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Agency stock sales and profits spark 1960s controversy
The piece recalls Wells Rich insiders profiting from early stock offers at 17.50 and 21.75 a share, with Mrs. Lawrence netting 3.7 million. It notes a 1969 swap where shareholders could exchange stock for 3 cash and 8 in a debenture, while White, Weld vouched the deal’s fairness as underwriter.
MENTIONED IN THIS ARTICLE
New York
Wells, Rich, Greene, Inc
Mary Wells Lawrence
Wells, Rich, Greene
Security Exchange Commission
States
SEC
Madison Avenue
Wells
Lawrence
White, Weld and Co