Word: grass
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Dates: during 1950-1959
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...western border of Egypt sits the five-year-old desert nation of Libya, whose chief export is dried esparto grass, and whose income comes largely from giant British and U.S. air bases. Its people are so poorly educated that Egypt eagerly supplies it with teachers, professional men, even government officials...
...Securities and Exchange Commission, which has long worried over the way speculative Canadian stock issues pour into U.S. markets despite SEC regulations, last week got what it thought was a perfect example of how it is done. The case involved Great Sweet Grass Oils Ltd. and Kroy Oils Ltd., sister Canadian companies whose stock was recently suspended on the American Stock Exchange because the oil and asset claims looked suspicious (TIME, Nov. 5). But as SEC poked deeper in a hearing last week, it uncovered a series of transactions that seemed to duck around U.S. regulations and bring windfall profits...
Merger Series. Under the law, before any stock can be sold in the U.S., the sellers must first file with SEC a prospectus disclosing the full facts; thus SEC has a chance to disapprove the registration and block the stock sale. Great Sweet Grass President Samuel Ciglen (who resigned after the hearings were scheduled) and his associates, according to testimony, had apparently taken advantage of a loophole in the law to sell stock. No registration-and no disclosure-is required if stock is issued solely to complete a merger. Thus, according to SEC, Ciglen and his friends had organized...
...first, said SEC, was a merger between Sweet Grass and a group of Oklahoma oilmen who formed a company called Depositors Mutual Oil Development Co., which had leases on Oklahoma oil lands. For $1,900,000 they sold out to Sweet Grass. Meanwhile, Sweet Grass created 1,750,000 shares of stock, presumably to cover the merger and be issued to stockholders in D.M.O.D. But actually, said SEC, since the merger had already been paid for in cash, most of the stock wound up in President Ciglen's Toronto brokerage account...
Sold by Phone. Funneled down to Manhattan high-pressure, boiler-shop operators over a period of months, said SEC, the stock was sold by phone all over the U.S. for more than $7,500,000 (including the brokers' 15% commission). Later, another 500,000 shares of Sweet Grass stock were issued to cover a merger with a Canadian company called Pitt Petroleums Ltd., and sold in the U.S. In a third merger, involving Kroy Oils and a Texas-Oklahoma company called Coronet Development Corp., Kroy officials, some of them also connected with Great Sweet Grass, issued...