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Page 12/The Battalion/Wednesday, August 27, 1986
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THE
TTGIJX/^l) 1800 D Texas Ave. South
College Station, Tx.
764-0549
Pickens forms lobby group
for stockholders’ interests
WASHINGTON (AP) — T.
Boone Pickens Jr., the Texas oilman
and takeover artist, launched a new
attack Tuesday against U.S. compa
nies in general for what he sees as
their effort to weaken stockholders’
rights.
Pickens, acting in the name of the
47 million Americans who own
stock, unveiled a lobbying organiza
tion called the United Shareholders
Association, whose principal aim is
to curb the rush by many companies
to adopt anti-takeover measures.
Those measures, Pickens asserted,
strip stockholders of the right to in
fluence corporate affairs as should
be inherent in their investment.
“Stockholders have had their
rights taken away in wholesale
amounts recently,” and together
“are the most under-represented
group in Washington,” Pickens said
at a news conference.
United Shareholders’ goal, he
said, is to represent holders and to
establish to companies, Congress,
the Securities and Exchange Com
mission and others that “stockhold
ers own companies and managers
are employees.”
He said the organization’s initial
budget will be $ 1.3 million, which he
would put up himself if need be, but
he anticipated support from others.
Pickens, 58, is general partner of
Amarillo-based Mesa Limited Part
nership, an energy concern that is
the successor to Mesa Petroleum
Co., which he founded.
In the early 1980s, he became re
nowned for his attempts to acquire
such oil giants as Gulf Oil Corp. and
Phillips Petroleum Co. Although his
bids were unsuccessful, they none-
“Stockholders have had
their rights taken away in
wholesale amounts re
cently. ”
— T. Boone Pickens, gen
eral partner of Mesa Lim
ited Partnership.
*
theless often produced sizable prof
its for Pickens, his investors and, in
many cases, the shareholders of the
target companies.
Pickens also has long been a self-
proclaimed champion of sharehold
ers’ rights, and he had hinted for
several months that lie would form a
shareholders’ lobbying group.
That promptly led to suggestions
that Pickens’ main interest in curb
ing anti-takeover practices on behalf
of stockholders was to promote his
own takeover efforts.
Pickens denied such speculation.
“It is not an organization to further
my efforts,” he said. “I’m not an
gling toward more corporate merg
ers. I see no conflict between the
United Shareholders Association
and what Boone Pickens does in his
business life.”
Pickens also said that currently, he
did not expect the group to launch
proxy fights against specific compa
nies, nor to seek legislation that
would outlaw certain corporate
practices. But he said both steps
would remain possible options for
the future.
It was the daring raids on compa
nies by Pickens and other financiers
that led hundreds of compa:
adopt various takeover defem
Companies defend the mi
as necessary for them to full
fiduciary responsibilities to
stockholders’ interests. Thect
nies usually point out thattlit
will not prevent any takeoven
are meant to protect holdersaj
company in general from
quate or coercive takeover atit
by parties simply anxious to
quick profit.
Pickens, however, maintainr
a stockholders’ opportunityti
a bidder, especially for a pi
over current market prices,
not he blocked because manajr
finds a way to deter the offer
even reaching the stockholder I
He also complained that dies ■
measures that deter takeovers! i
entrench management,indui:; |
ept management, makingitdfi 1
f or stockholders to obtain nev( |
ership.
“Executives and managersa
longer accountable,” he said,
There are two areas of pam
interest to Pickens’group.
Eirst, lie thinks shared:
should be able to vote withal
ballot.
The second area of key inlet!
Pickens is the issuing of duald
of common stock with unegui
ing l ights. In the past twoi
some companies have issuedse
classes of common stock with!
rior voting rights to the on
class.
Te:
iopi
New NBC chairman appointed
NEW YORK (AP) — Robert C.
Wright, appointed Tuesday as
NBC’s new chief executive officer,
says he will run the network the
same way he would run the New
York Mets. He plans no quick
changes in a winning lineup, but he
is under orders to stretch the net
work’s lead.
John F. Welch Jr., chairman and
chief executive officer of General
Electric Co., made the long-antic
ipated announcement that Wright,
who has been with GE since 1969,
would succeed Grant Tinker as chief
executive officer at NBC effective
Monday.
GE acquired the top-rated net
work as part of its $6.4 billion take
over of the RCA Corp. earlier this
year.
“This network is on a roll,” said
Welch, who was flanked by Tinker
and Wright at the news conference
on Phil Donahue’s set at NBC head
quarters. “We have a lot of money at
General Electric. It would be crazy
for us now not to pound home that
leverage to widen the gap between
us and the other players.”
Tinker, Wright and Welch por
trayed the start of the CE era at
NBC as a happy marriage, with
Tinker being the only key executive
to leave the network. Wright said he
anticipated no changes in manage
ment and would bring no one from
CE with him.
Responding to reports that GE in
tends to cut costs at the network,
Wright said, “I don’t come with any
preconceived notions on production
costs as being too high or too low or
whatever.”
Tinker said NBC began a study of
its costs and operations before the
GE acquisition.
“We’re getting to an end place
where some judgments will have to
be made,” Tinker said. “I’m not an
nouncing anything or even forecast
ing anything. It may be that we’re
doing everything as we should be
doing.”
Welch assumes Tinker’s old title
as chairman of NBC, while Wright
was named president andchielj
utive officer of the network T:|
tie of president had been vJ
since Robert Mulhollandresieiil
“The details of my piano
li n mill.tu-d gi .ulualK and cart I
and with every possible piece oil
vice I can extract from Gramf
the team that is in place at V:
Wright said. “My strategy
similar to one I would use if 1«
taking over the New York Mets J
baseball team that holds a whop;
lead in the Eastern division oi|
National League.
W'right, 43, has been presj
and chief executive officer ofGl|
nancial Services, Inc., since
Earlier he was vice presidents
general manger of the Housed
and Audio Electronic Division if
general manager of the Plastics j
Organization.
In 1979 he became president!
Cox Cable Communications b:l
Atlanta when GE attempted :j
cessfully to acquire thecompanv
Busy writer has 2 scenic retreats
TANNERSVILLE, Pa. (AP) —Ju
dith Keith has two scenic retreats,
one for creative writing and one for
publishing books.
Although it looks like the perfect
place for the muses to alight, her
cabin alongside a babbling brook in
the Poconos is not where she wrote
her first novel, the recently pub
lished “Choices.”
Keith, who 27 years ago created a
one-woman lecture show, “I Haven’t
a Thing to Wear,” finds that the
quiet of her little house on Biscayne
Bay in Florida is more conducive to
literary activity.
In her lovely rustic cabin in Tan-
nersville, she conducts the busy busi
ness of her Tandem Press and ar
ranges her packed schedule of
appearances on the lecture circuit
across the country.
In 1965, Keith discovered Camel-
back in the Poconos, where she and
her three children found the skiing
much to their liking. At the time she
was living in Philadelphia.
. Camelback soon afterward discov
ered Keith, and for the past 13 years
she has been on the staff of the Caip-
elback Ski School.
A health and sports enthusiast,
she also enjoys cycling, tennis, ca
noeing, swimming and back country
hiking with her two grown sons and
her college-age daughter.
In 1968, Keith published the orig
inal text of her snow, “I Haven’t a
Thing to Wear,” and in 1980, for its
fifth edition, she totally rewrote the
text and it was published in paper
back. It has been adopted as a text in
the Chicago high schools.
The funny one-woman show,
done with hats and scarves and last
ing about an hour and a half, has
been presented before many (
vention and school groups
Keith is the publisher oftltj
claimed ABC’s of Black HisW 1 !
multimedia educational pn.rj
with music by Lionel Hamptonf
music has won the ASCAP.q
five times; the program is inii«|
schools throughout the D|
States.
When Keith first decided i
part of the time in the Poconoj
rented a place for six yearso
same Camelback road on whit
cabin is located.
“It’s so pretty here thaflfc]
hard to concentrate on writ!
Keith said during an intervifl
Tannersville. She has already'
ten 100 pages of another t|
which she said would be to
ferent from “Choices.”
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