MANAGEMENT: Model X

Ailing Studebaker-Packard announced last week that it was ready for a new try at the auto market with a new car, new financing and new blood. As expected, the new blood was supplied by Abraham M. Sonnabend, an expert at blending tax-loss carry-overs with profits (TIME, Aug. 18), who will now pick up moneymaking acquisitions to balance S.-P.'s $135 million tax carryover. The refinancing comes from 23 banks and insurance companies, which take over S.-P.'s $54.7 million debt in return for $16.5 million in 15-year-notes, and 165,000 shares of convertible preferred stock....

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