Word: kreugers
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Dates: during 1930-1939
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Last week the stockholders of Swedish Match Co., meeting at Jönköping, Sweden, approved a new stock issue of 1,100,000 Class B shares. Next day Manhattan newspapers noted briefly that a readjustment plan proposed last April for Kreuger & Toll debentures had been accepted by the U. S. holders. These two occurrences meant that at last thousands of investors could be sure of realizing something on the colossal wastebasket of international paper spilled by Ivar Kreuger when he shot himself in Paris in March 1932. With the $2,500,000 contribution which Swedish Match will...
...this end, some of Wall Street's ablest have exerted themselves through four years of financial diplomacy. The debenture holders' protective committee, headed by Grayson Mallet-Prevost Murphy, formed only a month after Kreuger's suicide, entered a race to find assets where it was generally believed that no assets existed. A Committee of Investigation appointed by the Swedish Government early reported: "Our examination has reached the point where we can state definitely that there will be little, if anything, for distribution to unsecured creditors...
Nucleus of the Kreuger enterprises, the originally honest construction business of Kreuger & Toll had become by 1932 nothing but a holding company for International Match and Swedish Match and a catch-all for Kreuger's credit deals. The report of the Swedish investigating committee seemed to confirm popular belief that Kreuger & Toll was hollow right down to the ground, that the Kreuger & Toll debentures sold by Ivar Kreuger in Europe and the U. S. in 1929 were about as worthless as any Kreuger securities except those that Kreuger had forged by hand...
Nevertheless the great Manhattan banking houses of issue through which these debentures had been sold-old Lee, Higginson & Co., old Guaranty Co. of New York, old City Co. of New York-clung to the belief that when Mr. Kreuger had said "secured" he meant, in this instance, "secured." They staffed and supported the protective committee of Mr. Murphy and another formed by Bainbridge Colby and Samuel Untermeyer. These committees sent lawyers to Stockholm, verified the existence of collateral for the debentures, petitioned the Supreme Court of Massachusetts to appoint for its safekeeping a New York trustee. They fought the claims...
...Internal Revenue Bureau in Washington disclosed that President Emeritus Abbott Lawrence Lowell of Harvard University had agreed to pay $32,962 for deficiencies in his 1932 income tax statement, which claimed losses of $194,412 in sales of Kreuger & Toll stock. When newshawks asked him if he would give further information about the error, the 79-year-old taxpayer snapped a decisive...