Word: wolfsons
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...Manhattan hotel suite Wolfson called a press conference to issue his challenge. He, his brothers and associates, said Wolfson. had bought more than 105,000 of Montgomery Ward's 6,502,378 shares, making theirs the biggest single holding. They planned a proxy fight to unseat Avery and reverse his present tight fisted, cash-hoarding, nonexpansionist policies. Said Wolfson: "Montgomery Ward, as it stands today, is a glaring and notorious example of private enterprise in reverse gear...
Taking aim on Ward's $700 million store chain and mail-order business, second biggest merchandising enterprise in the country, was a big job for any man . But Wolfson is used to big jobs. In 22 years he has parlayed a $5,000 investment into a $200 million industrial empire. Since 1949, he has bought control of the big Merritt-Chapman & Scott construction company, the Washington, D.C. street-transportation system, the New York Shipbuilding Corp., the 200-year-old paintmaking Devoe & Raynolds Co.. and a hatful of smaller concerns...
Virtually every one has turned into a pot of gold for Wolfson. He and a group of friends bought control of Washington's Capital Transit for $20 a share, have since paid themselves about $30 a share in dividends, much of it from an accumulated surplus. By going after contracts aggressively, Wolfson boosted Merritt-Chapman's gross from $33 million in 1948 to $70 million in 1953. Dividends have gone up even faster, from an average of 51? a share in the four years before Wolfson took over to an average of $1.73 in the four years since...
...York Shipbuilding, a 1952 deficit of 26? a share was turned into a profit of $4.29 in 1953, but $2.40 of it came from nonrecurring income, i.e., an arbitration award on an old contract and for work completed before Wolfson came in. With these profits he declared a 50% stock dividend last January, has since paid $2 a share, first since 1950 and highest since...
Potent Arguments. In his $600,000 home on Miami Beach's Biscayne Bay, Wolfson likes to pore over financial statements, find a company that is worth a lot more than the price of its stock. When he does, he goes after it. Montgomery Ward is just that kind of a company. It has a wad of $293 million in cash and Government securities, hoarded up for the depression that Avery is sure will come. This cash reserve is worth $45 a share, while net current assets are worth about $88 a share. The stock this year has sold...