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...Packard's net for the same period was $9,488,336 (v. a $131,478 loss in the 1947 period). Kaiser-Frazer turned in $8,253,451 after deducting $5,900,000 in taxes (v. $6,089,000 in the 1947 period, when no taxes were paid. K-F's earnings were tax-free because of a carry-back). But K-F's third-quarter net of $2,058,000 was almost 74% below tax-free 1947-Divorce. A federal district court approved Howard Hughes's proposal to split RKO's picture-making organization from...
Under it, Kaiser-Frazer got the plant, but agreed to let Republic run it until next May; by then Republic was expected to have a new pig-iron source. Meanwhile, Republic will supply K-F with 5,000 tons out of its monthly 37,500-ton pig-iron production. Charlie White had driven a shrewd bargain. His rent to Kaiser-Frazer is $1.40 a ton of iron produced, while Kaiser-Frazer must pay WAA $1.50. Thus, as long as White runs the plant, Kaiser loses a dime on every ton of iron that Republic makes...
...K-F stock issue had fallen through when a K-F stockholder named James Masterson filed a last-minute suit protesting it. Eaton used the suit as an occasion for calling the whole thing off. In its 5,219 pages of testimony, SEC found "information which tends, if true, to show that" Eaton was behind Masterson's protest. To the SEC, it looked like a case of "fraud and deceit...
That was not all. The day before the issue's registration took effect, K-F, through Otis & Co., quietly bought enough of its own stock to stabilize the market at $13.50 a share, and thus assure a good sale of the new issue that was to be priced at $13 to the public. But Eaton, the SEC said, had tipped off dealers and customers. Result: they unloaded stock at $13.50 which they figured to buy back next day at $13 or less. That forced K-F to pay out a whopping $2.5 million for stabilization...
...company was one of the underwriting syndicate, along with Cyrus Eaton's Otis & Co., which promised to float the third Kaiser-Frazer stock issue. When Eaton called off the deal (TIME, May 3), Allen stuck to his word, handed K-F a check for some $2,500,000, ready to take the loss. (K-F later returned the check...