Lehman Brothers Collection - Contemporary Business Archives

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Lehman Brothers Collection

Twentieth-Century Business Archives

American Machine & Foundry Company Deal - Lehman Brothers Collection

American Machine & Foundry Company

Company Deal80,000 shares 3.90% cumulative preferred stock
Transaction TypeCumulative Preferred Stock
Deal DescriptionAmerican Machine & Foundry Company expected to use the proceeds of this deal for the introduction, production, and distribution of the company's new product, the AMF Automatic Pinspotter. The Pinspotter was a machine designed to mechanize the return of the ball and the spotting of the pins in the game of ten-pin bowling. The machine, in a consistent cycle, swept fallen pins from the alley and reset any necessary pins upright. Furthermore, the machine detected strikes and fouls and reset pins in accordance with standard bowling practices. At the time of the Pinspotter's creation, there were approximately 18,800 ten-pin bowling leagues across the country, and approximately 7,200 ten-pin recreation centers. The shares were redeemable at any time upon at least thirty days notice.
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