Word: gilberts
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Dates: during 1960-1969
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Persuading Papa. Eddy Gilbert (né Ginsberg) was a plunger. At 27, angered by his father's refusal to make him a director of the family-controlled Empire Millwork Corp., he quit the company and started his own hardwood flooring business. Whithin four years he could point to annual sales of $250,000, and persuaded papa to buy him out for 20,000 shares of Empire stock. Then, armed with his stake and an Empire directorship, he began to move in on E.L. Bruce...
With voluble promises of profits for all, Gilbert enlisted friends and strangers to buy Bruce stock for him. He himself bought heavily on margin. Bruce's family management resisted the takeover stubbornly, and in the course of the battle-during which the American Stock Exchange temporarily suspended trading in the company's stock-Bruce shares soared from $17 to $190. But by September 1958, Gilbert had 50% of the company's stock in his pocket. Then, expansively persuasive as ever, he talked his father into agreeing to a merger of Bruce and Empire, and in September...
...maintained a villa on the French Riviera at Roquebrune, complete with poolside orchestra, and held open house for international drifters. On paper, he was worth well over $10 million, and he had a pretty wife ready to help him dispose of it. Just one month ago, Rhoda Gilbert was sued by Cartier for the return of $734,000 in diamonds, emeralds and black pearls that she had had sent round "on approval"-and which she had assumed Eddy would pay for. even though they were already estranged...
Last year Eddy Gilbert set his sights on a new target: Celotex Corp., a $62 million-a-year Chicago building materials firm...
...last April, he had picked up 14% of Celotex's outstanding stock. Alas. Celotex shares began to slip-from $41.75 in March to $25 on Wall Street's Blue Monday. Since Gilbert presumably bought most of his Celotex stock on margin or had used it as security for loans to buy still more, he stood to see it sold out from under him unless he could raise more collateral. Evidently assuming that he could make restitution when the market rose again, he began writing out checks, and with remarkable ease persuaded other Bruce officers to countersign them...