CORPORATIONS: White Flag

In his 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...

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