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Andrew HeiskellAndrew Heiskell
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Session:         Page of 824

Heiskell:

I'm sorry, I'm sorry. You're right. Luce's death was 1967 and Temple was 1969?

Q:

Wait a minute--

Heiskell:

1970. About 1970.

Q:

Yes.

Heiskell:

With Luce's death, there was some further erosion of management control. Of course, Roy also felt that he couldn't keep all the stock that he had, and that he had to diversify.

Q:

Hold on one second.

[end of side one, tape one; beginning of side two]

Heiskell:

With Luce's death, there was some erosion of stock control. Then the money went into--much of his money went into the foundation; some went to his wife. Then when we bought Temple in 1973, the total Temple holdings spread among quite a few people: Temple Weber, the Keelors, the Founation, Temple's mother. Those holdings all put together amounted to about 15%. So they, in effect, were the biggest holders. But, as always happens, these holdings rarely remain intact, and with the passage of years some of the Temple holdings went into a foundation. Temple Weber died, and I suppose his holdings--and he was the biggest single one--were spread





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