Word: sonnabend
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Financier Allan P. Kirby, boss of Alleghany Corp. since the death of Robert R. Young almost two years ago, got a telephone call last week from another big moneyman. The caller: Boston's Abraham M. Sonnabend, the real estate wheeler-dealer who heads Hotel Corp. of America, Botany Industries, and a fistful of other companies. Could they set up a meeting some time later in the week? Kirby knew why. For months, Sonnabend and a group of associates had been quietly buying Alleghany stock, and they owned some 700,000 shares, or about 14% of the common stock outstanding...
...Manhattan real estate, including the Park Lane, Commodore, Biltmore and Barclay hotels, plus several blocks of Park Avenue land. Biggest plum of all: Alleghany's 47.8% control of Investors Diversified Services, which manages five mutual funds whose combined assets total about $3 billion. This great Alleghany complex, says Sonnabend, "has been static since Robert Young died. It needs new vitality and dynamism...
STUDEBAKER-PACKARD plans to go into show business. A. M. Sonnabend, the man ailing Studebaker invited in to find nonauto firms to merge with it (TIME, Aug. 18), is dickering to buy Imperial Records (sales: $10 million) for stock and cash, also smaller Cadence Records (sales: about...
Ailing Studebaker-Packard announced last week that it was ready for a new try at the auto market with a new car, new financing and new blood. As expected, the new blood was supplied by Abraham M. Sonnabend, an expert at blending tax-loss carry-overs with profits (TIME, Aug. 18), who will now pick up moneymaking acquisitions to balance S.-P.'s $135 million tax carryover. The refinancing comes from 23 banks and insurance companies, which take over S.-P.'s $54.7 million debt in return for $16.5 million in 15-year-notes, and 165,000 shares...
...final say on bringing Sonnabend into Studebaker will have to come from the stockholders. To take on the diversification job, Sonnabend is asking for an option to buy 500,000 shares of Studebaker stock during the next five to ten years at 95% of the market value on the day of a merger, plus a place on the board...