Annual meeting gadfly and professional stockholder Evelyn Y. Davis has reached "an amicable out of court settlement" with Eastern Air lines, Inc., related to an alteration at the airline company's annual meeting last spring.
At the same time, Davis revealed for the first time the extent of her private investment, which she said are in excess of a quarter of a million dollars, primarily in corporate stocks and municipal bonds.
Davis was injured at Eastern's annual meeting in New York on April 26, when an unidentified man lunged at her. She was taken to a hospital for stitches and later showed up at the New York Times Co. annual meeting, with blood stains on her dress.
While she filed no formal legal complaint. Eastern obviously was concerned. Chairman Frank Borman sent her roses with a message of apology and Davis filed a "claim" for medical costs, "pain and suffering" and damaged clothing. The airline subsequently settled with Davis for between $7,000 and $10,000.
Davis said, in an interview, that she would have filed a lawsuit if Eastern had not agreed to a settlement that "did not amount to a lot . . . a drop in the bucket . . . if it had been $100,000, it would be something to brag about." Spokesmen for Eastern in Miami said the claim was covered by insurance.
Even though the settlement may not have meant much money for Davis she said it set a precedent, in putting corporations on guard that stockholders attending annual meetings should be protected.
Davis said she owns stock worth more than $100,000 in 127 corporations plus municipal bonds worth more than $100,000. In addition, she owns government securities certificates of deposit and savings funds. Davis said she doesn't "owe a cent" and already has invested proceeds from the Eastern settlement in AAA-rated South Carolina bonds.
In terms of dollar value lst Jan. 1, the biggest Davis investments include 12 shares of International Business Machines ($3,200), 215 shates of National Aviation ($3,200), 60 snares of McDonald's ($3,200), 74 shares of American Broadcasting (3,000). 90 shares of Pitzer ($3,000) and 50 shares of Nerox ($3,000).
Davis declined to reveal how many subscribers she has for her periodical, Highlights and Lowlights.
In an edition now being distributed, Davis said she will continue to wage her campaign against the scheduling of important corporate stockholder meetings on the same days.
The issue also details the legal fees of major corporations, which often are revealed publicly in response to her questioning. For example, the Travelers Insurance Co., spent $43.8 million and General Motors, $25 million, last year for services of lawyers.