Word: optionals
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...many an expert flatfooted. For example, when Pan American Airways Corp. planned new stock issues last December, it thought it safer and cheaper to make a deal with Floyd Odium's Atlas Corp. to buy any unsold stock, up to $25,000.000. For its financing, Atlas received an option on 500,000 shares of Pan Am at $18 (TIME, Dec. 18). Last week, Pan Am canceled the deal. Reason: Pan Am's stock was up to 28, higher than even Pan Am's smart Juan Trippe had expected. Atlas will buy 100,000 shares at $16, under...
...short, said Mr. Kaiser, prospective buyers should be required to guarantee a minimum number of postwar jobs, be responsible for the operating capital. But the plants should not be sold as soon as they are no longer needed for war; they should be leased first, with an option to buy, after the employment guarantees had been made good...
...another $8,000,000 set aside to pay. The balance is still big. But he warned Big Steel that he is in Western steelmaking to stay. As a matter of fact, said Henry Kaiser, his men are now inspecting Geneva. He may buy that, too; Big Steel has no option on the place...
Under the deal, Pan Am expects to split its 1,993,261 shares of common stock, two shares for one. Then, before June, it plans to offer stockholders the right to buy one share of stock near the market price for each two shares held, give them a warrant (option) to buy another share any time before...
...part, Odium will underwrite the sale of $25,000,000 worth of the new stock-i.e., Atlas will buy any stock, up to this sum, which Pan Am's stockholders do not. In return, Atlas gets an option at $18 on 500,000 shares, hopes the market price of Pan Am stock will rise before the end of December 1947. But Trippe, jealous of his tight control of Pan Am, has shrewdly specified that Atlas can hold permanently only 200,000 shares, must resell the rest. In all. Pan Am expects to need $100,000,000. But Trippe...