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Article: Western Union faces crucial vote
- Article from:
- Chicago Sun-Times
- Article date:
- October 5, 1987
CopyrightCopyright (null) Chicago Sun-Times. (Hide copyright information)
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NEWARK, N.J. Western Union Corp., the 136-year-old company that
united the nation with telegraph wires, is fighting for survival.
After the failure of a series of rescue plans, Western Union's
last hope appears to be a proposal by New York investor Bennett S.
LeBow, whose specialty is investing in troubled companies.
If the proposal fails, the nation's oldest telecommunications
company says it may have to seek protection from creditors in
bankruptcy court.
The plan, detailed in a 1 1/4-inch-thick document filed with the
Securities and Exchange Commission, involves a complex set of
mutually dependent transactions.
The first hurdle is an Oct. 30 meeting at which shareholders of
the ...