CORPORATIONS: Failure of Revenge

When Robert R. Young was battling his way to control of the New York Central, one of his aides was Randolph Phillips, onetime New York newspaper financial writer. After Young won in 1954, he and Phillips fell out (TIME, Dec. 26, 1955) because, according to Young, Phillips failed to get the top Central job he expected. Phillips set about getting revenge. Though a battery of high-priced Central lawyers had never laid a legal glove on Young, Phillips soon had Young hanging on the ropes.

As a starter, Phillips blocked Young and other stockholders in his Alleghany Corp. from exchanging $40...

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