Business & Finance: More Trouble for Andy

Three months ago, Shipbuilder Andrew Jackson Higgins Sr. loudly announced that he was going out of business because of union trouble. But he took a strange way of doing it. While he started to liquidate his Higgins Industries, Inc., owned chiefly by himself and family, he planned to form a new company, Higgins, Inc., financed by a public sale of stock.

Last week, the Securities & Exchange Commission dropped a wrench in Handy Andy's plans. It charged that Manhattan brokers Van Alstyne, Noel & Co., specifically David Van Alstyne Jr.*, had sold stock in...

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