Word: sec
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Dates: during 1940-1940
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...plan reduced to 1,738.2 The stockholders whose proxies he held were in the same boat. Stockholder Rich told Barnsdall Refining's President Oscar L. Cordell and Barnsdall Oil's President E. B. Reeser what he thought of the deal. They talked back. They pointed out that SEC had told Barnsdall Oil to consider the refinery a subsidiary and absorb its losses or divorce it altogether. Divorce would have meant bankruptcy. They showed him the refinery's books and properties. Last year Barnsdall Refining lost $150,000 (1938 loss: $1,432,520), and they argued that...
...earnings came from Standard and 2) that it did not want to register as a holding company, Byllesby & Co. transferred its holdings in Standard to a voting trust. The trustees were three tried & true Byllesby men; all of them key Byllesby officers for years. Next day Byllesby & Co. asked SEC to rule that since Byllesby no longer controlled Standard it was exempt from the Holding Company Act. Later these three resigned, were replaced by two trustees having less obvious Byllesby connections, but to no avail...
Last week, SEC gave its answer: denied the application. Byllesby & Co. got 60 days to "make such adjustments as they deem necessary," i.e., get out of Standard Gas and give up its 25% slice of Standard investment issues or register as a holding company and perhaps lay its head on the block for the SEC's death sentence. Said Byllesby Vice President Joseph H. Briggs: "It appears the only course open is liquidation of the voting trust and sale of the stock." From SEC came ominous rumbles that other investment houses may also feel the knout...
Fortnight ago SEC sent the sprawling, tangled Associated Gas & Electric system to the reorganization wringer by forbidding its subsidiaries to pay it unearned dividends (TIME, Jan. 22). Then it rolled up its sleeves to help the Federal court simplify and integrate the system built with 172 subsidiary corporations...
Last week, SEC did its own little bit toward complication. Approved by SEC was a 173rd subsidiary for lame Associated, authorized was a $32,000,000 issue of bonds, notes and stock to form Virginia Public Service Generating Co., seven layers below Associated's teetering top. SEC's apology for adding to an "already overly complicated" system: new customers, including a torpedo factory, required additional service, and none of the Associated Gas tribe was strong enough to raise money for new generating capacity, so a new member had to be created...