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To Louis Wolfson it was a key round in his fight for control of Montgomery Ward & Co. The Illinois Supreme Court ruled in a suit filed by Wolfson that Ward's staggered-director system, by which only three of the nine directors were elected each year, is unconstitutional. Thus the highest court in the state of Illinois upheld a lower court decision (TIME, Feb. 14) that all nine Ward directors must be elected each year, and wrecked Chairman Sewell Avery's built-in majority (i.e., six directors with unexpired terms) on the company's board of directors. The staggered-director system...
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