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CHRYSLER PROBLEMS increase. Dissident Stockholder Sol A. Dann vowed to start a proxy fight to oust management. Deposed President William C. Newberg sued Chairman and President L. L. Colbert for $5,250,000, charging that Colbert conspired to make Newberg look dishonest to give himself "an aura of righteousness." Only cheery note: Chrysler 1960 earnings were $3.61 per share, first yearly profit since...
Four days after the Minor suit, Stockholder Sol A. Dann, the company's most persistent critic, revealed that Chairman Lester Lum Colbert's wife Daisy owned shares in Detroit's Dura Corp., a Chrysler supplier. Colbert admitted it, explained that she had owned 444 shares for a year at a cost of $6,800, made $2,900 profit when she sold early last year...
...some stockholders, Chrysler's management was not moving fast enough. Three of them filed suit last week asking that Chrysler, ninth largest U.S. company, be placed in receivership. The three stockholders: Chief Chrysler Critic Sol Dann, a Detroit lawyer, Samuel S. Schwartzberg, a New York Chrysler stockholder, and Detroit Attorney Karl S. Horvath, a former production manager of Chrysler's Twinsburg, Ohio plant. Charging "gross and unconscionable mismanagement" and "fraudulent practices dating back to 1940," the suit-third to be filed by Chrysler stockholders in the past month-charges three top Chrysler officials with improper dealings with suppliers...
Stockholder Sol Dann, a Detroit lawyer and self-appointed watchdog for Chrysler's stockholders who has long been publicly charging "corruption" against Chrysler brass, announced that he would file suit on behalf of the stockholders against Chrysler's management to see if any more cash might be recovered...
...speculation was that Newberg had been caught in unauthorized negotiations with American Motors' President George Romney about a Chrysler-Rambler merger. Romney promptly denied it. Chrysler Stockholder and Chief Gadfly Sol Dann (TIME, May 2) hinted to reporters about shady dealings within the company, fired off a telegram to the Chrysler directors requesting them to "name the certain corporate policies upon which they differed, and specify which of these men was attempting to correct or remove any acts of corruption." Chrysler's reply: "No comment...