Word: sec
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Dates: during 1940-1949
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Last week, with a great to-do over the wreckage, SEC suspended the "effectiveness" of Globe's stock registration statement. The registration, said SEC in its belated findings, had contained "false and misleading information." Items: Globe had failed to disclose losses of $17,000 and a $200,000 increase in liabilities; it had also understated its need for working capital. In short, SEC should never have approved the statement...
...doing so, SEC was roughly curried by Leslie Gould, financial editor of Hearst's New York Journal-American, an old SEC baiter. Why, asked Gould, had it taken SEC so long to find out that Globe stock was worthless? "This Globe case," said he, "happens to be about the sorriest of the many issues floated last year-issues that should never have been offered to the public-even as speculations. . . . The underwriters of this stock were the Stock Exchange firm of New-burger & Hano of Philadelphia and Gearhart & Co. of New York. . . . What are the Stock Exchange...
...letter to SEC, Toulmin said that he quit "because of the manner in which Preston Tucker is using the funds obtained from the public through sale of stock." President Tucker, charged Toulmin, had ignored persistent requests that the $15 million "be spent and administered under . . . controls normal to legitimate business." To newsmen, Toulmin described Tucker as "a tall, dark, delightful, but inexperienced boy." He added that the Tucker 48 does not actually run, it just goes "chug-chug." Furthermore, "I don't know if it can back up." To all this Tucker snapped: "Absurd. I am surprised...
...ache to get back into Mexico, were glad to see this foot in the door, they were surprised at the man chosen to put it there. Among oilmen, Jones is known not as a wildcatter but as the dealer in oil royalties who first tested the power of SEC in court...
Jones had tried to register some oil royalty trust certificates. When SEC objected to his registration statement, Jones tried to withdraw it. SEC refused to let him, so he fought the case up to the U.S. Supreme Court and won (TIME, April 13, 1936). Shortly after, Jones was indicted for mail fraud. He won again, although the money he spent fighting the two cases drove his company into bankruptcy, left him with a $700,000 debt. Since then, as president of Louisiana's tiny Sugarfield Oil Co. (production: 725 barrels daily), he has been trying to recoup...