Word: vogel
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...management of Hollywood's infirm old lion, Loew's Inc., owners of Metro-Goldwyn-Mayer studios, outvoted the forces of Millionaire Canadian Contractor Joseph Tomlinson, Loew's biggest (5%) and unhappiest stockholder. By 3,449,446 ballots to 519,435, shareholders gave President Joseph R. Vogel a solid grip on his board of directors by increasing its membership from 13 to 19. Then they voted in nine management nominees to fill ten empty seats (including four recent resignations). The tenth seat fell to the management's critics, who put all their cumulative votes behind Veteran Movie...
...notable byproduct of Vogel's victory was his apparent defeat of two mighty Wall Street investment houses−Lehman Bros, and Lazard Freres−who are dissatisfied with Loew's management (TIME, Nov. 12). Lehman and Lazard figured to control about 3,000,000 of the 5,336,777 shares outstanding. Yet last week they voted only 150,000 shares for the rebel cause. A Lehman-Lazard spokesman contended that the two firms can still control approximately 3,000,000 shares. But they do not appear to want to lead a proxy fight themselves, nor do they support...
Since then President Vogel has done his best to get Loew's back on the track. He planned to release 36 "worthy" pictures in 1957-58 v. only 18 in 1956, and made a succession of deals with Hollywood's independent producers to put M-G-M on a competitive par with its more alert rivals. But for Tomlinson and Meyer it was evidently a case of too little too late; Loew's estimates that its profits for the third quarter of fiscal 1957 will total exactly 1?. At a board meeting a fortnight ago, charged Vogel...
...Rides Again? Last week, presumably weary of the boardroom battle, neutral Director Reid resigned his umpire's job. With him went two other directors. General Dynamics' President Frank Pace Jr. and Manhattan Attorney George A. Brownell,* both of whom have voted with President Vogel. Appealing to his stockholders for help, embattled President Vogel warned that the dissidents planned to put Contractor Tomlinson in as Loew's chairman, with TV Man Meyer as president. He also charged, as a final shot, that the man behind it all was none other than longtime M-G-M Mogul Louis...
...Manhattan at week's end neither Tomlinson nor Meyer would comment on President Vogel's charges. As for Louis B. Mayer, he denied everything. "Vogel?" he glowered. "I don't know what he's talking about." About the only interested parties who have said nothing publicly throughout the fight were Investment Bankers Lehman Bros, and Lazard Frères & Co.. who control about 20% of Loew's 5,336,777 shares outstanding. Their votes will probably decide any proxy fight...