Word: ebasco
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...haired Chairman Clarence Edward Groesbeck pounded the gavel to open the company's meeting in downtown Manhattan. Up jumped scrappy, leather-lunged Stockholder Samuel Okin, crying: "This whole meeting is invalid . . . the proxies must be checked." Chairman Groesbeck quickly shoved the gavel into the hands of tall, suave Ebasco President Samuel Wilson Murphy, but the rumpus could not be stopped...
...Stockholder Okin bellowed on: "I'm going to tell the whole truth about the company's officers and directors . . . and don't anybody try to stop me." Paced by the staccato poundings of President Sam Murphy, Okin told how he had bought 9,000 shares of Ebasco stock, was about to lose everything because "the management had tried to sell the company down the river by playing into the hands of the SEC." Up went shouts: "Fight the SEC!" "Save our company!" A peacemaker tried to smooth things over, got so wrought up himself that he threatened...
...Holding Company Act. Groesbeck saw the handwriting on the wall, quit beating his head against it. Promptly, Bond & Share registered with SEC. Holding company service subsidiaries had frequently been charged with bleeding operating companies. So Bond & Share forfeited all income (about $800,000 a year) from its management firm (Ebasco Services, Inc.), which began servicing the system's operating units at cost. Next, Groesbeck pulled out of the TVA fight, selling four operating companies to Government competitors, leaving Willkie (of whose Commonwealth & Southern system Bond& Share is a 5% owner) to shift for himself, taking a loss...
...Compañía Chileña de Electricidad, Limitada, local subsidiary of Ebasco, returned a soft answer. In an open letter to Santiago's three most important papers they wrote that they were surprised and shocked at President Ibañez's protest, the more so since the power contract in every stage of its development had been inspected and approved by congressional and technical commissions "composed of Chileans of high repute," finally that it had been enthusiastically approved by none other than Señor Francisco Lobos, Director of the Electrical Services of the Republic. However...
...Ebasco could afford to be polite. It knew, and President Ibañez knew that there was not another corporation in Chile capable of providing the electrical service which growing Chile had to have, that if the President would not sign this contract he would have to sign another very much like it. President Ibañez in revenge demanded and obtained the dismissal of Electrical Director Lobos, and the matter passed...