Word: patterson
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...WORLDS OF CHIPPY PATTERSON (31 I pp.)-Arfhur H. Lewis-Harcourt, Brace...
...settled: Heavyweight Boxing Champion Floyd Patterson would fight Swedish Challenger Ingemar Johansson in a third bout for the title. Date: Nov. 1. Place: Los Angeles. But last week, the man who counts most threw a haymaker at the plan. Said Champion Patterson: "I might fight Johansson before Nov. 1 or after Nov. 1, but I'll not fight him on Nov. 1." Why was he so sore? Well, for one thing, Patterson first heard the news from a gas station attendant, who heard it on the radio. Then there were the promoters, Feature Sports, Inc. and their counsel. Lawyer...
Under the terms hammered out by United Air Lines President William A. ("Pat") Patterson with Capital Chairman Thomas D. Neelands Jr., Capital stockholders will receive one share of United common stock for every seven shares of Capital common, plus an option to purchase an additional i^ shares of United common at $40 per share within the next five years. All in all, since Capital seemed to be jet-propelled towards bankruptcy over its $33.8 million debt to Britain's Vickers-Armstrong Ltd. (TIME, April 25), the terms seemed generous. Said Pat Patterson: "I suppose we could have done better...
More to Munch On. What intrigued the aviation industry was why the nation's healthiest airline (United is one of the most efficient in the business) was willing to take over the sickest. Patterson inherits from Capital the two problems that brought it low: the debt to Vickers, and an inefficient route structure. Patter son intends to clear up both problems. He has already got Vickers' agreement to take back 15 turboprop Viscounts bought on credit by Capital, and to accept United common stock as full payment on Capital's debt. Vickers may lose as much...
...Patterson and Neelands-a former Capital board member who returned to duty last May only to shore up the failing line and make it attractive enough to invite a buyer-have already put their plans before the CAB. Stockholders in both companies, and the CAB itself, must approve the merger before it can go into effect. The CAB is partly to blame for Capital's troubles for allowing it to overextend itself. Hitherto, the CAB has followed a resolute policy of encouraging competition, discouraging mergers. If it reverses its position and okays the United-Capital plan-as most industry...