Word: wolfsons
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...snap up an undervalued company with the idea of liquidating it for a quick profit; others apply it to investors who take over such firms and ram through drastic changes to improve the properties and turn in bigger profits. The phrase has been applied to Robert R. Young, Louis Wolfson and Patrick McGinnis-to anyone, in fact, who starts a proxy fight, whether for good or ill, successful or unsuccessful, or who takes over a company...
...Louis Wolfson, who normally loves the spotlight, was busy dodging it. He ducked a senatorial subpoena ordering him to testify in the strike of the Wolfson-controlled Capital Transit Co., which has forced thousands of Washingtonians to hitch rides or walk to work during the past two weeks. Despite the inconvenience, Washingtonians seemed almost solidly against Employer Wolfson and in favor of his employees, striking for a 25?-an-hour pay hike and other benefits. Crying that Wolfson was an "economic carpetbagger," Oregon's Democratic Senator Wayne Morse introduced a bill to strip Capital Transit of its franchise...
...money come from?" Most Washingtonians had no answer for this; they did, however, know where Capital Transit's money had gone. In 1949, when the North American Co. had to sell off Capital Transit under the death-sentence clause of the Public Utility Holding Companies Act. Louis Wolfson and friends bought control (46.5% of the shares) for $2,189,160. Capital Transit was a conservative old company, with a fund of more than $6,000,000 set aside for a rainy day. Since 1942, it had been paying a $2-a-year dividend, but dwindling earnings had forced...
...strike, Capital Transit blamed the District of Columbia Public Utilities Commission, which had refused the company permission for its fourth fare rise since Wolfson took over...
...week's end, as the pressure mounted, Wolfson wired the Senate that he would appear at the hearing this week...