Word: wrighting
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...heard from the farmers who have been camping in town. But we haven't heard from the consumers who don't have the luxury of taking three months off to lobby Congress." Besides, President Carter had promised to veto the bill as inflationary. Said Majority Leader Jim Wright of Texas: "This is just a meaningless charade." The House voted down the bill, 268 to 150. One farmer filled the legislative chamber with a raucous "B-o-o-o." But most were silent...
...cigarette cheerfully agreed, then made the mistake of taking one long, last puff. An incensed woman promptly doused him with gubernatorial lemonade. One New York woman carries a pair of long scissors to shear off the tips of offending cigars and cigarettes. Denver's Paul L. Wright, a management consultant, developed a heftier weapon-a can of Anti-Smokers Spray that drenches offending smokers in lemon-scented mist. So far he has sold 30,000 cans. Wright recommends spraying the smoker from five or six inches away, to make sure the cigarette goes out. "It takes guts," he admits...
Takeover artists are often suspected of wanting to tap the till of the target company, but hardly any ever admit it-let alone boast about it. An exception is T. Roland Berner, chairman of Curtiss-Wright, who is campaigning to unseat directors of Kennecott Copper and install his own board in a shareholder election May 2. In the most unusual proxy statement in recent years, Berner last week vowed that if Curtiss-Wright gets control, it will distribute some $660 million of Kennecott's assets to stockholders-who prominently include Curtiss-Wright. It owns 3.3 million Kennecott shares...
...Curtiss-Wright told Kennecott's shareholders that it would raise most of the money by having Kennecott sell Carborundum, for $567 million or a bit less. Berner would make up the rest by dipping into Kennecott's $140 million in cash and securities, and perhaps by having Kennecott borrow against a $400 million promissory note...
Money in hand, Curtiss-Wright might have Kennecott make a cash distribution of some $20 a share to its own stockholders. In that case, Curtiss-Wright would get back $66 million on Kennecott stock that it paid around $77 million to buy. Berner's preferred alternative is to have Kennecott buy back half its 33.1 million outstanding shares for about $40 each-including half the stock that Curtiss-Wright bought for an average $23.42 a share. Other Kennecott stockholders might find Berner's plans attractive. Kennecott management is sure to find them a tempting target for that...