Word: k-f
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...shipyards Clay Bedford hit on the idea of building ships in prefabricated sections. At war's end, Bedford went to Willow Run as Kaiser-Frazer's production chief, soon became known as a brilliant "swap guy," chasing all over the U.S. for scarce materials to keep K-F's production lines rolling. When Wilson tapped him for the Office of Defense Mobilization, Bedford had just spent his first night in a new home in Oakland, Calif., where he was to manage K-F's West Coast defense production...
...Cleveland's Otis & Co. last week moved with rare speed to stay ahead of the bill collector. It closed down its offices in Buffalo and Manhattan, hustled out chairs and desks in Manhattan just one jump ahead of a U.S. marshal, acting for Kaiser-Frazer Corp. Ever since K-F won a $3,120,743 judgment against Otis for welshing on a $10 million stock deal, K-F and the Securities & Exchange Commission have been hot on Otis' trail. Last week, after Otis informed SEC that it did not have enough capital on hand to pay the judgment...
...Senate Committee probing RFC last week drew a bead on one of RFC's best customers-Kaiser-Frazer Corp. In a 30-page report, the Committee charged RFC should not have made a $34 million loan to K-F in October 1949. Even though K-F would have gone bankrupt without it, said the Committee, K-F's prospects of repaying out of earnings were so dim that "the public [interest]...did not justify the use of public funds to continue operation of K-F as an auto company." Following the first loan, K-F tapped...
...former Democratic Senator Robert J. Bulkley, had used Masterson as a "dummy plaintiff" in a "plot to establish an excuse to breach the contract." Masterson operated "on defendant's behalf and in performance of a common scheme participated in by all." Judge Clancy ordered Otis & Co. to pay K-F $2.6 million in damages, the difference between the contract price and the market value of the stock when the deal fell through. (Present price...
When Kaiser sued, SEC tried to revoke Otis & Co.'s underwriting license, but Eaton won the case in court. The National Association of Securities Dealers then stepped in and suspended him for two years. Eaton has managed to hold that up pending an appeal to SEC. With the K-F decision against him, Eaton may well lose the N.A.S.D. fight. He also faces another battle with SEC to keep from being banned from underwriting for good...