August 30, 1991 |
Morgan Stanley & Co. settled a controversial Securities and Exchange Commission action Thursday that charged it with selling stock it allegedly wasn't entitled to trade after the 1987 stock market crash. Last March, the SEC claimed that Morgan Stanley improperly sold more than 2.4 million restricted shares of KaiserTech Ltd. to satisfy margin deficiencies in an account of former KaiserTech Chairman Alan E. Clore. Morgan Stanley neither admitted nor denied wrongdoing in the settlement.
July 15, 1987 |
KaiserTech Ltd. reported a net loss of $389.1 million for the second quarter, primarily because of previously announced writedowns of various operations. The loss included $357 million in writedowns of the company's electrical-products manufacturing business and its idle aluminum-making operations. By comparison, KaiserTech, which is the recently formed parent of Kaiser Aluminum & Chemical Corp., posted a $30.6-million loss in the second quarter of 1986.