Word: wolfson
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Dates: during 1950-1959
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From the day Raider Louis Wolfson became chief stockholder of American Motors, Wall Streeters wondered what he planned to do with the 420,000 shares (7%) owned by him and his family. Last week the SEC enlightened them. It discovered that Wolfson had sold all his A.M.C. stock while publicly proclaiming his great faith in the company. Then he and associates had sold short at least 150,000 shares, i.e., sold borrowed stock in the expectation of buying it back at lower prices. After that, charged the SEC, they had made "false and misleading statements," and put out "bogus information...
Cleaned Out. As long ago as April, there were rumors that Wolfson was selling. But on April 7 Wolfson announced that he was "perfectly satisfied" with the progress of American Motors, seeming to imply that he still had his stock. Later, when reporters checked with William A. Shea, an attorney for Wolfson, he blandly denied any selling. Yet by that time, the SEC discovered, Wolfson and his associates had already disposed of 134,300 shares of stock through two Manhattan brokerage firms...
...Wolfson group continued to sell until it had cleaned out its holdings. Estimated profit on the sale: $2.5 million. Then, said the SEC, Wolfson began to sell short in the belief that A.M.C. sales would slide and the price of the stock drop. But A.M.C. car sales rose and the stock did not drop; the Wolfson accounts were eventually caught in a short position of about 150,000 shares...
...LOUIS WOLFSON has unloaded one-fourth of his 400,000 shares in American Motors, will sell the rest because he figures stock will not top recent high...
...Wolfson also announced part of the cast for Othello, which will be directed by Jan A. Hartman '60. William M. Kelley, Jr. '60 will appear as Othello, Earl Edgerton as Iago, Nathan C. Douthit '60 as Cassio, and Edith Iselin as Emilia...