CORPORATIONS: Hughes Upsets the Market

For the stockholders of his RKO Pictures Corp., Croesus-rich Howard Hughes this week had a mouth-watering surprise. Hughes, who has been trying to sell out his interest, this time offered to buy all the company's assets for $23,489,478. The cash would be used to pay stockholders $6 a share for the stock, which closed last week at 2⅞. His conditions: directors must approve the offer by Feb. 15, and a majority of stockholders other than himself must approve by March 30. Explained he: "I have been sued by certain . . . stockholders and...

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