Word: wolfson
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...first time, tough old (81) Sewell Avery last week tore into Challenger Louis Wolfson in the proxy battle for control of Montgomery Ward & Co. Said Avery, in a letter to stockholders: "Wolfson...is not qualified to manage this great corporation in the best interests of the stockholders...His campaign is simply a financial venture for the benefit of his backers and himself...
Challenger Wolfson was not idle. In Manhattan's Waldorf-Astoria Hotel, Wolfson pressagents trotted out a new associate, Frank Leahy, ex-Notre Dame football coach. Leahy joined the Wolfson Montgomery Ward stockholders' committee because, he said, "I believe so wholeheartedly in Louis Wolfson." Leahy said that he owns about 1,000 Ward shares (paper value: $82,625), but seemed unsure about his job with Wolfson. Said he: "To be real honest with you, my duties haven't been defined...
Leahy, an old associate of Wolfson, profited when Wolfson and friends bought working control of Washington's Capital Transit Co. for $20 a share, took over the company's fat $7,000,000 surplus, and in four years paid themselves more than $30 a share in dividends. In 1950 Leahy owned 4,700 Capital Transit shares. He declined to say whether he still owns them, but if he does, he has made upwards of $150,000 in dividends and an estimated $100,000 more in paper profits. Later he became a partner with Sam and Cecil Wolfson (Louis...
...example, Louis E. Wolfson, who is now waging a proxy war to take over the $999 million Montgomery Ward Co., bought control of Washington's Capital Transit Co. five years ago for $2,100,000. Since then Wolfson has paid out $5,911,200 in dividends from cash in the till. As a result, the stock has soared, bringing Wolfson and his associates a whopping $4,378,320 profit on the stock alone...
...elected to the board at the annual shareholders' meeting next April, said Wolfson, his first proposal would be a 3-for-1 stock split. He would 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...