American Broadcasting Company which were related to advertising and were indexed compared to the number of listeners/viewers, failed to compensate for its heavy investments in purchasing and building stations. In 1951, a rumor even mentioned that the network would be sold to CBS. In 1951, Noble held a 58% ownership stake in ABC, giving him $5 million with which to prevent ABC from going bankrupt; as banks refused further credit, that amount was obtained through a loan from the Prudential Insurance Company of America. Leonard Goldenson, the president of UPT (which sought to diversify itself at the time), approached Noble in 1951 on
Edward J. Phelan Edward J. Phelan Edward Joseph Phelan (July 25, 1888 – September 15, 1967), frequently E. J. Phelan, was the first appointed international civil servant and fourth Director-General of the International Labour Office, serving from 1941 to 1948, during most of which time the ILO was temporarily relocated to Montréal from Geneva. Phelan was the principal author of the Declaration of Philadelphia. Edward Phelan was born in Tramore, County Waterford, on the south coast of Ireland. His father, Thomas, who came from nearby Cheekpoint was a ship's captain, as was his grandfather. When he was seven years of age his father