Unocal Victory
Fred Hartley and his Unocal board of directors have won a great victory in defeating the takeover attempt of T. Boone Pickens.
The entrenched management, by repulsing Pickens, has achieved its goal of continuing salaries, perquisites and (I believe), most important, the continuance of authority.
To gain all this, all they had to do was wreck the capital structure of the company.
Congratulations, gentlemen.
JULES SEDER
Studio City
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