Word: wolfsons
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...Louis Wolfson it was a key round in his fight for control of Montgomery Ward & Co. The Illinois Supreme Court ruled in a suit filed by Wolfson that Ward's staggered-director system, by which only three of the nine directors were elected each year, is unconstitutional. Thus the highest court in the state of Illinois upheld a lower court decision (TIME, Feb. 14) that all nine Ward directors must be elected each year, and wrecked Chairman Sewell Avery's built-in majority (i.e., six directors with unexpired terms) on the company's board of directors...
Almost alone among big U.S. corporations, Montgomery Ward fought off unions with unrelenting vigor. But when Louis Wolfson launched his attempt to take over the company, James R. Hoffa, rough, tough vice president of Dave Beck's A.F.L. Teamsters' Union, saw an opportunity to tighten the screws on aging Ward President Sewell Avery, who is desperately trying to hold onto control...
Against Ward, Hoffa mounted a double-barreled attack. While organizers signed up union members in Ward warehouses, Hoffa, as trustee of three union pension funds, began buying Ward stock. Early this year. Hoffa dropped hints that his men had talked to Wolfson and would vote the 13,500 shares of union-owned stock against Avery. Knowing that Avery could not afford a strike in the closing days of his fight with Wolfson, Hoffa got his new members at Ward's to approve a walkout...
Beating Krider into town by a day, Wolfson gave a new set of supporters, inluding Restaurateur Toots Shor, Jack Dempsey and Joe and Dom DiMaggio, a glowing report on the earnings and divi-lend records of his companies. Wolfson aid that he would propose a three-for-one tock split and a 40? quarterly dividend hat would bring stockholders $1.80 more han the present $3 rate. An uproar started when Lewis Gilbert, perennial heckler at many a stockholder meeting, jumped up shouting to be heard. Gilbert wanted o know how Wolfson could tell the press ast October that he controlled...
...week's end both sides professed to be sure of victory. Wolfson, knowing his chance to gain control this year depends on being able to replace a majority of the directors, persuaded Cook County Circuit Court to declare that Ward's election system, under which only three of the nine directors are elected each year, was unconstitutional. Avery appealed, and last week the Illinois Supreme Court began hearing the case, announced that it would issue a ruling before the April 22 meeting...