Word: hyalsol
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Dates: during 1940-1949
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...became president of a combine of ten companies headed by Continental Distilling Corp. In 1939 he moved up into his present job in Publicker, Continental's parent, became an officer of several subsidiaries. Named with Marks was Nelson Littell, 51, Manhattan patent lawyer, and secretary-treasurer of American Hyalsol...
...Government charged that in 1932 Henkel, one of the world's biggest soapmakers, licensed some of its synthetic detergent patents to Procter & Gamble, Du Pont, and Richards Chemical Co. The royalties were paid to Hyalsol, which was set up, the Government charges, as a U.S. patent-holding company under Marks and Littell...
Marks and Littell, it was charged, also set up an intermediary company in Switzerland and wrote themselves letters showing Hyalsol heavily in debt to the Swiss company. The royalties collected in the U.S. were turned over as payments on this fictitious debt, said the grand jury, and drawn out by Henkel, thus avoiding U.S. income taxes...
Payment in Advance. By the Government's account, Henkel saw the war coming and insisted that Hyalsol borrow enough to pay minimum royalties for six years. Hyalsol obediently borrowed $300,000 from Licensee Procter & Gamble (like other U.S. licensees, it knew nothing of the alleged international scheme), and passed it on. For their part, Marks allegedly got $1,200 a year, plus other fees, and Littell a 2% commission on royalties...
...this might have gone unnoticed if Marks and Littell had not complained so after the Office of Alien Property Custodian seized Hyalsol in 1943. Marks and Littell were left in charge. The matter might have ended there if the pair had not sued OAP in 1946 for the return of the company. Then the Government dug deeper and came up with the indictment...