Word: kroyness
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...Securities and Exchange Commission, which has long worried over the way speculative Canadian stock issues pour into U.S. markets despite SEC regulations, last week got what it thought was a perfect example of how it is done. The case involved Great Sweet Grass Oils Ltd. and Kroy Oils Ltd., sister Canadian companies whose stock was recently suspended on the American Stock Exchange because the oil and asset claims looked suspicious (TIME, Nov. 5). But as SEC poked deeper in a hearing last week, it uncovered a series of transactions that seemed to duck around U.S. regulations and bring windfall profits...
...over the U.S. for more than $7,500,000 (including the brokers' 15% commission). Later, another 500,000 shares of Sweet Grass stock were issued to cover a merger with a Canadian company called Pitt Petroleums Ltd., and sold in the U.S. In a third merger, involving Kroy Oils and a Texas-Oklahoma company called Coronet Development Corp., Kroy officials, some of them also connected with Great Sweet Grass, issued 1,500,000 new shares of Kroy Oils stock, which in turn brought $1,900,000 from gullible investors...
...week, slipped to a new low of 80? per share, down from its high for the year of $5.85. SEC, which has yet to hear the defense of company officers, estimates that it will be at least six weeks before any decision is reached on whether Sweet Grass and Kroy Oils should be permanently barred from trading on U.S. exchanges. But on the basis of the first week's testimony, said Phillip A. Loomis, head of SEC's Trading and Exchanges Division, "someone made around $5,000,000 on the initial deal alone...
...KROY OILS, a Canadian company reportedly controlled by Great Sweet Grass Oils, which has been temporarily banned from trading over-the-counter and on the American Stock Exchange, has also been suspended by SEC from trading. SEC will hold hearings this month to see whether trading of two stocks should be suspended up to a year, or permanently...
...fired a public warning: "The literature disseminated on Great Sweet Grass oils is glaringly misleading. The situation strongly suggests that the 'professionals' have been using grand slam publicity techniques to distribute their own holdings of the stock and they are now pulling out." Oil Statistics also mentioned Kroy Oils as another company Sweet Grass reportedly controlled. Its report sent Sweet Grass stock, which had been ranging between 4 and 5¾, down...
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