THE BILLION-DOLLAR WINDFALL

by Morton Shulman ‧ RELEASE DATE: Oct. 28, 1969

The Canadian author of the promise-laden Anyone Can Make A Million reviews the SEC-Texas Gulf sulphur wrangle carefully basing his damning view on court testimony and some convincing Canadian antipathies. In November, 1963 ""one of the largest and richest base metal mines in the world"" was discovered by Texas Gulf Sulphur in northern Ontario. In April 1964, the announcement was made by the company that ""the work done to date has not been sufficient to reach definite conclusions."" Four days later the president of the company met his eleven directors (two of whom had prior knowledge) and issued the statement of a ', major discovery."" The stock of Texas Gulf shot up from $34 to $130 in two weeks. On April 19, 1965 the Security and Exchange Commission zeroed in. Shulman follows the careers of those who gained from the unique time lag and those who ""lost their shirts."" He tells the story of the indefatigible Viola Macmillan, the Queen Bee of Mining, whose siren song concerning her ""windfall"" property petered out in court; the many beneficiaries of geologist Darke's casual conversations; the shareholders of one company who took in one billion dollars in capital gains; many unethical promoters and enterprising lawyers. The case, decided in favor of Texas Gulf, was sent up for appeal, and back, and is still pending. Mr. Shulman reviews the progress of Canadian grievances, especially with the company's lack of interest in local aid and good will, make his indictment this side of libel. A rich lode for marginal investors.

Pub Date: Oct. 28, 1969

ISBN: N/A

Page Count: -

Publisher: Morrow

Review Posted Online: N/A

Kirkus Reviews Issue: Oct. 1, 1969

Categories: NONFICTION