Word: ward
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Dates: during 1950-1959
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...Pilar turns the harbor mouth, Hemingway takes the controls. Ceremonially, Gregorio the mate hands up to him what remains of the tequila and a fresh-cut half of lime. Hemingway does not actually drink the tequila, and the whole thing bears the appearance of a ritual, as if to ward off sea serpents. Only at the dock does he pass around the bottle. "We went out and had a good day and caught plenty fish and got pooped," he says. "Now we can relax for a while and talk and go to sleep." With a tired smile on his tired...
...fight over Montgomery Ward was turning into a free-for-all. Last week, while Challengers Louis Wolfson and Fred Saigh, former owner of the St. Louis Cardinals, jabbed away, Board Chairman Sewell Avery got a possible new ally. The candidate: Britain's Isaac Wolfson (no kin to Florida's Louis), chairman of Great Universal Stores, Ltd., a giant mail-order firm with 1,000 retail outlets in Britain and Canada...
Britain's Wolfson, according to a Ward official, had "approached" Avery. The rumor around Ward's was that Isaac Wolfson offered to buy a big chunk of Ward's stock if he could have a voice in management and use Ward's stores to sell the products of his furniture and clothing factories. Avery would stay on as chairman...
...part, Louis Wolfson announced that he is still buying Ward's stock to add to the 500,000 shares (of 6,500,000 outstanding) he announced he held in October. Two of his firms (New York Shipbuilding Corp.. paintmaking Devoe & Raynolds Corp.) are also holding modest amounts of Ward stock...
...also hire five new vice presidents and a president, whom he described as "one of the country's top merchandisers." For the new officers there would be stock options of 5,000 shares each (10,000 for the president); they would put up 10% of the cost and Ward's would finance the rest, permit the officers to pay for the stock over a certain period. He also described a plan to transfer Ward's real estate and 589 stores to a subsidiary firm worth $50 million-and distribute its stock to shareholders through a tax-free...