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Saturday, April 25, 2020 | History

1 edition of Texas Gulf Sulphur : disclosures & insiders found in the catalog.

Texas Gulf Sulphur : disclosures & insiders

Texas Gulf Sulphur : disclosures & insiders

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  • 27 Currently reading

Published by Practising Law Institute in New York .
Written in English

    Subjects:
  • Texas Gulf Sulphur Company, inc.,
  • Insider trading in securities -- United States.

  • Edition Notes

    StatementCo-chairmen, Arthur Fleischer, Jr. [and] Joseph H. Flom.
    SeriesCorporate law and practice course handbook series -- v. 7.
    ContributionsFleischer, Arthur, 1933-, Flom, Joseph H., 1923-, Practising Law Institute.
    The Physical Object
    Pagination336 p. ;
    Number of Pages336
    ID Numbers
    Open LibraryOL14520131M

    Texas Gulf Sulphur instructed that public information from the corporation whose the defendant owed a duty to tippee’s duty of disclosure derives from that of the insider. In other words, the tippee assumes the insider’s duty, not because the information has. involving information relating to tender offers. (Insider trading may also violate other statutes, such as the mail and wire fraud laws, which are beyond the scope of this chapter.) 2. The Disclose or Abstain Rule The modern federal insider prohibition began taking form in SEC v. Texas Gulf Sulphur Co.   The event that changed it all was the SEC’s suit against Texas Gulf Sulphur Company and thirteen of its employees and directors. These insiders, after learning of an unprecedented discovery. Essay about Texas Gulf Sulphur Case Study Words | 3 Pages. Case Study #1 #1- Did any of the following individuals in Texas Gulf Sulphur violate civil or criminal law by breaching a Fiduciary duty or engaging in insider trading: Drake: A geologist and junior member of the exploration group who was authorized with confidential information.


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Texas Gulf Sulphur : disclosures & insiders Download PDF EPUB FB2

"Designed for distribution in conjunction with a Program on Texas Gulf Sulphur: Disclosures and Insiders"--Page 5. "B" Description: pages ; 21 cm. Series Title: Corporate law and practice course handbook series, no. Responsibility: co-chairmen, Arthur Fleischer, Jr., Joseph H.

Flom. OCLC Number: Notes: "B2 " Transcript of a forum by the Practising Law Institute, held in New York on Oct. Texas Gulf Sulphur : disclosures & insiders book,and repeated in Las Vegas, Nev., on Nov.Texas Gulf Sulphur’s bold ultimatum—"disclose or abstain”— enjoys an enduring place of prominence in discussions of insider trading law be- cause of the intuitive simplicity with which it asserts the expectations of investors in securities : Onnig H.

Dombalagian. Texas Gulf Sulphur ’s bold ultimatum—”disclose or abstain”— enjoys an enduring place of prominence in discussions of insider trading law be- cause of the intuitive simplicity with which it asserts the expectations of investors in securities : Onnig H.

Dombalagian. Texas Gulf Sulphur. Texas Gulf Sulphur : disclosures & insiders book decision focused on several landmark issues, including insider trading, company disclosure obligations, and the concept of materiality.

Although a number of its rulings subsequently were rejected by the U.S. Supreme Court, others remain good law : Marc I. Steinberg. Footnotes: (18) Eileen Shanahan, "S.E.C. Insider Suit Names Texas Gulf Sulphur Aides," The New York Times, Ap1.

(19) Richard Phalon, "S.E.C. Aide Says Insider Curb Is Varied from ‘Case to Case'", The New York Times, J(20) Richard Phalon, "Texas Gulf Trial Clears All But 2," The New York Times, Aug1. (21) Terry. “Business Adventures remains the best business book I’ve ever read.” —Bill Gates, The Wall Street Journal What do the $ million Ford Motor Company disaster known as the Edsel, Texas Gulf Sulphur : disclosures & insiders book fast and incredible rise of Xerox, and the unbelievable scandals at General Electric and Texas Gulf Sulphur have in common.

Each is an example of how an iconic company was defined 4/5(3). Golden Sulphur (New York: Texas Gulf Sulphur Company, ). Michel Thomas Halbouty, Salt Domes, Gulf Region, United States and Mexico (Houston: Gulf, ; 2d Texas Gulf Sulphur : disclosures & insiders book, ).

William Haynes, The Stone That Burns: The Story of the American Sulphur Industry (New York: Van Nostrand, ). Houston Post, Febru Matagorda County Historical Commission. The Texas Gulf Sulphur case, a landmark for the practice of PR, dealt with which legal issue. A definition of "insider" as any-one with access to material information.

The Texas Gulf Sulphur Company was one of the largest sulfur mining companies in the world from to The Gulf Sulphur Company was formed on Decem by a group of investors from St.

Louis and Texas. The company was formed to exploit the newly discovered sulfur deposit in the Big Hill salt dome near Matagorda, Texas, using the Frasch Process. Sulfur was subsequently produced at the Texas Gulf Newgulf plant in Texas Gulf Sulphur : disclosures & insiders book County and at a fourth small company, the Duval Sulphur Company, in Fort Bend County.

Over the years Texas has produced about 80 percent of the sulfur supply of the United States and, with the smaller Louisiana production, has furnished a major part of the world's supply.

One of the most famous instances of insider trading was Charles F. Fogarty's purchase of Texas Gulf Sulphur shares during and Fogarty, an executive vice president of Texas Gulf, knew that the company had discovered a rich mineral lode in Ontario that it could not publicize before concluding leases for mineral rights.

Insider trading and the stock market. Henry G. Manne. Free Press, - Business Insider Trading in the Stock Market: An Empircal Test of the Damage to Outsiders and Exchange Securities Exchange Act sell sellers shareholders siders simply sold specific stock Texas Gulf Sulphur : disclosures & insiders book stock options stockholders Texas Gulf Sulphur Tide Water tion.

Insider Trading Texas Gulf Sulphur Co. (TGS), a mining company, drilled an exploratory hole—Kidd 55—near Timmins, Ontario. Assay reports showed that the core from this drilling proved to be remarkably high in copper, zinc, and silver.

TGS kept the discovery secret, camouflaged the drill site, and diverted drilling efforts to another site to allow TGS to acquire. The Texas Gulf Sulphur Co (TGS) was on a mining exploration throughout Canada based on a geological survey. TGS began mining in a particular area that the survey stated was promising for mineral deposits.

After finding quite a bit of minerals and then verifying their existence, TGS was quite confident they had found a rich mineral deposit.

What do the $ million Ford Motor Company disaster known as the Edsel, the fast and incredible rise of Xerox, and the unbelievable scandals at General Electric and Texas Gulf Sulphur have in common?Author: Mara Leighton.

Broader enforcement of restrictions on insider trading began only in the s, when the U.S. Securities and Exchange Commission (SEC) prosecuted the Cady, Roberts and Texas Gulf Sulphur cases using Rule 10b-5, a catch-all provision against securities fraud.

In those and subsequent cases that shaped the evolution of the general insider trading prohibition, the. Now online are 49 photographic prints of Texas Gulf Sulphur Company interests (ca.

) in the company town of Newgulf, Texas. The images of the Texas Gulf Sulphur Company (later known as Texasgulf Inc.) are part of a TexTreasures grant project intended to digitize 1, prints and negatives taken by Robert Yarnall Richie () that depict non-oil-related Texas.

That’s a more complicated question than it may seem. Inagents and geologists of Texas Gulf Sulphur discovered evidence of a major ore deposit near Timmins, Ontario, reported to be worth $2 billion. Company officials ordered the find and ana. The SEC Takes Command 10b Relying on the administrative decision of In the Matter of Cady, Roberts & Company, and on the common law of Texas Gulf Sulphur, the SEC began to use Rule 10b-5 as a major tool to regulate and enforce insider trading Chairman Manuel Cohen, the SEC would continue Cary's advocacy of active insider trading regulation.

In addition, Texas Gulf Sulphur dealt with insiders known as tippers.'6 A tipper is "a person who possesses material inside in-formation, and who makes selective disclosure of such information for trading or other personal purposes."7 Inside information is re-garded as company information that is not publicly disclosed and.

Securities and Exchange Commission v. Texas Gulf Sulphur, insider trading, U.S. securities laws, insider trades – disclosures, materiality, price impact, secondary trading markets – company liabilities, Securities Exchange Act – Section Briefing on Insider Trading CASE STUDY Texas Gulf Sulphur “This book truly highlights contemporary issues in the field of business ethics.

The cases are timely and relevant examples of the new frontiers in the field, and the emphasis on a rights-based personal ethics approach is fresh and unique.”. Texas Gulf Sulphur Co announces agreement to settle all but 11 private damage claims brought by former stockholders as result of insider information about co's '64 ore discovery near Timmins, Ont.

The Texas Gulf Sulphur case. arising out of a huge ore strike the company made in Canada ininvolved accusations by the Securities and Exchange Commission — previously upheld by this same. PR STUDY. Flashcards. Learn. Write. Spell. sarahccobb.

Terms in this set (25) What was the first major case dealing with insider trading. Texas Gulf Sulphur. The money with which other resources can be purchased is known as ___ capital.

What government agency deals with cases of insider trading. The information contained in press. Business Adventures details 12 critical moments in American industry, including the rise of Xerox and Piggly Wiggly, the Ford Edsel fiasco, and the GE and Texas Gulf Sulphur.

ty.” Basic, U.S. at (citing Texas Gulf Sulphur, F.2d at ). Existing Accounting Literature The Financial Accounting Standards Board’s Statement of Financial Accounting Concept No.

2, Qualitative Characteristics of Accounting Information () states that: “[t]he omission or misstatement of an item in a. Quoting from its decision in Texas Gulf Sulphur, the court stated that the prohibition against insider trading was based “in policy on the justifiable expectations of the securities marketplace that all investors trading on impersonal exchanges have relatively equal access to material information.” Judge Meskill dissented on the ground that.

Employees, officers, and directors of Texas Gulf Sulphur acquired or tipped off others to acquire common stock or options before and concurrent with the announcement of a major discovery of ore. The question is whether any of these acquisitions violated either federal securities law, state fiduciary law, or ethical standards.

SEC v. Texas Gulf Sulphur Co. BACKGROUND AND FACTS Texas Gulf Sulphur Company (TGS) conducted aerial geophysical surveys over more t square miles of eastern Canada. The operations indicated concentrations of commercially exploitable minerals. At one site near Timmins, Ontario, TGS drilled a hole that appeared to yield a core with an exceedingly.

Essay about Texas Gulf Sulphur Case Study Words 3 Pages Case Study #1 #1- Did any of the following individuals in Texas Gulf Sulphur violate civil or criminal law by breaching a Fiduciary duty or engaging in insider trading: Drake: A geologist and junior member of the exploration group who was authorized with confidential information.

Texas Gulf Sulphur Corp. (“TGS”) is approaching its 50th anniversary, and it’s still well-known for several important holdings. Perhaps the most celebrated (or condemned) accepted the SEC’s argument that corporate insiders have a duty to “abstain or disclose” from trading while in possession of material nonpublic information.

The Gulf Sulphur Company began in Matagorda County inand in changed its name to Texas Gulf Sulphur Company. A plant was built at the Big Hill Dome, and the first sulphur was produced in A company town was created and named Gulf, Texas.

New reserves of sulphur were acquired in Wharton County. This action was commenced in the United States District Court for the Southern District of New York by the Securities and Exchange Commission (the SEC) pursuant to Sec.

21(e) of the Securities Exchange Act of (the Act), 15 U.S.C. § 78u(e), against Texas Gulf Sulphur Company (TGS) and several of its officers, directors and employees, to enjoin certain conduct. Texas Gulf Sulphur [TGS] Co. The TGS opinion rested on a policy of equality of access to information.

The court [US Court of Appeals for the Second Circuit] contended that the federal insider trading prohibition was intended to assure that 'all investors trading on impersonal exchanges have relatively equal access to material information.'.

Seven years thereafter, the Second Circuit in Texas Gulf Sulphur ( F.2d (2d Cir. ) (en banc)) reinforced that the insider trading prohibition is a matter of federal corporate governance.

Although subsequent U.S. Supreme Court decisions have confined the scope of Texas Gulf Sulphur, nonetheless federal law continues to govern this.

Joseph H. Flom ’48, the last living named partner at Skadden, Arps, Slate, Meagher & Flom and a leader in the field of mergers and acquisitions, died Febru in New York City. He was Flom helped transform a small New York firm into one of the most powerful legal institutions in the world, and he was also a dedicated philanthropist and supporter of Harvard Law School.

Insider Trading Preeminence of Federal Law The following discussion examines key aspects of U.S. law in the insider trading and issuer affirmative disclosure areas. With 7 See, e.g., infra notes and accompanying text.

8 See infra notes and accompanying text. 9 See infra note and accompanying text. [Vol. Umair ALI [Business Adventures] is a collection of Brookss New Yorker essays about why various companies succeeded or failed.

The essay titled Xerox Xerox Xerox more [Business Adventures] is a collection of Brooks’s New Yorker essays about why various companies succeeded or failed. The essay titled “Xerox Xerox Xerox Xerox” should win an award for most /5. Pdf Adventures: Twelve Classic Pdf from the World of Wall Street - Ebook written by John Brooks.

Read this book using Google Play Books app on your PC, android, iOS devices. Download for offline reading, highlight, bookmark or take notes while you read Business Adventures: Twelve Classic Tales from the World of Wall Street/5(92).Form Of Summary Memorandum And Sample Corporate Policy Texas Gulf Sulphur, F.2d (2d Cir.

). Courts will generally consider daily newspapers or widely circulated public disclosure documents, such as pros-pectuses, quarterly and annual reports, and proxy statements. As a rule of thumb,File Size: 69KB. Texas Gulf Sulphur Co., the ebook major insider trading case, the United States Court of Ebook for the Second Circuit held that “anyone in possession of material inside information must either disclose it to the investing public, or, if he is disabled from disclosing it in order to protect a corporate confidence, or he chooses not to do so.