Word: lings
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Forced to choose, James J. Ling decided last week that he would rather be in the steel business than in airlines and cable manufacturing. At the same time that he reported a 90% plunge in last year's operating profits of Ling-Temco-Vought, his once high-flying conglomerate, Jim Ling moved to settle a federal antitrust suit arising from his corporate acquisition of Jones & Laughlin Steel Corp. In order to hold onto the nation's seventh largest steelmaker, LTV will have to sell its controlling interests in Braniff Airways and Okonite Co. LTV also agreed in principle...
...When Ling-Temco-Vought took over Chicago's Wilson & Co. in 1967, James J. Ling showed the finesse of a butcher slicing a juicy porterhouse. He carved the company into three parts-meat packing, sporting goods and drugs-and sold pieces of each part to the public. The three parts, and their stocks, were quickly nicknamed "meatball," "golf ball" and "goofball." Now Ling is cutting his meatball into hamburger. Five companies will be chopped out of Wilson's meat operations: Wilson Certified Foods, Wilson Beef & Lamb, Wilson Laurel Farms, Wilson-Sinclair and Wilson Agri-Business Enterprises...
Until this week, Wilson meat stockholders could either retain their shares in the parent company or exchange them for a complex package of cash and stock in each of the first four new companies; the fifth will be wholly owned by Wilson & Co. If shareholders accept this offer. Jim Ling will have control of all the new companies. He will also increase his holdings in the parent Wilson company from...
...split-up is supposed to provide "flexibility for growth," but, most important, it will provide financially pressed Jim Ling with another means of raising cash. Ling, who needs millions this year to pay off loans and to service his debt, can sell off or borrow against the subdivided parts of Wilson meat more easily than the whole company. He may well be in a selling mood at a time when LTV stock is down to only 40% of its price two years ago and other LTV holdings are also depressed. Until recently, LTV officials had been negotiating to sell...
ACROSS the street, Rogers Harvard Square will give you $10 off a skirt made out of rabbit fur. Next door, at Estabrook and Co., the stockbrokers, they're featuring American Telephone and Telegraph at around $50. Ling-Tempco-Vought is reduced to $27 from a high of $97 in 1969, and Pan American World Airways has been cut from $31 to $14. Settebello next door has more dresses and shoes and such at around 30 per cent...