Word: prestons
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Tuckered Tucker. Though Preston Tucker said he had made only 28 cars, he still had $8,446,206 in current assets (against $2,237,402 current liabilities), he told a U.S. district court in Chicago, in a stockholder's suit for receivership. But the biggest listed asset turned out to be $3,649,770 in promissory notes which Tucker dealers had signed to buy franchises. He listed only $1,888,749 in cash and Government bonds left, out of the approximate $20 million he had raised on stock and franchises...
Died. Dr. Sophonisba Preston Breckinridge, 82, veteran social worker, cofounder and longtime professor of the University of Chicago's famed School of Social Service Administration; in Chicago. She pioneered in social-welfare legislation, became the first woman delegate from the U.S. to any international conference when she attended the Montevideo Pan American conference...
Automaker Preston Tucker had known plenty of trouble, but none so serious as this. The Securities & Exchange Commission, which once before looked askance at the financial undercarriage of his snazzy, rear-engined automobile (TIME, July 7, 1947), was at him again. This time it took a dim view of his first annual report (deficit $5,651,208). The report, along with Tucker's stock registration statements, said SEC, "contained untrue statements of material facts and omitted to state material facts." SEC scrutinized everything from payments to officers to the very "nature of the business done and intended...
Hard-pressed Preston Tucker had done his best to squirm out of a full-dress investigation. When SEC first asked for a quiet look at his records, he balked. Then the commission, still preserving a tactful silence in public, subpoenaed him to appear with his books. Tucker took his case to the newspapers and thus broke the news that SEC wanted to see what was going on in Tucker Corp. In full-page ads, with the air of a man whose patience is infinite, he said: "My associates and myself and the Tucker Corp. have been investigated time & again...
...meeting the next afternoon (again at 2031 Locust), Duff, Taft and Stassen sat down with Connecticut's national committeeman, Harold Mitchell (representing favorite son Ray Baldwin), and Kim Sigler, governor of Michigan, leader of the Vandenberg forces. California's Earl Warren was represented by a close friend, Preston Hotchkiss. They figured that the coalition could count on 630 votes-more than enough to stop Dewey...