Word: wolfsons
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...LOUIS WOLFSON, who lost his proxy battle for Montgomery Ward & Co. (TIME, May 2), is still buying stock in the company. Wolfson says that "things are looking up" under the new management, reports that he has bought another 12,000 shares to bring his holdings to 59,000 shares...
...Raiders. Beginning in 1948, the venerable, 118-year-old gunmaker was dealt a crippling blow by a group of raiders who bought up a large chunk of stock. The group, led by David A. Goodkind (a close associate of Louis Wolfson), won representation on the board. They forced the company to offer tenders to buy up stock at an average price of $52 a share, though the stock was selling for under $40 when the Goodkind group started to buy. Thus Colt's was forced to pay out $6,500,000 to buy out the Goodkind group and others...
Montgomery Ward Chairman John Barr last week reported the cost of the proxy fight to repel Raider Louis Wolfson. The bill: $692,250. The cost of the fight, plus a change in the method of computing the corporation's tax caused by a tax law change, cut the company's net for the first six months to $11,771,690, a 5% drop under 1954, despite a $22 million rise in sales. But Barr also had some good news. The company plans to open 100 new catalogue-order offices by the end of next year, the first sizable...
...LOUIS WOLFSON'S strikebound Capital Transit Co. will be put out of business. President Eisenhower signed into law a bill passed by Congress revoking Capital Transit's franchise to operate in the District of Columbia, and giving the company a year to wind up its affairs. In the meantime, the District Commissioners will negotiate a new wage settlement with striking workers, foot the bill for any loss that Capital Transit might incur during the year because of a pay raise...
...LOUIS WOLFSON has added another company to the string of firms he owns or controls. For $6,800,000 Wolfson bought Connecticut's 27-year-old Savin Construction Co. (highways, bridges, industrial buildings), will merge it with Merritt-Chapman & Scott by exchanging all Savin's stock for 283,333 shares of Merritt-Chapman. Savin will continue under its current management...