Word: ling
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Dates: during 1970-1979
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...midst of financial crisis, top executives are often forced to walk the plank. Stuart T. Saunders was ousted as boss of Penn Central. Bernard Cornfeld was pushed out of his I.O.S. mutual-fund complex. The latest to go is James J. Ling, who built Ling-Temco-Vought into a conglomerate with sales last year of $3.75 billion...
...months ago, bankers for the impecunious company demanded that Ling be dumped as chairman and chief executive. In a face-saving gesture, he was permitted to remain as president. Now, after unsuccessfully maneuvering to regain power, Ling has agreed to step down to vice chairman, and he admits "I am no longer to be an active participant in the management of the company." Ling still owns $6,000,000 worth of LTV stock, but all of it is pledged to banks against loans. His $2.5 million house, a smaller Versailles set in Dallas, is reportedly for sale...
Making Waves in Acapulco. Troy V. Post, the Dallas insurance millionaire and longtime patron of Ling's, also resigned as vice chairman and chairman of the executive committee in order to devote more time to his investments. Besides his LTV holdings. Post is worried about an Acapulco resort project, which Cornfeld's I.O.S. reportedly backed out of financing...
Robert H. Stewart III, who had pressed for Ling's removal in May and replaced him as chief executive, also quit. Stewart had plainly been an interim choice though it was not anticipated he would step down so soon. His departure was hastened when the board of the First National Bank in Dallas, of which he is chairman, became nervous that his association with troubled LTV could damage the bank. During his short tenure, Stewart managed to repay $35 million of LTV's $110 million short-term debt and renew all of its subsidiaries' lines of bank...
...million of the debt "in the near future." The money will come from the sale of Wilson Sporting Goods, which was disposed of in February. Discussions have also been going on with several possible purchasers of Braniff Airways and Okonite Co., two sizable pieces of LTV that Ling agreed to sell in return for the Justice Department's withdrawal of its J & L antitrust suit. Those sales could be held up, however, by Federal Judge Louis Rosenberg, who will begin hearings next week in Pittsburgh to satisfy himself that the settlement will be in the public interest...