Word: silberstein
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...fight to control Fairbanks, Morse & Co., Raider Leopold Silberstein ran up the white flag. He seemed to have little choice, even though he claimed to have bought enough stock (50.4%) to control the company. The trouble was that he had overextended himself to do so. He had tied up nearly 30% of the assets of his Penn-Texas Corp. in Fairbanks, Morse stock, and still owed $12 million, much of it payable in the next few months. So Fairbanks, Morse President Robert H. Morse Jr. played a delaying game. He won a court injunction barring Silberstein from voting his stock...
Under the five-year agreement Robert H. Morse Jr. will continue as president and chief executive. Silberstein, who last year voted four of his men on the eleven-man Fairbanks, Morse board, won only one more. Bob Morse will also have five directors, and the board will have an impartial member, Chicago Investment Banker J. Douglas Casey, president of A. C. Allyn...
...more important, Penn-Texas must give up its Fairbanks stock control, and must agree to drop the proxy fight. It will sell 300,000 of its 692,000 Fairbanks shares to Fairbanks, Morse at $50 a share v. the $56 market price, a sharp cut below the $69 that Silberstein paid for some of the shares during his 15-month buying spree. To finance the purchase, which reduces Fairbanks, Morse outstanding shares to 1,072,000, the company will issue $15 million in convertible debentures, underwritten by Board Member Casey's investment banking house...
...sale of the stock Penn-Texas lost heavily, but the fight had also been costly to Fairbanks, Morse. When the battle started, its stock was selling for only about $40. Thus, it was buying Penn-Texas stock at an inflated price caused chiefly by Leopold Silberstein's buying during the proxy fight...
PEACE MOVES will probably be resumed between Penn-Texas Corp. and Fairbanks, Morse, although F-M President Robert Morse rejected first bid by P-T President Leopold Silberstein. Trying to get off hook of big proxy fight debt, Silberstein suggested a new Fairbanks board of five Silberstein men, five Morse men, one impartial member, with Silberstein man as chairman, Morse as president. Morse wants a settlement giving him working control, says he will press suit against Silberstein's "illegal" deals in Fairbanks stock...