Word: wolfsons
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...When you soar like an eagle, you attract the hunters." So said Attorney Milton S. Gould last September in arguing that his client, Miami Beach Industrialist Louis E. Wolfson, 55, was the innocent victim of a U.S. Government vendetta. A New York federal jury disagreed, found the high-flying Wolfson guilty on each of the 19 counts against him. Last week that conviction brought Wolfson, chairman of the Merritt-Chapman & Scott construction complex and one of the U.S.'s most controversial corporate raiders, a one-year prison sentence and $100,000 fine. Federal Judge Edmund L. Palmieri also sentenced...
...were convicted on charges arising from the 1960-62 sale of stock in Continental Enterprises Inc., a Jacksonville theater-management company controlled by Wolfson, his family and associates. According to the Government, while Continental was generating favorable publicity that increased its stock prices, Wolfson was unloading his own stock at an estimated $1,500,000 profit - without bothering to register the transactions with the Securities and Exchange Commission...
Selling Off. Merritt-Chapman's fate was to be taken over in 1951 by Louis E. Wolfson, now 55, perhaps the U.S.'s most renowned corporation raider. Since he became the principal shareholder Wolfson has been stung with a dozen suits by angry investors, last fall was indicted by a federal grand jury on charges of fraudulent dealings in Merritt-Chapman stock, which could cost him 14 years in jail...
Such stock manipulations, if they occurred, are only one of Merritt-Chapman's misfortunes under Wolfson. Another is that he tried to build up and broaden the company too fast. Bled by such acquisitions as the unprofitable New York Shipbuilding Corp., the firm's profits and dividends have been dropping; in 1966, there was a loss of $740,000 and no dividend at all. To halt the drain, Wolfson sold off a paint company, a small steel mill, the company's derrick division and a small shipyard, but the future seems so stormy that liquidation...
Should Merritt-Chapman & Scott, by some stroke of genius, avoid liquidation, it would have to get along without Wolfson. Stung by the suits and charges against him, Wolfson protests that "when you can't be an individual, a pioneer, I'm getting out." Israel Merritt had a different view of pioneering...