Word: optional
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Dates: during 1940-1949
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Last month, rather than risk complete collapse, Erleigh gave up. He invited his old partner, conservative Bob Hersov, to take over New Union with the option to buy part of its best properties. Hersov accepted. In order to get a moratorium from New Union's creditors, he threw the company into "judicial management." By taking over New Union, Hersov gave U.S. financiers a major beachhead in South Africa through a comparatively new company, American Anglo-Transvaal Corp. (TIME...
Outlanders In. Formed by New York's Ladenburg Thalmann & Co., and Lazard Frères & Co. (Phelps Dodge's Louis Gates, and David Rockefeller, youngest son of John D. Rockefeller Jr., came in later), American Anglo had an option to buy a one-third interest in any projects launched by able Bob Hersov. The Americans had put up $5,000,000, had agreed to ante up more as the need arose...
...these men cannot be transferred bodily from the Union, and the former group (whose number hovers somewhere over the three hundred mark) could quite easily be absorbed in House dining halls. Splitting the entire number into seven segments of less than fifty men, and giving each cluster the option of taking meals in one particular House would hardly be a burden to dining halls where the very lines themselves disappear for minutes at a time...
This does not mean that there will be no House social activities on those two weekends, however, the committee stated, but rather that these dates will be left free for closed dances and other affairs at the option of the individual Houses...
...Star off the nervous hands of a baker's dozen of local businessmen stockholders. But after a close look at Publisher Howard Parish's records he backed away; they showed that the Star was losing over $700 a day. Stern had planned to take over the option of Sheldon Sackett, an over-extended Northwest press lord. On July 31 the option lapsed, but Stern kept on dickering...