Word: issuer
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Dates: during 1930-1939
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...Consumers' $28,500,000 bond issue. Foe of competitive bidding, Wendell Willkie had already arranged to have the issue handled by conservative Morgan Stanley & Co., Inc. and Bonbright & Co., Inc., who step out one door when competitive bidders step in at another, holding that both investor and issuer are best served by honest, astute, noncompetitive handling. Since the Consumers Power stock issue is small potatoes to any underwriter, there was a shrewd suspicion that Mr. Eaton was really aiming at the bond issue (on which the banking fee at 2% would be more than $500,000), rather than...
...open market is now more receptive than last year to new issues, but private sales are continuing because issuers can avoid the expense of underwriting and the troubles of SEC registration. Chief buyers are big insurance companies, which generally take an entire issue. This tends to give the insurance companies substantial say in the management of the issuer. Before Phillips Petroleum could market last week's issue, for instance, it had to get permission from a group of insurance firms to which it sold $23,000,000 in debentures in 1935 and 1937. To many a SEC official such...
...Banks may now invest in unlisted securities and those without public distribution, provided the issuer can service the loan...
...Francisco the U. S. Circuit Court of Appeals upheld the Securities & Exchange Commission rule that the issuer of stock may not avoid registering it with SEC merely by limiting the offering to company stockholders. The case grew out of an attempt by small, unimportant Sunbeam Gold Mines Co., a Nevada corporation with headquarters in Tacoma. to sell unregistered securities by mail to its stockholders. SEC was pleased because it was the first time the matter had been considered by a court of appeals...
...argument that a company may not vote its own stock is watertight. In the Ayer case there is certainly room for legal debate because the question involves the exercise of an option under an agreement in which the corporation is now interested as a stockholder, not a stock issuer. To settle the question Adman Thornley announced last week that he had filed suit in the Philadelphia Court of Common Pleas...