Word: silberstein
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Leopold D. (for Dias) Silberstein, 51, likes to call himself a "professor of sick companies." In the past eight years, he has acquired more than a dozen companies, some sick, some healthy, and built up a thriving empire called Penn-Texas Corp. (TIME, July 25). Last week Professor Silberstein took over a stretcher case: Colt's Manufacturing...
...when the Goodkind group started to buy. Thus Colt's was forced to pay out $6,500,000 to buy out the Goodkind group and others. Colt's tried to diversify, but was unable to recover and looked around for merger possibilities. Colt's directors approached Silberstein, and he offered $7,200,000 for the company (through an exchange of Colt's stock for shares in Silberstein's Penn-Texas). By the deal, Silberstein gets a cash reserve of more than...
Financier Silberstein built his empire by a succession of similar moves. A Berlin Stock Exchange member at 21, he fled Hitler's regime in the early '30s, after turning most of his investments into cash. During a brief U.S. visit, he invested $50,000 in depressed Cities Service and railroad bonds; the investment soared and gave him the capital he needed when he landed in the U.S. for good...
...Silberstein decided that venerable Pennsylvania Coal & Coke Co. was about the sickest company in one of the sickest U.S. industries. In a year he had 75,000 shares (of 148,000 outstanding) and won control. With Pennsylvania Coal (later rechristened Penn-Texas) as a base, Silberstein started buying oil and gas properties, a warehouse terminal, Crescent Co. (wire and cable), and Quick...
...Manhattan's LEOPOLD SILBERSTEIN, 51, who started out as a "professor of sick companies" in Germany during the 1920s, made his first U.S. raid by buying 75,000 shares (of 148,000 outstanding) in the small, shaky Pennsylvania Coal & Coke Corp. With that as a base, he diversified into gas and oil, went on to take over companies making cables, power shovels, and cranes (Industrial Brownhoist Corp.). With cash from his growing empire (now called Penn-Texas Corp.), he recently bought 80,000 shares of machine tool maker Niles-Bement-Pond, whose stock was selling a few points below...