Lockheed Rebuffs Simmons: Lockheed rejected Texas investor...
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Lockheed Rebuffs Simmons: Lockheed rejected Texas investor Harold C. Simmons’ proposal that he obtain three seats on the company board in exchange for pledging not to conduct a second proxy battle. Lockheed Chairman Daniel M. Tellep said the Simmons group is “interested only in promoting its own interests at the expense of other shareholders.” Tellep’s rejection was made in a letter to Landis Martin, president of NL Industries, the Simmons-controlled firm that owns 19.8% of Lockheed. Martin took strong exception to Tellep’s remarks.
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