Word: ltv
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...deal continues a trend that accelerated last year when Republic Steel and Jones & Laughlin, a subsidiary of LTV, agreed to combine. While both mergers must still be cleared by the Justice Department, their approval is expected...
Paul Thayer. Last week the SEC charged that Thayer, as chairman of LTV Corp. and board member of Anheuser-Busch Cos. and Allied Corp., improperly passed along inside information to his friends. The day before the SEC filed its civil complaint in a New York federal court, Thayer resigned as the Pentagon's No. 2 man. Thayer termed the charges "entirely without merit" and vowed to fight them. At week's end his replacement had been named: William Howard Taft IV, the self-effacing chief counsel of the Defense Department, a protégé of Defense Secretary...
...complaint follows a ten-month investigation. It alleges that Thayer, who is married, has had a "personal relationship" since 1979 with Sandra Ryno, now 38, a divorcee and a former receptionist at LTV, the company he left a year ago for Washington. During 1981 and 1982, the SEC claims, Thayer passed stock tips to Ryno and seven other defendants in the suit. All seemed to come from soap-opera central casting...
According to the SEC, Thayer repeatedly told the group about the planned acquisitions, profits and dividends of Anheuser-Busch, Allied and LTV before public dissemination...
This week the Securities and Exchange Commission is expected to charge Thayer with helping friends make profitable stock deals by passing along inside information in 1982 while he was chairman of LTV and a director of four other corporations. Since investigators do not charge that Thayer himself profited financially from the inside information, the Government may have difficulty winning its case. Nonetheless, a 1983 U.S. Supreme Court decision suggests that insiders can be held liable for passing along stock tips even if they did not do it for financial gain...