June 10, 1999 |
A growing number of mutual funds are imposing redemption fees on short-term investors in an effort to deter them from churning their shares and wreaking havoc on the funds. While the absolute number of funds imposing such fees remains modest--311 of the estimated 5,000 stock funds available--that figure shot up nearly 50% between December 1997 and April 1999, according to a new study by Boston-based Financial Research Corp. And the number continues to grow.
June 14, 1991 |
Bank of America said it has agreed to sell its stock transfer business to Manufacturers Hanover Trust Co. of California for an undisclosed price. Bank of America, the nation's second largest bank, said it was uncertain how many of the stock transfer business's 120 employees would keep their jobs.
June 28, 1991 |
The government announced Thursday that it plans to transfer one-quarter of all state industry to private hands within six months by giving stock to every Polish adult citizen. The plan must be approved by Parliament. Under it, five to 20 stock funds will be created and run under the auspices of foreign investment management companies, and Poles will be a granted a share in every fund.
October 1, 1992 |
Chevron Corp. will buy back $1.17 billion worth of its own stock from Pennzoil Co. in exchange for some Gulf of Mexico oil and gas fields, the companies said Wednesday. The deal solves a number of problems for both parties. It will enable Chevron to trim its U.S. oil-production business while reducing unease over Pennzoil's intentions as owner of almost 10% of San Francisco-based Chevron.
July 15, 1997 |
The board of directors of PerfectData Corp. in Simi Valley has authorized the distribution to shareholders of one share of Staruni Corp. for every four shares of PerfectData. Fractional shares will be rounded off to the nearest whole number. The distribution date has been set for Aug. 14 to shareholders of record July 17. PerfectData owns about 1 million shares of Staruni, or about 50% of the company.
May 10, 1988
Michael McGovern--the founder of Alpharel in Camarillo--said he has transferred 150,000 of his shares in the troubled data storage firm to Eatherton & Co. in Denver. The stock transfer was a payment for consulting services Eatherton provided to McGovern, who was considering launching a proxy battle to regain control of the company after being ousted as its chairman. McGovern dropped his plans in April after he and the company reached agreement.