Word: shearn
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Hearst Consolidated and almost everything else Hearst owns are controlled by American Newspapers Inc., top holding company of the bewildering Hearst corporate hierarchy. Mr. Hearst owns 95% of its common stock, but Judge Shearn is his sole voting trustee. As trustee he has irrevocable control over all Hearst enterprises-provided he can keep the Consolidated preferred stockholders happy-until 1947, when Hearst will be 84. Nobody, not even Hearst, knows if Hearst will live that long, and so the trusteeship is a race against death, when the Government may demand up to 20% in inheritance taxes and creditors...
...used the income of his papers (of which he bought six more), the profits of the mines he had inherited from his prospector father, and a pocketful of promissory notes. Always a worry to his money men, of whom he had half a dozen before he got Judge Shearn, he lost all reason in his spending. By 1924 he was strapped...
...Kern and a Manhattan accountant named Bernard Reis filed a brief objecting to the registration statements as "tending to mislead the public." Hearst kept deferring the effective date of the issues. Hounded by creditors, in June 1937 he took a train to New York and went to see Judge Shearn. This time Mr. Hearst was more than strapped. This time Hearst was desperate...
...Judge Shearn was not only an old friend of Hearst's; he was close to a good source of credit, the Chase, and Hearst had to have cash. He had several long talks with his old friend and on June 23 Mr. Hearst's beloved American folded. On June 27 of 1937 Judge Shearn became indisputable ruler of almost everything that is Hearst...
...Regency. Trustee Shearn is in almost every physical respect the opposite of shaggy, elephantine Publisher Hearst. He promptly set out to prove himself the opposite, also, in business management. He withdrew the proposed debenture issues, got enough bank credit to stave off the crisis, told Hearst he would have to live on whatever allowance could be spared from, his creditors. He gathered around him a staff of top-flight Hearst executives headed by the Chief's old favorite, Thomas J. White, and consisting of Harry M. Bitner, general manager of newspapers; Richard E. Berlin, publisher of magazines; Joseph...