Word: optionals
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Producer Stanley Kramer attempted the almost impossible. Four studios had dropped option on the bestselling novel before Kramer picked it up, mainly because the U.S. Navy had refused approval of the picture. In return for the Navy's cooperation (Says Kramer: "I was practically in command of Pearl Harbor for five weeks"), the moviemakers had to endure some niggling at minor points. In the outcome, even the detailed 'tween-decks griping of Herman Wouk's novel has been effectively realigned into a proper topside salute to all things Navy...
...After negotiations in London (TiME, June 7), Capital Airlines President J. H. ("Slim") Carmichael, 47, flew back to the U.S. with the news that he was buying a whole fleet of British turboprop transports, expects to start operating them by next April. He bought three Vickers Viscounts, has an option on 37 more, to replace most of his Constellations, DC-3s and DC-4s. Total price: $45 million...
...entire $20 million needed to buy 800,000 shares of Central stock from the Chesapeake & Ohio Railway, which until February was controlled by Young. They got more than half the money from Young's own Alleghany Corp. and his business associate, Allan Kirby. With it, they got an option to sell 50% of the stock back to Alleghany at the $25 price they paid (current market value: about...
...commissions henceforth would go to 1) engineering students, 2) those cadets qualified and willing to undergo flight training and three years' active duty. (Many cadets were reluctant to fly.) Result: nearly 5,000 of this year's 13,000 graduates will get no commissions, instead have the option of enlisting in the Air Force for two years or waiting for the draft...
...that the ICC has not officially recognized that Alleghany has divorced itself from the C. & O. But the net result of the deal was that Millionaires Murchison and Richardson are now in a position to make millions without taking a penny out of their own pockets. With the option of selling back the stock in six months at $25 a share (the price they paid for it), they cannot lose if it goes down, will get the profits if it goes up. Thus, Alleghany takes all the risk and none of the profits, unless the two shrewd Texans voluntarily...