Silesian-American Corporation (SACO) was registered as a corporation in Delaware in 1926 to assume ownership of the Giesche Spolka Akcyjna ( Giesche ) that was registered as a corporation in Katowice , Poland earlier during the interwar period . SACO gave substantial loans to Giesche’s Erben by selling $ 15,000,000 collateral trust sinking fund bonds that would mature on August 1, 1941. Giesche was that part of the holdings of the German corporation Bergwerksgesellschaft Georg von Giesche's Erben (commonly referred to as Giesche’s Erben) that were in the previously German controlled Upper Silesia territory with the re-established Poland.
16-470: SACO was 100% owned by: the Silesian Holding Company (51% of common stock and 58,33% of preferred stock ) and Giesche (49% of common stock and 41,67% of preferred stock). Silesian Holding Company was owned by Anaconda Copper Mining (65%) and W. Averell Harriman . Harriman's portion would later be owned by Harriman, close affiliates and associates. Following invasion in 1939, Silesian-American
32-530: A Swiss corporation, which held the stock for the benefit of Bergwerksgesellschaft Georg von Giesche's Erben, a German corporation. This action effectively put a stop to Schulte’s repatriation scheme. Before Silesian-American was finally dissolved, it took part in several legal proceedings in the 1950s. Many Polish language sources, concerning mainly the history of Silesian industry, the history of Katowice and its districts, web pages of particular Polish coal mines. For example: Common stock Common stock
48-815: A petition for reorganization under Chapter X of the U.S. Bankruptcy Act . Before entry to WWII by the U.S., the owners and leading managers of Giesche's Erben sought, through a "repatriation scheme", to regain legal control of Silesian-American through the leadership of Eduard Schulte , the Giesche’s Erben General Manager, and Jung. In 1941, the Swiss bank LaRoche acted jointly with Schulte to register another company in Switzerland, Internationale Kapitalanlegen Gesellschaft (Ikap). Schulte convinced Harriman and Cornelius Kelley (president of Anaconda Copper) to sell their shares in Silesian Holding Company to Ikap. However,
64-650: A way for companies to increase their equity capital in exchange for dividend rights for shareowners. Listed common stock typically comes in the form of several stock classes in order for companies to remain in partial control of their stock voting rights. Non-voting stock may be issued as a separate class. Capital appreciation Capital appreciation is an increase in the price or value of assets . It may refer to appreciation of company stocks or bonds held by an investor, an increase in land valuation , or other upward revaluation of fixed assets . Capital appreciation may occur passively and gradually, without
80-492: Is a common label for a super-voting series of common stock. Common stocks exist on both public and private markets, however the accessibility differs due to the fact that only publicly traded companies may have common stock publicly listed. Some companies may for various reasons delist some or all of their shares from the public market and common stock may then be converted to limited common stock, other stock or be liquidated altogether. Common stock listings may be used as
96-508: Is a form of corporate equity ownership, a type of security . The terms voting share and ordinary share are also used frequently outside of the United States . They are known as equity shares or ordinary shares in the UK and other Commonwealth realms. This type of share gives the stockholder the right to share in the profits of the company, and to vote on matters of corporate policy and
112-408: Is liquidated. In general, common stockholders have lowest priority to receive payouts from the company. They may not receive dividends until the company has met obligations on any preference shares it has issued, and they receive distributions in liquidation only after bondholders, creditors (including employees) and preference share owners have been paid. When liquidation happens through bankruptcy ,
128-566: The action could not be completed without coming under the scrutiny of the U.S. government owing to the Presidential freeze order, which was extended to Switzerland on June 14, 1941—the order mandated that transactions which potentially could benefit an enemy be subject to the review and approval of the United States Treasury Department . The first of three applications to transfer stock ownership from U.S. holders to enemy holders
144-440: The composition of the members of the board of directors . The owners of common stock do not directly own any assets of the company; instead each stockholder owns a fractional interest in the company, which in turn owns the assets. As owners of a company, common stockholders are eligible to receive dividends from its recent or past earnings, proceeds from a sale of the company, and distributions of residual (left-over) money if it
160-403: The investor taking any action. It is distinguished from a capital gain which is the profit achieved by selling an asset. Capital appreciation may or may not be shown in financial statements ; if it is shown, by revaluation of the asset, the increase is said to be "recognized". Once the asset is sold, the appreciation since the date of initially buying the asset becomes a "realized" gain. When
176-475: The ordinary shareholders typically receive nothing. Since common stock is more exposed to the risks of the business than bonds or preferred stock, it offers a greater potential for capital appreciation . Over the long term, common stocks tend to outperform more secure investments, despite their short-term volatility. Owners of a company's common stock are entitled to rights that are enumerated in its articles, bylaws and applicable corporate law. These can include
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#1733086324182192-420: The right to request access to the company's financial records, the list of shareholders, and other records that they legitimately require to fulfill their ownership duties. Common/Equity stock is classified to differentiate it from preferred stock. Each is considered a stock class , with different series of each issued from time to time such as Series B Preferred Stock. Nevertheless, using "Class B Common Stock"
208-403: The right to vote on directors, officers, compensation plans and major business actions such as acquisition or dissolution. Many companies also allow them to submit and vote on proposals to amend the bylaws or to mandate actions by the board. Pre-emption rights and shareholder rights plans regulate the terms under which new shareholders can affect the interests of existing ones. Shareholders have
224-411: The term is used about valuation of companies publicly listed, capital appreciation is the goal of an investor seeking long-term growth . It is growth in the principal amount invested, but not necessarily an increase in the current income from the asset. In the context of investment in a mutual fund , capital appreciation refers to a rise in the value of the securities in a portfolio which contributes to
240-545: Was among the Polish corporations and companies that were brought under the supervision of a German military commissar, Dr. Albrecht Jung. During this time SACO was denied all income from the European Silesian-American activities and affiliates, and was hence unable to pay dividends on its outstanding bonds, which came due in 1941. At the time, the company had only about half a million dollars in cash. Accordingly, it filed
256-813: Was refused by the Treasury Department on July 26, 1941; the other two were in August and December. On November 17, 1942, the Alien Property Custodian as authorized by the Trading with the Enemy Act , took over control of the German-owned shares of the Silesian-American Corporation. The stock, prior to August 31, 1939, stood in the stock book of Silesian in the name of Non Ferrum, Zurich, Switzerland,
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