Word: gulf
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Dates: during 1960-1969
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...Chronology. As the SEC told it, the case involved camouflaged claims, secret pacts, whispered tips to friends, a "false and misleading" press release and some substantial paper fortunes. The SEC chronology: On Nov. 10, 1963, Texas Gulf geologists, headed by Kenneth Darke, were drilling on a claim near Timmins when Darke pulled out an impressive core sample of high-grade copper and zinc-so impressive that he hiked ten miles in the snow to reach his Jeep, then drove into town to call company officials. They notified President Stephens immediately, told the geologists to keep in daily touch. The company...
...next few weeks, most of these Texas Gulf insiders began buying up the company's stock in hopes that the lode was as good as the core looked. By early April 1964, rumors of the strike had flitted from Timmins to Toronto to Wall Street. When the New York Times printed a story of reports of a "great deposit" found at Timmins by Texas Gulf, the company promptly slapped the report down as "without factual basis." In a press release on April 12, the company discounted the Timmins core: "Any statement as to the size and grade...
...rumors became more persistent, Texas Gulf officials finally decided to release the news. They did so at a board meeting in New York on April 16, first announcing the discovery to their directors, most of whom had been kept just as much in the dark as the public. After telling the directors, they called in the press at 10 a.m. and announced a "major discovery." In the hour between the disclosure to the press and the first publication of the confirmed news on the Dow-Jones wire, Lament got on the phone and called Morgan Guaranty, his old employer. Hearing...
...time that the discovery was made public, four months after the excitement of the first core, twelve of the 13 defendants had bought 9,100 shares of Texas Gulf stock, bought options on an additional 5,200 shares, or received company stock options to buy another 31,200 shares. In that time, the price of the stock had climbed from 17 to 34; it stood at 71 when the SEC filed its lawsuit last week...
...insiders had also let in a few outsiders. Geologist Darke told a number of his friends, and at least eleven outsiders bought 12,100 shares and 14,100 options. These included Assistant Secretary of Commerce Herbert Klotz, 48, who bought 2,000 call options to buy Texas Gulf stock on a tip from a fellow employee, who was a friend of Darke's. Though Klotz was accused of no illegal conduct-"I got a stock tip pure and simple like you'd hear in a barbershop"-he submitted his resignation last week "to draw the fire away from...