Word: buckleys
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Dates: during 1980-1989
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...most illustrious Buckleys were not named in the 43-page civil complaint. William F. Buckley Jr., 55, while profiting as a shareholder in the family enterprises, was not an officer of any of the involved corporations. The erudite TV interviewer, columnist and editor of the National Review had been accused of civil fraud by the SEC in a wholly separate action in 1979 and, without conceding any culpability, had agreed not to act as an officer or director of any public corporation for five years. Also unnamed was James Buckley, 58, the former New York Senator, now Under Secretary...
...relatively unknown John Buckley, 61, the eldest brother of William and James, is one of three Buckley business associates cited in the complaint. John has devoted his career to carrying on the enterprises that grew out of the lucrative Venezuelan oil ventures of the family patriarch, William Sr., who died in 1958. Also cited by the SEC were Benjamin Heath, 67, widower of one of the elder Buckley's daughters, and C. Dean Reasoner, a Washington lawyer who had long helped manage the Buckley businesses...
...time that Catawba officers and staff had spent on Catawba's financial transactions rather than on managing the other companies. Moreover, said the SEC, another $570,000 in such fees was spent on the upkeep of Great Elm, the 46-acre estate in Sharon, Conn., where the Buckley children grew up. Another $500 a month in fees was spent to help support a family member living in Texas...
...cited numerous examples of alleged deception of public shareholders. It noted that United Canso Oil & Gas Ltd., which was controlled by the Buckley family, in 1971 acquired a 20% interest in a license to explore for oil and gas in the British North Sea. The Canso board sold its share in 1975 for $50 million plus $7 million in previous expenses. Canso's board then appointed two of its directors to make an "independent" study of what Canso owed Catawba in royalties on the oil It would have produced if It had not sold its rights. The two directors...
...James Buckley tried to isolate himself from the family business by placing his holdings in a "blind trust" while a Senator from 1971 to 1976 and again when he joined the Reagan Administration. Yet until recently one trustee was Reasoner, a Catawba adviser. Buckley has since shifted the trust to independent managers. John Buckley, as well as Reasoner, is banned under the consent decree from continuing to hold any office in Catawba...