Word: stahlings
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When Westchester County Banker Charles E. Stahl and Ohio's Michael Di Salle, onetime U.S. Director of Price Stabilization, bought into U.S. Hoffman Machinery Corp. last month (TIME, April 15), the company sorely needed a transfusion. New President Stahl and Executive Committee Chairman Di Salle hoped to gain working control of the company by buying the 224,938 shares of stock held by President Hyman Marcus, who moved up to become board chairman. They also hoped to raise $2,000,000 to refinance the shaky corporate empire (23 subsidiaries manufacturing everything from candy to tin cans). But the team...
Roth and associates had already lent $1,000,000 to U.S. Hoffman when Stahl and Di Salle were unable to pay the April 30 dividend. When the corporation could not meet its loan deadline. Roth agreed to buy Di Salle's and Stahl's shares at about a share (giving each roughly a $25,000 profit), Marcus' shares at about $7 each. Roth, who with his new directors has already lent the corporation another $1,500,000 and worked out financing for most of the parent company's $4,365,000 bank debt, will be Hoffman...
...Faces. Last week Hyman Marcus, at 42, moved upstairs to become board chairman of U.S. Hoffman. In came a group of new faces. Charles E. Stahl Jr., a 42-year-old Westchester County banker, will become president, and onetime U.S. Director of Price Stabilization Michael Di Salle chairman of the executive committee. Among the five new directors on Hoffman's nine-man board: Eric Johnston, president of the Motion Picture Association of America. Stahl and Di Salle will buy Marcus' shares (reported to be about 200,000) in the corporate name, and gain working control of the company...
Honeymoon. Despite Hoffman's troubles, Stahl and Di Salle are confident of the company's soundness, hope to tighten up its administration and step up earnings. Says Di Salle: "We're moving in on a family that has several new marriages, and all newlyweds have to adjust." On the honeymoon will be an unwelcome guest, the SEC. It is investigating to determine why there were such big discrepancies in the public financial statements of the corporation and whether U.S. Hoffman stock was traded illegally...
Fourth man Roger Cortesi's accurate shooting challenged his opponent's superiority, but was not enough to win. Cortesi was defeated 15-8, 18-15, and 15-11. Martin Heckscher, fifth man in the line-up, bowed to Herbert Stahl of M.I.T. by scores...