Business & Finance: Qualified Approval

SEC was finally satisfied that Preston Tucker was telling the truth about his financing. So last week it withdrew its stop order and allowed Tucker to float $20 million worth of stock to finance the production of his rear-engined automobiles (TIME, June 23). The Commission had no choice; it cannot bar anyone from selling the stock as long as the truth is told about the issue.

But SEC was so perturbed by the truth that it said flatly that Tucker's past publicity in newspapers, magazine articles and paid advertisements was "grossly misleading and false." It also warned prospective investors to read Tucker's...

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