Word: swaps
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Dates: during 1960-1969
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Zero Landings. Since the Federal Aviation Agency requires all gyrocopters to be at least 51% homemade, there were hairy tales of accidents to swap. One builder had mounted his rotor blade upside down, then vainly tried taking off with it that way. Another had added bolts to eliminate rotor teetering; when he took off, his craft turned into a gyroscope, flipped over and collapsed...
...that seemed made to measure was well-managed and profitable Diebold, Inc., the nation's largest manufacturer of banking equipment, with 1965 sales of $77 million from safes, depositories, pneumatic tubes, etc. Last week, after Litton Chairman Charles B. Thornton and Diebold President Raymond Koontz agreed on a swap of stock worth about $93 million, Litton announced a "preliminary" deal to absorb Diebold...
...Alleghany currently holds 14.3% of Central stock; in the Penn Central, however, that share would be diluted to 5.8%. Wrote Ireland in the tender offer: "Alleghany questions the advisability of maintaining almost one-third of its portfolio investments in the stock of a corporation it would not control." Solution: swap Central shares for Alleghany, thereby saving $11.8 million in capital-gains taxes that Alleghany, because its original Central holdings have tripled in value, would have to pay in an outright stock sale...
...swap proposal, however, has even broader ramifications than the Penn-Central merger. Alleghany long concentrated on railroad stocks, once owned substantial holdings in the Chesapeake & Ohio and Baltimore & Ohio, still has $27 million worth of Missouri Pacific Railroad stock. Now there is more green in other pastures. Alleghany's biggest single holding, worth $2.6 billion, is Investors Diversified Services, a management firm that oversees five investment companies, including the world's biggest mutual fund. Alleghany has also invested in real estate and life insurance companies. What Kirby and Ireland want to do is to free Alleghany from...
...addition to Nam Pong dam, five other power and irrigation projects costing $50.7 million are built or abuilding on Mekong tributaries. Thailand, Malaysia and the Philippines forged another kind of economic tie two weeks ago by reviving the dormant Association for Southeast Asia, tentatively agreeing to cut cable rates, swap radio and TV shows, begin free trade in a few commodities. Headquarters for the $1 billion Asian Development Bank, aimed at financing such sinews as power, railroads and industry, is rising in Manila; the bank hopes to open by summer. Within two to four years...