said Pharaon airily: "Why should I buy influence? If I ever wanted to meet the President, we have ways of meeting him through...
...Saudi Arabia. It also owns pharmaceutical, tire-recapping, steel fabricating and drinking water-bottling plants. Together with an Italian company, it is dredging parts of the Suez Canal. In 1976 Redec's revenues were more than $1 billion. Apart from his banking interests, Pharaon owns a substantial share of International Systems, a modular-housing firm in Mobile, Ala., and is the largest shareholder in Sam P. Wallace Co., a Dallas-based mechanical contracting firm...
...decline of inflation has given a welcome boost to British exports, which during 1977 significantly increased their share of the world market. As exports have risen and the pound has steadied, foreign capital has once again begun to flow into Britain, converting a 1976 balance-of-payments deficit of $6.9 billion into a surplus of $10.3 billion in the first nine months of 1977 (including both current transactions and capital movements...
Some Christmas cheer for Bert Lance. First, Saudi businessman Ghaith Pharaon said he would pay $20 a share (more than 33% above the going rate) for 120,000 shares of the former Budget Director's stock in the National Bank of Georgia. The $2.4 million deal should leave a fat profit (a third of a million or so) in Lance's stocking. Then there was a gift from Wife LaBelle: a family portrait by Atlanta Artist Comer Jennings. LaBelle especially liked how Jennings painted her diamond pendant-the "broken heart," as she calls it, that Bert gave...