Word: receiverships
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...McKesson should have been in receivership in 1930 and again in 1932 if its profits had not been bolstered in a frantic effort to save the company-and the alleged millions "lost" are simply "profits" to save the company from the hands of the bondholders...
Fortnight ago McKesson & Robbins went into temporary equity receivership (TIME, Dec. 19). Last week Treasurer Thompson appeared before New York's Assistant Attorney General Ambrose V. McCall to tell how his suspicions of the company's crude drug department, which reported profits yearly but always "plowed them back" into inventory had finally forced a showdown. Mr. McCall decided to arrest Messrs. Coster and Dietrich, who ran McKesson & Robbins' mysterious crude drug department...
...week's end the case was still full of explosive possibilities. Investigation of McKesson & Robbins' activities involved a brace of Connecticut politicians and Congressman Wright Patman. Executive Vice President Charles F. Michaels was revealed to have unloaded $118,500 worth of common stock a month before the receivership. Hollywood set to work on a Musica movie...
...Vernard who remarked: "I hear you're doing a lot of alcohol business these days." Mr. Thompson found that the crude drug department warehouses were nothing but addresses-one a stenographer's, another a mimeograph operator's. While he was wondering what to do next, the receivership was granted...
Chapter 4. Messrs. Cummings and Thompson didn't like the Hartford receivership. They suspected that Dr. Coster was somewhere behind it. Only a few days before, Mr. Thompson had refused to sign the papers for a $3,000,000 bond issue Dr. Coster wanted to sell. Assistant Treasurer Dietrich was reported by one of the receivers to have "shouldered the entire blame." So Messrs. Cummings, Thompson and others went to New York, got trustees appointed for reorganization of the company under the Chandler (bankruptcy...