Word: vogel
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...moviemaker has teetered on the brink of open corporate warfare (TIME, Nov. 12, 1956). The prize: control of Loew's $220.6 million in assets, including Metro-Goldwyn-Mayer studios. Last week the battle was joined, and the cannonading could be heard from Manhattan to Hollywood. President Joseph R. Vogel, Loew's third boss in two years, called a special stockholders' meeting for Sept. 12, charged that a dissident group on Loew's 13-man board was demoralizing management. He demanded the removal of two directors, and asked stockholders to increase the board to 19 to give...
Split Board. Vogel's avowed enemies are onetime TV Producer (Dragnet) Stanley Meyer and Joseph Tomlinson, a millionaire Canadian contractor and biggest (5%) individual Loew stockholder; both have long been dissatisfied with the operation of the company. Last year, with M-G-M showing a $3,000,000 loss on movie production, the threat of a proxy war was stemmed only by a deal that split Loew's board. At the February meeting Vogel was allowed to choose six directors, the Tomlinson-Meyer group another six, with a neutral member in New York Herald Tribune President and Editor...
...Founder Marcus Loew, hoped to head off a long-brewing proxy fight (TIME, Nov. 12) with a dissident group of stockholders led by Canadian Contractor Joseph Tomlinson, Loew's largest individual stockholder (250,000 shares). To appease the Tomlinson faction, the present management, headed by President Joseph R. Vogel, agreed on a slate to be presented to the stockholders. The tentative lineup: six directors for management, six for Tomlinson's group (including Tomlinson himself), with the all-important 13th director still to be decided. ¶L. E. ("Doc") Briggs, gregarious treasurer of Ford Motor Co., will retire...
...Lehman Bros, and Lazard Freres claimed that together they can control 3,000,000 of Loew's 5,142,615 shares and throw out the board at the next annual meeting on Feb. 28. If it takes over Loew's, the Lehman-Lazard group would probably keep Vogel in charge of Loew's Theaters division, which he headed until last month, and hire a president who would drastically cut MGM's staff, replace Movie Production Boss Dore Schary, sell off some money-losing Loew's theaters, and possibly consolidate MGM's high-overhead moviemaking...
...insurgents want to rid M-G-M of the influence of aging (74) Nick Schenck, now honorary chairman. They have two hurdles ahead. Not only must they actually line up enough proxies to oust Schenck and Schary, but they must find a competent man to replace Vogel. They have already offered the presidency to Leonard Goldenson, president of American Broadcasting-Paramount Theatres, Abe Schneider, vice president of Columbia Pictures, and Lew Wasserman, president of Music Corp. of America. All three turned it down. Said the Lehman-Lazard spokesman: "At February's annual meeting, the two investment companies will...