Word: stockely
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Dates: during 1970-1979
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...stuffed into four floors of a Gatwick hangar, and there are no elevators. The line has just four directors, including Laker, who have only to shout down the hall to one another to make decisions. Says Freddie, who is gambling with his own money (he owns 90% of Laker stock; his wife owns the rest): "There are two price structures. If you take the cost of airplanes, fuel and maintenance, mine is the same as everybody else's. It's where you go from there that the savings start...
...stakes are enormous. When Ball took over management of the estate at Alfred's death 42 years ago, it was worth $27 million after taxes. Today it is estimated at more than $2 billion. The mainstay of the estate is its rich stock portfolio, which includes 1.1 million shares of General Motors Corp., in which the Du Ponts once had a huge investment, and 702,880 shares of E.I. du Pont de Nemours & Co. itself...
...Pont estate also owned 52% of Florida National-but in 1966 Congress forbade charitable trusts to hold interests in both banking and nonbanking businesses. Disposition of the estate's stock in the bank holding company then became the cause of a skirmish between Ball and Fellow Trustees Dent and William B. Mills, a former bank president jr a long, complicated fight, Ball a few months ago found a way to meet the letter of the law without losing control-the r individual owners of the bank holding company's stock-including Ball himself -voted to buy the estate...
...which is dominated by three founding families, said they would consider the bid-but added teasingly that they are also weighing unofficial proposals from other, unidentified suitors, also said to be European. Wall Street scented the prospect of a profitable bidding war, and arbitragers (professional traders) bought so much stock that Miles shares jumped from around $29 before the proposal to more than $42; last Friday it closed...
...though they may go higher than their opening $40-a-share offer, they have no intention of getting into a long battle for Miles-and besides Washington trustbusters are examining whether the acquisition would violate antitrust laws. Should they oppose the takeover, the traders who have grabbed up Miles stock may need some of Alka-Seltzer's plop, plop, fizz, fizz relief...