Word: leonhardt
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Dates: during 1950-1959
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...Shannon decided to shift Chatco from its unprofitable steel contract business into the production of air conditioners, truck bodies, etc. To get cash, Chatco sold 100,000 new shares, at $4.50 a share, to four New York and Montreal investors who took control of the company. Robert C. Leonhardt, president of Manhattan's McGrath Securities Corp., an over-the-counter brokerage firm, was elected chairman of the board...
...would knock down the price of Chatco as it did Great Sweet Grass Oils only three weeks before (TIME, Nov. 5). But the short sellers made one big mistake: they failed to realize that Chatco has only 160,000 shares outstanding. Shannon owned about 36,000 shares, and the Leonhardt interests a big chunk of the rest, leaving few shares around for trading. When the suspension was announced, the stock dropped from 16⅛ to 10, but only for a few hours. The Leonhardt interests began to buy, and it started up again, causing some shorts to panic...