Word: woolen
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...fight for control of the money-losing American Woolen Co. (TIME, Feb. 8), the result seemed certain. Six of the directors, including President Francis W. White, favored a plan to sell off eleven of the company's high-cost northern mills (nine of which have already been closed down) and retire about $20 million of its preferred stock to cut dividend charges. They were opposed by a group of directors including Frederick C. ("Buck") Dumaine, 51, boss of the New Haven railroad. But Dumaine had only five votes on his side. Last week, in a surprise coup, the Dumaine...
...called on E. Howard Bennett, 72, longtime publisher of the trade paper, America's Textile Reporter, which calls itself "the most powerful influence in the textile industry." As an American Woolen stockholder, Bennett had opposed the management's plan. On his own, he had already started rounding up proxies in opposition to the management, in only eight days had won almost 10% of the stockholders to his side. Dumaine asked and got Bennett's support...
...AMERICAN Woolen Co.'s plan to retire its preferred stock (TIME, Feb. 8) and sell eleven Northern mills was voted at a special shareholders' meeting. Nevertheless, dissatisfied stockholders, still trying to block the proposal, got a preliminary injunction against retiring one issue of preferred this week, plan a proxy fight at the annual meeting next month...
...tall, bald and humorless President White opened the meeting, he announced that a stockholder had obtained a court injunction that prevented him from holding the meeting. Reason for the suit: Textron had not had enough time to get its plan before the American Woolen stockholders. Up jumped Lewis D. Gilbert, who makes a career of attending stockholders' meetings, to protest adjourning "this meeting without the approval of stockholders." Replied White: "But I'm the defendant. I am not permitted to go on with the meeting." In the confusion of other protests, Lawyer Robert H. Montgomery, company clerk, recognized...
...traveled hundreds of miles to attend the meeting, were in no mood to call it quits, decided to hold their own rump session. As their chairman they elected Stockholder Gilbert, and named a committee of eight to meet with the management and talk over its plans. Meanwhile, American Woolen management, claiming proxies for 55-57% °f the stock, sniffed at Textron's plan, prepared to put through its own proposals as soon as the court order was dismissed...