Word: wolfson
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Raider Louis Wolfson, who temporarily retired from the public eye after his unsuccessful attempt to gain control of giant Montgomery Ward (TIME, Oct. 8), was on the prowl again last week. He was casting a covetous eye on ailing American Motors Corp. ($2,994,613 loss in first quarter of fiscal 1957). Wolfson announced that he and his family have increased their holdings in the company by 110,000 shares to 350,000, giving him the largest single block, though only 6%, of the 5,670,430 shares outstanding...
...TRANSIT SYSTEM, successor to Capital Transit Co., Washington's long-limping bus and streetcar system, is finally getting on the track under new management after being milked of millions by Financier Louis Wolfson (TIME, June 25). Company changed net loss of $4,836 in September to $92,986 profit in October, now is enjoying first big passenger upswing since...
...final squeeze was applied by the tight money market, just when Wolfson needed cash more than ever to handle the increasingly big contracts he had taken on, e.g., construction of a $120 million, 1,036-ft. Forrestal-type supercarrier, and a $92 million Priest Rapids Dam with its 631,000-kw. power plant, one of the largest awards ever made to a single contractor...
Needed: a Dock. To get the carrier contract. Wolfson underbid Newport News Shipbuilding, which has built two of the ships, thus acquired experience which enabled it to bid about 6% lower on the second job than on the first. It is, moreover, traditionally the industry's shrewdest bidder. Nevertheless, Wolfson underbid Newport News by $6,000,000-$7,000,000. At that price, experts estimate, Wolfson will lose money. In addition, Wolfson's firm must now invest an estimated $8 million to $10 million in a graving dock just to begin building the sea giant...
...Wolfson's difficulties were reflected in Merritt-Chapman & Scott's stock. During the past two years, in the midst of the great bull market. Merritt-Chapman & Scott shares have sunk lower and lower, from...