Word: raider
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Died. Edward Ratcliffe Garth Russell Evans, Admiral Lord Mountevans, 75, British Royal Navy hero, whose exploits dot the high seas from England to China, author of sea-adventure stories (Pirate's Doom); in Golaa, Norway. Evans commanded the famed destroyer Broke (in 1917), which torpedoed one German raider, rammed a second and vanquished its cutlass-armed boarding party in old-fashioned hand-to-hand combat...
...fight to control Fairbanks, Morse & Co., Raider Leopold Silberstein ran up the white flag. He seemed to have little choice, even though he claimed to have bought enough stock (50.4%) to control the company. The trouble was that he had overextended himself to do so. He had tied up nearly 30% of the assets of his Penn-Texas Corp. in Fairbanks, Morse stock, and still owed $12 million, much of it payable in the next few months. So Fairbanks, Morse President Robert H. Morse Jr. played a delaying game. He won a court injunction barring Silberstein from voting his stock...
...Raider Louis Wolfson, who temporarily retired from the public eye after his unsuccessful attempt to gain control of giant Montgomery Ward (TIME, Oct. 8), was on the prowl again last week. He was casting a covetous eye on ailing American Motors Corp. ($2,994,613 loss in first quarter of fiscal 1957). Wolfson announced that he and his family have increased their holdings in the company by 110,000 shares to 350,000, giving him the largest single block, though only 6%, of the 5,670,430 shares outstanding...
...most Arab lands of the Middle East, young army officers with revolutionary social ideas and anti-Western feelings may be riding high. But they have yet to unseat Iraq's tough Strongman Nuri es-Said, 68, the coolheaded camelback raider of Lawrence of Arabia's World War I anti-Turk desert revolt, who boasts: "I was risking my life for the Cause of Arab independence before Nasser was out of his swaddling clothes...
...prime example of how a raider loots a company was spread on the record in the U.S. District Court in St. Louis last week. The raider: Sydney Albert, 49, who in the past two years, through a jumble of fantastic stock swaps, stitched together 70 companies into the Bellanca Corp., then saw most of it crash last June (TIME, June 25). The victim: St.Louis' venerable N. O. Nelson Co., a large plumbing-supply house. Only last autumn Nelson had twelve-month earnings of some $200,000, plus $500,000 in cash surplus, more than $2,000,000 in accounts...