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OCR Page 1 of 57THE NEW YORK TIMES, TUESDAY, OCTOBER 31, 1967
C
67
Gab
Roy
where
Dress:
the
S
E.G
is the
$4,000,000?
T
he SEC has claimed in a civil suit that some $4,000,000 of the funds
of Fifth Avenue Coach Lines, Inc. has been "misappropriated" and
charges "fraud."
Any reasonable man, reading the scare headlines, might assume that
somebody walked off with the Company's assets.
That is untrue-the assets are in the Company and are growing. But
you have to dig down into the fine print of the SEC allegations to find
that out.
Here is the truth about the SEC's charges, most of which are a rehash
of charges the SEC "forgot" to say have been already discredited by a
New York Supreme Court Referee.
And here are the facts about how SEC harrassment has "protected"
Fifth Avenue shareholders out of well over a half million dollars of their
assets.
The $4,000,000
"The evidence indicates that in 1965 the
larger fee lost the Company's suit for fair
We operate, among other things, two companies
Three transactions which the Commission is
credit of the Corporation was exhausted
compensation covering intangible assets
active right here in Metropolitan New York. One
questioning represent about $4,000,000. These
and that attempts had been made to bor-
seized, while Saxe, Bacon & Bolan won that
is the Westchester Street Transportation Com.
are assets, properly carried on the Company's
row money from factors so that the assist-
suit on appeal and received an additional
pany, providing bus service in Westchester
books. They belong to the shareholders of Fifth
ance by Krock was both necessary and
judgment of $3,000,000; is now fighting to
County: the other is V.I.P. Metered Transporta-
Avenue Coach. THE SEC KNOWS THAT.
r reasonable terms as it was necessary
have that amount raised to $24,000,000.
to raise funds for the purpose of paying
tion Co., whose cars are a familiar sight to many
And they are earning income which also be-
Thomas A. Bolan, a Same, Bacon & Bolan
New Yorkers.
damage claims arising out of accidents
longs to the shareholders. THE SEC KNOWS
partner who is president and chairman of
which had occurred (while Fifth Avenue
Fifth
Coach
The SEC's "Protection"
Relations
belongs_to