Heinl radio business letter (July-Dec 1930)

Record Details:

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Mr. Thomas seemed to resent particularly not being allowed to use WNYC and wrote: "WNYC is a municipal station paid for by municipal funds. If it is to be open at all to controversial city issues and I think such use of the station may be made genuinely educational— it should be opened on equitable terms to all responsible parties and groups. Certainly, the Socialist party comes under this head. On no reasonable theory of fair play or political education can Station WNYC be open to you for the kind of speech that you made and offered by you to General Harbord but denied to me. What has happened to your vaunted sportsmanship?” X X X X X X COURT ABSOLVES KOLSTER OFFICIALS Rudolph Spreckels, Chairman of the Board of Directors of the Kolster Radio Corporation, and other officers and directors of the company, were absolved of legal blame in the sale of Kolster stock at net profits totaling about $12,000, 000 by the report of John A. Bernhard, Special Master of Chancery, made public in Newark. Mr. Bernhard said that in selling their stock at considerable profit, they had violated no legal obligation to the stockholders. He commented: "The question is, were Mr. Spreckels and his associates under a moral or legal duty to disclose to the stockholders the disposition of their shares? I leave the situation as I find it because I have concluded that the officers were under no legal obligation to inform stockholders of their private transactions. n The Master also found that the sale of large blocks of stock by officers of the company did not cause its insolvency. This was caused by a general depression in the radio industry and by inability to raise funds, he said. The charge that the market was "rigged" was not substant¬ iated, the report found, but added: "Spreckels, Rypinski and Dietrich were participants in a syndicate operated by George F. Breen. They supplied the stock; Breen doled it out to the public." Without drawing conclusion on the subject, the report declares that Ellery W« Stone, President of the company, must have known early in 1929 that the company was sustaining serious losses, and that hundreds of thousands of shares in Kolster had been sold by Messrs. Spreckels, Rypinski, Dietrich and himself.