June 8, 1986
The May 18 article on the one share, one vote situation in corporate America ("Assault on Principle of One Share, One Vote Stirs Growing Concern") was interesting. However, it also would be interesting to know how many of the "lesser" stockholders, those who own 100, 500 or 1,000 shares of a corporation, actually read the proxy statement or even check off any of the boxes on the proxy form. My father was a partner in a national brokerage firm before and during the Depression, and I was brought up not only to read the annual report (at least to some extent)
April 16, 1986 |
Zoltan Merszei, one of several executives once thought to be the successor to Occidental Petroleum Chairman Armand Hammer, 87, resigned as vice chairman to "pursue private interests," the company said Tuesday. Merszei, 62, one-time chairman and chief executive of Dow Chemical, was named president and vice chairman of the Los Angeles-based oil company in 1979 but was removed from the presidency in 1980. The current president, Ray R. Irani, 51, is the fourth since 1979.
March 28, 1986
Financially ailing American Motors made the payment to W. Paul Tippett as part of his agreement to leave the fourth-largest U.S. auto firm, the company said. The compensation package, disclosed in AMC's proxy statement sent to shareholders in advance of its annual meeting, also said that Tippett would be paid 50% of his monthly base salary at the time of his termination for the rest of his life. AMC is controlled by the Renault of France.
February 7, 1986
MGM/UA Entertainment picked March 3 as the latest date for a special stockholders meeting to approve the $1.25-billion acquisition of the company by Turner Broadcasting System. The date was shown on a proposed proxy statement filed with the Securities and Exchange Commission. Sources said the proxy would be mailed this weekend if, as expected, it is cleared by the SEC in time.
January 14, 1986 |
RCA Chief Executive Robert R. Frederick, who will lose his top post in the planned merger of the company with General Electric, initially voted against negotiations with GE and has signed a severance contract with RCA that is worth about $2.3 million, an RCA proxy statement disclosed Monday. The document shows that, at a board meeting Dec. 8--three days before tentative approval of the $6.28-billion deal--Frederick alone voted against the nine other directors who wanted to pursue negotiations.
September 4, 1985 |
Stockholders of Bibb Co. will vote Sept. 23 whether to accept a $25-per-share leveraged buy-out offer from National Textile Co. According to a proxy statement mailed this week to Bibb Co.'s 2,500 stockholders, National Textile hopes to purchase the Macon-based Bibb Co. and convert the publicly held company into a privately held firm. Leveraged buy-outs are typically financed with borrowed funds to be repaid from future earnings or sale of assets. Bibb officials said the company has 1.
July 2, 1985 |
American Lawyer magazine, which last year captured a behind-the-scenes look at San Diego attorneys scrambling for the legal action from the J. David & Co. fallout, on Wednesday publishes an analysis of the internal machinations and controversies of Rogers & Wells, J. David's main outside law firm. The article examines events in late 1982 and early 1983, when Rogers & Wells attorneys began advising J.
April 24, 1985
The firm said the special meeting, originally scheduled for April 23, will take place in May. The company also said the drafting of a proxy statement is being completed, and its mailing to stockholders and other interested parties is expected shortly. The statement relates to the firm's previously reported definitive agreement with California Home Brands, a new company formed by New York-based Hermes, and California Home Brands Holdings for the sale of C H B Foods for $16 a share, or about $60.
April 20, 1985 |
Golden Nugget opened a court battle Friday to force Hilton Hotels to inform its stockholders properly about the purpose of anti-takeover proposals set for a vote at its May 6 annual meeting, as well as about its trouble with New Jersey casino regulators. A suit filed in U.S.
April 17, 1985 |
Beverly Hills Savings & Loan Assn., which was taken over last year in a bitter proxy fight, disclosed Tuesday that it is facing a $100-million loss for 1984, most of which it attributed to write-offs on real estate loans. The loss would result in an estimated negative net worth of about $65 million, it said, meaning that its liabilities would exceed its assets by about that amount. According to interim figures as of March 31, Beverly Hills S&L had assets of about $2.