Word: weinfeld
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When a federal jury in Manhattan awarded $175,001 to Reporter Quentin Reynolds in his libel suit against Westbrook Pegler, it intended to punish Columnist Pegler and his publishing sponsors within the court's jurisdiction. It had deliberated more than twelve hours over the charge of Judge Edward Weinfeld pointing out the difference between punitive damages and "compensatory" damages, i.e., those to make up for any loss in Reynolds' earning power. Said the court: "Where it is established that a defendant was inspired by actual malice . . . the jury may award . . . punitive damages ... or 'spite money...
...other University students will receive awards, David H. Weinfeld '52, second prize of $250, and Walter R. Stahl IM, Honorable Mention...
Last week, in Manhattan's federal court, Harrison Williams, whom neither crash nor Depression nor SEC could down, got one of the hardest blows of his career. In a 109-page opinion which set the ghosts of the 1929 market stalking through his courtroom, Judge Edward Weinfeld found that Williams had taken for his own uses $11.4 million which actually belonged to Central States. He ordered Williams to pay it back, plus interest all the way back to 1929. Williams planned to carry his appeal to the U.S. Supreme Court, but if the verdict stands, it will cost...
...made a $10.7 million book profit on the deal. But Central States never got the profit. Williams took 68,423 North American shares of his own, transferred them to Central States. Then he transferred Blue Ridge's payment to companies owned 100% by him and which, Judge Weinfeld ruled, were, in effect, "his pockets." Later, the court noted, Williams had all of his companies destroy every record of his personal transactions, added: "Williams violated his fiduciary obligations to the corporation...
...turning back history to 1929, Judge Weinfeld set off some 1929-style reactions. The preferred stocks of Central States, which had long since shrunk to a nubbin, came suddenly to life. Overnight, the $7 preferred shot up from 22 to 35 a share, the $6 preferred from 4¾ to 12½, and even the common stock, deemed almost worthless, rose from 4? to 12?. In a backhand sort of way, the rise was a vote of confidence in Harrison Williams-that is, in his ability to pay the money, if he must...