Word: wolfson
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Dates: during 1950-1959
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Three years ago the tycoon-hating Washington Post and Times Herald, enraged by the way Washington's transit company board chairman. Financier Louis E. Wolfson, was running the buses and streetcars, said so in three editorials. Sample: "His tactics, indeed the whole Wolfson operation of a once-sound company, have been a hark-back to the robber baron days of the last century." Financier Wolfson promptly sued for $30 million. The Post was unabashed: "We shall continue to exercise our full right to criticize...
...LOUIS WOLFSON got out from under SEC charges of manipulating American Motors Co. stock by signing consent decree pledging not to perpetrate "fraud or deceit" on future buyers of A.M.C. shares. SEC action was light wrist slap for Wolfson, who made about $1.7 million in A.M.C. stock dealings, now avoids a public airing of his deals. But in future attempts to move in on corporations, Raider Wolfson probably will have to show on his proxy that he was once restrained by SEC for fraud...
Fortnight ago, when Wolfson no longer owned any American Motors stock, Alexander Rittmaster, a business associate who Wolfson once said "speaks for me," told the New York Times that Wolfson had sold a quarter of the shares, still had 300,000 to go. Another Wolfson associate got out a statement the same day saying that Wolfson confirmed this. The news knocked the price of A.M.C. stock down 1⅛ points to 11⅝, and about 50,000 shares were bought for Wolfson accounts to help cover their short positions before the SEC got its court order...
Contempt Charges? The SEC will argue its case against Wolfson in court Aug. 5. Meanwhile, Wolfson can cover his short position only at the risk of contempt proceedings, and any broker who aids him may face the same charge. If the short sales are not covered, he runs the risk of losing heavily if A.M.C. shares rise. At week's end American Motors Boss George Romney stepped in to clear the air, also gave one reason why the stock may well rise. American Motors had no way of knowing that Wolfson was disposing of his stock,* said Romney...
...many of Louis Wolfson's battles and deals, his associate was David B. Charnay, longtime New York Daily News reporter, now chairman and part owner of a Manhattan public relations firm. Last November Wolfson sold a trailer company controlled by one of his interests to Detroit's Trans Continental Industries, of which Charnay is chairman, and it became Trans Continental's chief asset. Last week the Securities and Exchange Commission ordered a ten-day suspension of trading in Trans Continental stock on the American and Detroit stock exchanges. Reason: "To prevent fraudulent and manipulative practices...