Word: wolfsons
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...fight between Louis Wolfson and Sewell Avery for control of Montgomery Ward reached the bare-knuckle stage last week. As Challenger Wolfson invaded Chicago, Avery's home ground, on his cross-country "coffee-cup" courtship of Ward stockholders, Avery let him have...
...full-page newspaper ads and in Ward's annual report, Avery charged that the security" of Ward's stock "would be destroyed" if Wolfson were placed in control. Possibly to take his stockholders' minds off the fact that Ward's 1954 earnings showed a drop from $6.12 a share to $5.20 a share, Avery charged that Wolfson had 1) milked Washington's Capital Transit of its cash surplus "at the same time he reduced the service" and got five fare raises to avoid losing money 2) swapped stock of his Merritt-Chapman & Scott Corp...
Counterattack. The challenger's road show took it in stride. Newsmen summoned to the presidential suite on the 23rd floor of Chicago's Conrad Hilton Hotel found Wolfson perched modestly on the edge of his seat while onetime Notre Dame Football Coach Frank Leahy who will organize stockholder committees' delivered a testimonial: "Louis is one of the cleanest persons I have ever known clean in mind and body. He is a really better person than 95% of the Catholics I have known and I have known...
Financier Louis Wolfson last week won a key battle in his proxy war with Sewell Avery for control of Montgomery Ward & Co. In a suit filed by Wolfson, Chicago Circuit Court Judge Harry M. Fisher ruled that Ward's staggered system for electing directors was illegal; it was a violation of the state constitution that guarantees every stockholder the right to enjoy maximum voting strength...
Ward's attorneys went to work forthwith to appeal the decision to the Illinois Supreme Court. Both Avery and Wolfson announced that they will press for a quick decision, since neither wants to postpone the April showdown...