Word: sunrays
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Dates: during 1940-1949
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...some 200 corporations reporting, only six were in the red. About 60% of the rest showed gains. The oil industry, which was able to increase production with little rise in costs, was well out in front. Typical: Sunray Oil Corp., with a profit of $4,126,025, was up 98% over the same quarter last year...
...fracas started two months ago. Getty proposed the merger in order to get his money out of the two companies. Skelly wanted no part of the deal, as it would put his big, thriving Skelly Oil under smaller, upstart Sunray. Getty gave Skelly the boot as Mission Corp.'s president...
...stockholder of Mission, Skelly brought two federal court suits to block the merger. He charged that Getty and other Pacific Western stockholders would get $93 million in cash for their stock (Getty's share: $79 million) while Mission stockholders would only get Sunray common stock, six shares for one of Mission. Sunray stock, said Skelly, would be of "questionable value" when the merger put $125 million of debts and senior securities ahead of the common stock. Getty's reply was that, measured by current market prices of the two stocks, Mission stockholders would get far more...
...Carson City, Nev., Skelly got a temporary injunction preventing Getty from taking a vote of Mission stockholders on the merger. That was enough to block it through Dec. 23, which Getty and Sunray had agreed would be the deadline...
...before it was announced, had helped send Mission Corp. stock up from the year's low of $28¾to a high of $56⅜|. Pacific Western had gone from $21¾ to $59¾. Both stocks broke sharply when Skelly won his injunction. Last week Getty and Sunray decided to call the whole deal...