Word: laughlin
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Dates: during 1970-1979
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...Squeeze Worsens. Jim Ling, to be sure, has been gambling on vast success−or flamboyant failure−ever since 1946, when he began building a tiny electrical-contracting business into a huge conglomerate. He took his greatest risk in 1968 with the purchase of Jones & Laughlin Steel Corp., the sixth largest steel producer in the U.S. Using borrowed money, he paid too much for the company. He bought control for $85 a share, and since then J & L stock has plummeted to $12.75. There was little that Ling could do to stop the slide. A federal antitrust suit barred...
...Ling's largest problem was his pur chase of Jones & Laughlin Steel Corp...
...wanted to join an exclusive club at almost any price, now says that "we wanted to show them it wasn't a raid or anything like that." The takeover financially extended LTV; then the company was hit with a federal antitrust suit, which locked Ling out of Jones & Laughlin's management. So far, LTV shows a paper loss of $125 million on its holdings...
...type of sewage plants that the Administration plans to construct is the type that fouls up the water with phosphates and nitrates. Meanwhile, the Administration, instead of fighting industrial polluters, gives them six months to prepare "plans" to lower pollution flow, even when one of the polluters, Jones and Laughlin Steel in Cleveland, continues to discharge cyanide, of all things, into the Cuyahoga River (which caught fire last spring). Yet the government refuses to raise the cost of polluting our rivers and streams...
Since Marriott took over operations in September. Harkness has been losing $20,000 a month. David L. Laughlin, cafeteria manager for Marriott, said that