Word: ling
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...used to shaping events often forget that events are fundamentally fickle. When their good fortune turns around, they cry foul. Few have cried louder than James J. Ling, the millionaire chief of what was once the nation's fastest-growing conglomerate, Ling-Temco-Vought Inc. In LTV's recently issued report for 1969, Ling declared: "Major negative perturbations in the overall economy have their in escapable effect on operational results of certain companies engaged in busi nesses which are directly affected...
Translation: Jim Ling was not at fault for LTV's net loss of $38 million. This week Ling will be saying much the same at the company's annual meeting in Dallas. Considering that LTV stock has plunged from $135 to $161 in the past 18 months and that dividends have been indefinitely suspended, the share holders may be hard to persuade...
Joining the Club. Bedeviled by interest charges that amount to more than $1,000,000 a week and by losses in major subsidiaries that continued through the first quarter, Ling now finds himself trying to explain a company that is so complicated that some of his own bankers admit they do not grasp it. For several weeks, Ling has also been trying to tell his story to a congressional committee that is investigating conglomerate mergers. When Representative Emanuel Celler charged that LTV's debts exceed its salable assets by $171 million, Ling replied that the consolidated balance sheet...
...expanded since 1957 from an obscure electrical contractor into a $3.75 billion-a-year corporation. Its takeover of Jones & Laughlin in 1968 was the largest conglomerate merger in history. After paying a very rich $85 a share -or a total $425 million for control of the company-Ling has seen his investment tumble by 59%. That Ling would now choose to get out of growth businesses and stay with a troubled company in a stagnant industry seems surprising. But LTV stands to collect some $17.5 million in dividends from J. & L. for last year, while Braniff paid only $5.1 million...
...effect, the Justice Department simply approved of what Ling was already trying to do. Financially hard-pressed, he put LTV's 55% holdings in Braniff on the block several months ago. Now the trustbusters have given him three years to sell out. The merger trend in the airline industry should make Braniff relatively easy to dispose of. Wall Streeters think that Pan American and Eastern are potential buyers. On the other hand, LTV's unsuccessful attempt in January to sell Braniff to Norton Simon Inc. may indicate a desire to find a buyer outside the airline industry...