(3 of 3)
Just for a starter on this rank story, Inquisitor Pecora made two points: 1) that Chase Securities turned down the financing of the original International Projector Corp. as too ''unseasoned7" but that Mr. Wiggin's Shermar Corp. did participate; 2) that International Projector's common stock had a book value of $2.22 a share when it was taken over by G. T. E. but that G. T. E. paid $28.50 a share. Mr. Clarke's explanation was that the stock had great potential value: "It was, in my opinion, a careful and well-balanced estimate of the value of the stock."
*Last week a group of Chase stockholders sued Mr. Wiggin and 135 past and present Chase directors for $100,000,000, charging "a grand plan of manipulation culminating in substantial personal profits" and "enormous loss to stockholders." Mr. Wiggin observed that it was probably only the forerunner of other suits.