Word: bonbrights
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...Competitive bidding, an issue in the case only if Morgan Stanley and its syndicate partner, Bonbright & Co., were found to be "affiliates" of C. & S. ("standing in such relation [to C. & S.] that there is liable to be an absence of arms' length bargaining"). The Commission chairman, Majority Spokesman Jerome Frank made clear the irrelevance of competitive bidding "since there is concededly no rule row in effect which requires such bidding." To speed matters up, Morgan Stanley and Bonbright agreed to "impound" their cut of the proposed $28,594,000 bond issue, do all their work for glory alone...
...Underwriter's cut on the bonds amounting to a two-point spread including a 3/8 of a point managers' fee for Morgan Stanley and Bonbright. The Commission conceded that it had previously sanctioned such spreads and fees in other deals. Moreover, the Commission made a point of asking Interveners Otis and Halsey Stuart, who tried to crash the syndicate gate (TIME, Dec. 11), if they would have offered Consumers a better bid. But investment banking's No. 1 "outsiders" refused to get down to brass tacks, simply repeated that they wanted competitive bidding. Decision...
August Belmont, 30, grave, highbrowed great-grandson of his namesake who came to the U. S. in 1837 as the Rothschilds' first American representative, was elected director and vice president of Bonbright & Co., investment banking firm. Since graduating from Harvard in 1931, Belmont passed through a Bonbright ap prenticeship in the firm's bond buying department...
...stock issue, he had also proposed that he and associates (including big Halsey Stuart & Co.) be allowed to bid on Consumers' $28,500,000 bond issue. Foe of competitive bidding, Wendell Willkie had already arranged to have the issue handled by conservative Morgan Stanley & Co., Inc. and Bonbright & Co., Inc., who step out one door when competitive bidders step in at another, holding that both investor and issuer are best served by honest, astute, noncompetitive handling. Since the Consumers Power stock issue is small potatoes to any underwriter, there was a shrewd suspicion that Mr. Eaton was really aiming...
...shares of Niagara Hudson common. By an exchange of stock, United became the largest stockholder of Niagara Hudson and Mr. Carlisle's St. Regis Paper Co. became the largest stockholder in United-owning 2,170,666 shares (15%) against 1,670,000 shares owned by the Morgan-Bonbright interests...