Word: gerbert
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...that recorded the Year CMXCVIIIJ were to roll over and show the year...well, something other than the Year M. [The lack of a zero can cause problems sometimes.] Luckily, few people were using the abacus, since it had only been introduced to Europe a few decades earlier by Gerbert of Aurillac, now Pope Sylvester II. [This is part of how you got to be Pope in those days. Want to make friends and influence people? Learn the abacus...
...against him. Last week that conviction brought Wolfson, chairman of the Merritt-Chapman & Scott construction complex and one of the U.S.'s most controversial corporate raiders, a one-year prison sentence and $100,000 fine. Federal Judge Edmund L. Palmieri also sentenced a longtime Wolfson crony, Elkin ("Buddy") Gerbert, 58, to six months in prison and fined...
...federal law requiring registration of sales of "control" stock is believed to be violated frequently, and the case was a clear signal that the Government intends to start cracking down. For Multimillionaire Wolfson, who plans to appeal his conviction, the trouble could be just beginning. Next February he, Gerbert and three other associates go on trial - on federal charges of fraud, perjury and falsification of official reports-involving Merritt-Chapman, which is now in the process of liquidation. Insisted Wolfson in court last week: "I certainly never intended to do anything wrong...
Unregistered Sale. Wolfson and an associate, Elkin ("Buddy") Gerbert, were charged with conspiracy in the 1960-62 sale of 690,000 shares of Continental Enterprises, Inc., a Jacksonville company that operates movie theaters. The heart of the indictment is that Wolfson and some associates unloaded the shares without registering the transaction with the SEC, as the law demands for such sales of "control" stock...
...royalties from sub-licensing contracts. Then, says U.S. District Attorney Robert M. Morgenthau, Continental used publicity to puff the price of the stock from $2.75 to $8.50 a share. During and just after the publicity drive, Wolfson sold off 407,000 shares, and his family and friends-including Gerbert, who placed the sell orders with eight different firms-sold off 283,000 shares. In all, Wolfson and his group got $3,500,000 for the stock, and Wolfson's profit alone came to about $1,500,000. Since the sale, Continental has run in the red every year...