Word: sec
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Dates: during 1980-1989
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Among more recent takeovers, the SEC is said to be looking at the action of traders amid the turbulence surrounding Broadcaster Ted Turner's acquisition of MGM/UA, for which the Atlanta buccaneer paid $1.6 billion last March. In October 1985 the New York-based Maxxam Group, an investment and real estate- holdings firm, made an $800 million tender offer for San Francisco's Pacific Lumber, leading to the companies' merger early this year. Boesky is said to have bought 10,000 shares of Pacific Lumber stock three days before the tender was made public, and he may eventually have owned...
...insider-trading network, but Boesky's role may also have been uncovered as early as the end of last August. If that is true, the ten-week hiatus between then and the Nov. 14 revelations would mark a truly substantial period of clandestine cooperation between the speculator, the SEC enforcement unit commanded by Gary Lynch, and the Manhattan branch of the U.S. Attorney's office headed by Rudolph Giuliani. The aggressive Giuliani, who has overseen the criminal side of the investigation since Levine was snared, may eventually become almost as renowned for chasing insider traders as for bringing Mafia bosses...
...securities laws were amended to allow confiscation of as much as three times the illegal profits earned from insider trading. But Boesky's $100 million penalty includes only $50 million in returned illegal profits, or about the same amount of ill- gotten gains cited in the SEC's Nov. 14 complaint. What many Wall Streeters found even more surprising, in view of the sweep of his illegal activities, was the mildness of a single unspecified criminal charge against Boesky. Says a securities lawyer in Washington: "He must have made a very attractive offer to them...
...typical takeover, a corporate raider might begin by buying a few million shares of a target stock, acquiring them on the open market through a major Wall Street broker. Under SEC rules, however, a raider is obliged to announce his holdings and his intentions once 5% or more of a company's shares are in his grasp. The first result of such an announcement is usually a boost in the stock's price. After the offer is made public, arbitragers, betting that a takeover bid will succeed, jump in and buy as much of the target stock as they...
...Finley Kumble Wagner, which has many Wall Street clients, notes that raiders and arbitragers can form what he calls an "unholy alliance." In a typical maneuver, they might have a mutual commitment to buy up stock in a company, limiting their blocks to less than 5% to avoid the SEC's required disclosure rule. Then one member of the ring can leak the rumor of an impending takeover. When legitimate arbitragers leap into the fray, the group can unload at an inflated stock price and make off with enormous profits. Says Bergstein: "Both the raider and the arbitrager have...