J Landis Martin

A group waging a proxy fight for control of Lockheed Corp. on Thursday asked the directors of the aerospace firm to consider a proposal to eliminate "golden parachute" severance pay for Lockheed executives. The group, led by Texas financier Harold C. Simmons, asked Lockheed Chairman Daniel M. Tellep to present the proposal to shareholders at the company's March 29 annual meeting.

Lockheed Chairman Daniel M. Tellep predicted victory for his incumbent directors Thursday after voting ended in a hotly contested board election, but he also offered major concessions to shareholders who supported the dissident slate of nominees led by Texas investor Harold C. Simmons. "We feel very positive about the vote," Tellep told reporters at a news conference after Lockheed's annual meeting.

A group seeking to take control of Lockheed Corp. by replacing the directors with its own nominees charged Sunday that the aerospace firm's 1989 reorganization had been a "failure" and that its business strategy is "dangerously ambivalent." A proxy statement, designed to solicit the votes of Lockheed shareholders, was released by NL Industries, a Houston chemical company controlled by financier Harold C. Simmons.

A group seeking to take control of Lockheed Corp. by replacing the directors with its own nominees charged Sunday that the aerospace firm's 1989 reorganization had been a "failure" and that its business strategy is "dangerously ambivalent." A proxy statement, designed to solicit the votes of Lockheed shareholders, was released by NL Industries, a Houston chemical company controlled by financier Harold C. Simmons.

In a second effort designed to show disinterest in a payoff from Lockheed, the aerospace firm's largest shareholder said Wednesday that it will drop a plan that would restrict the payment of "greenmail" in favor of a broader proposal that would prohibit the practice. The plan for the new proposal was advanced by J. Landis Martin, president of NL Industries, a Houston-based firm headed by Texas financier Harold C. Simmons.

Lockheed Chairman Daniel M. Tellep predicted victory for his incumbent directors Thursday after voting ended in a hotly contested board election, but he also offered major concessions to shareholders who supported the dissident slate of nominees led by Texas investor Harold C. Simmons. "We feel very positive about the vote," Tellep told reporters at a news conference after Lockheed's annual meeting.

The company said it will nominate Harold C. Simmons to its board of directors. Two of Simmons' representatives, retired Adm. Elmo R. Zumwalt Jr. and attorney J. Landis Martin, will also be nominated to the board as a result of the "understanding" reached between the firm and Simmons, Sea-Land Corp. said. The company said it came to terms with the Dallas financier to avoid his plan to wage a proxy fight for control of the board. Simmons currently owns just under 40% of Sea-Land's common stock.

Texas investor Harold C. Simmons Tuesday issued a new ultimatum to Lockheed Corp., declaring that he would launch a second proxy fight for control of the company unless management allows its shareholders to decide whether Simmons' camp should be alloted three seats on Lockheed's board.

Dallas investor Harold C. Simmons acquired control of NL Industries on Friday by raising his stake to 51.1% of the company's common stock, Simmons' lawyer said. Simmons lifted his interest in the chemicals and energy services company from 27.7% by purchasing 14 million additional common shares of NL in the open market, said his lawyer, J. Landis Martin. The additional stock, purchased for $4.50 a share, or $63 million, increased Simmons' holdings to 30.57 million shares, or 51.

A group waging a proxy fight for control of Lockheed Corp. on Thursday asked the directors of the aerospace firm to consider a proposal to eliminate "golden parachute" severance pay for Lockheed executives. The group, led by Texas financier Harold C. Simmons, asked Lockheed Chairman Daniel M. Tellep to present the proposal to shareholders at the company's March 29 annual meeting.

In a second effort designed to show disinterest in a payoff from Lockheed, the aerospace firm's largest shareholder said Wednesday that it will drop a plan that would restrict the payment of "greenmail" in favor of a broader proposal that would prohibit the practice. The plan for the new proposal was advanced by J. Landis Martin, president of NL Industries, a Houston-based firm headed by Texas financier Harold C. Simmons.

Dallas investor Harold C. Simmons acquired control of NL Industries on Friday by raising his stake to 51.1% of the company's common stock, Simmons' lawyer said. Simmons lifted his interest in the chemicals and energy services company from 27.7% by purchasing 14 million additional common shares of NL in the open market, said his lawyer, J. Landis Martin. The additional stock, purchased for $4.50 a share, or $63 million, increased Simmons' holdings to 30.57 million shares, or 51.

Lockheed Corp. has decided not to allow Texas investor Harold C. Simmons to appeal in person to the company's board for elimination of Lockheed's "poison pill" anti-takeover provision, it became known Tuesday. Simmons has stepped up his opposition to Lockheed's poison pill since shareholders voted at the March 29 annual meeting in favor of a non-binding proposal calling for its elimination.