Word: cowett
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Dates: during 1970-1979
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...take over the company last month. An unspecified company officer borrowed $2,800,000. A total of $8,300,000 was extended to company executives for oil and gas ventures. It has been reported that the loans were cleared by I.O.S.'s former president, Edward Cowett, and that some of them went to his family trust...
I.O.S. president, Edward M. Cowett, also quit, though both he and Cornfeld remained as directors. The board picked a chairman, Sir Eric Wyndham White, who is the former head of the General Agreement on Tariffs and Trade (GATT), and a new president, Richard Hammerman, who is the head of the I.O.S. insurance operations and an increasingly powerful man. Their job was to make the best rescue deal possible...
...mutual funds. The moment that I.O.S. shares began to fall, rumor mills splattered speculative theories all over Western Europe. The British press printed gossip that I.O.S., short of cash, was unloading large blocks of its securities portfolio. Mass-circulation German dailies aired tales (equally untrue) that I.O.S. President Edward Cowett and Sales Chief Allen Cantor were attempting to force out Chairman Cornfeld...
...They said that I had died in a plane crash and that Bernie is dying of cancer in a Geneva hospital," complained Cowett. "Then all sorts of pressure factors came in: short positions, professional selling, margin calls which forced some of our own associates to sell...