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Show The National Enterprise, February 23 , 1977 Page two NEW YORK A game of badmiton marled m the Sunshine devel-opmen- ts Shareholders Committee case last week as Sunshine filed suit against Golden Cycle Corp., Golden Cycle Gold Corp. and their president William T. Wells alleging continued and threatened violations of federal securities law. The Sunshine Shareholders Committee, meanwhile, filed an answer denying the allegations and seeking dismissal of the law- suit brought against its members in U.S. District Court in New York. The case stems from a proxy contest headed by Charles E. Schwab to replace the proxy contest were unsuccessful, he would resume his duties under his original employment contract. Sunshine charges that ACETO Chemical Co. OTC 15.00. 15. 75 said it has entered into serious discussion with a major unidentified chemical company regarding their possible acquisition of the assets of ACETO. and injunctive arrangement Schwab makes Golden Cycle and Wells participants in the proxy contest under the definition of the laws covering such action and that, thus, they are in violation of federal securities laws for failure to file the required Schedule 14B. The Sunshine Shareholders Committee denied the allegations and asked for A dismissal of the suit. motion to transfer this action to the U.S. District Court for the eastern district of Washington is pending. The Shareholders Com- Webb Resources Inc. (OTC 12.25, 13.00) said its largest shareholder, Samuel Gary, and Mortimer M. Caplin, a director and ten other shareholders exercised warrants in the period Dec. 1, 1976 through Feb. 11, 1977, to purchase a total of 317,536 shares of its common for a total purchase price of about $702,000. Webb said Gary now owns 33 percent of the companys 1.8 million outstanding shares as well as additional warrants and options to purchase 458,551 damages relief, which would prohibit both Golden Cycle and Wells from continuing such participation until such time as they have filed the required schedule 14B. In its suit. Sunshine alleges that Golden Cycle and Wells entered into an employment agreement with Mr. Schwab, chairman of the dissident group, to devote his full time and attention to the affairs of Golden Cycle. charges that agreement with Sunshine Schwab entered into a subse- Mining quent (SSE 11.75,12.25). Schwab is a director of Golden Cycle and its subsidiaries. He is joined in the proxy fight by Hecla Mining Co. (SSE 13.25, 14.00) and Silver Dollar Mining Co. (SSE 4.00, 4.35). The suit charges both Golden Cycle and Wells with failure to file Schedule 14B Hamilton International Corp. (OTC 3.625, 4.00) said it scheduled a special shareholders meeting for March 9 to vote on the previously announced plan to merge the company into Household Finance Corp. as required by the Securities Exchange Act in connection with their alleged participation in an effort to wage the contest. Sunshine said it seeks the management of Sunshine Company Briefs jNews Tempers Flare in Sunshine Proxy Fight Golden Cycle permitting him to devote as much time as he deems appropriate to the work of the Committee, that he would continue to receive his salary from Golden Cycle, use Golden Cycle offices, and remain as a director of the company and its subsidiaries. And that if this with mittee also stated that its answer contained affirmative defense alleging certain acts of corporate waste and mismanagement and a counterclaim seeking injunctive relief damages and costs based upon alleged violations of the Securities Exchange Act of 1934. Bass Named Chairman of Vail Harry W. Bass, Jr., of Dallas, Texas, and Vail, Colorado, was elected chairman of the board of Vail Associates, Inc., (OTC 7.00, 7.75) principal developers and operators of the Vail ski resort, by the firms board of directors last VAIL, Colo. week. Bass is president of Goliad Oil and Gas Company of Dallas, Texas which acquired a significant interest in Vail Associates through a tender offer completed in September, 1976. Vail Associates former chairman, Peter W. Seibert, was elected vice chairman of the company. Seibert, president from 1966 to 1970, and chairman since 1970, said he looked forward to playing a more active role with the company in his new position. The Vail board of directors also accepted the resignation of Andrew D. Norris, vice president, real estate and treasurer of the company, effective April 30, 1977. Chairman Bass expressed his appreciation of Norris accomplishments during his three year tenure with the company, noting particularly his efforts in organizing and implementing the sale of development of Vail Associates Gore Valley real estate inventories. Norris headed up the firms highly successful Northwood's condominium project in Vail. shares. Raymond International OTC 14. 75, 15. 75 announced last week a contract award of more than $60 million for construction of wharf and ports facilities in Guayaquil, Ecuador. The contract came from A utoridad Porturia de G uayaquil Preparations for construction will begin immediately with completion scheduled for 1980. Raymond said the project increases its backlog by about 25 percent to a record $290 million and is expected to begin having an impact on earnings in the first quarter of 1978. THE NATIONAL Subscriptions $24.00 per year The Notional Enterprise is published ing Company, Inc, S00 Continental Salt lake Gty, Utah 14147. (801) S33-0SS- 50 Cents Per Copy weekly by the National Enterprise PublishBldg., P.0, las 11771, Pioneer Station, lanh 6 Second Class Postage Paid m Salt Lake City, Utah R. George Gregersen Publisher Alene Bentley Editor Dean AIsup, Mary McMillan Gaber, Jo Schneider Staff Writers Kristopher R. Passey Advertising Manager Peter Harrison Production Manager Southland Energy Tests Prolific Oklahoma Well Okla. Southland Energy Corp. (OTC 1.75, 2.00) reported last week it had completed testing of the most prolific gas well in the four-yea- r history of the company in Osage County, Oklahoma. TULSA, President H. F. Kincaid said the well, in the Landon Field, tested gas from 36 feet of Mississippi Chat zone between depths of 2,135-4- 5 feet at the rate of 2,260,000 cubic feet of gas per day on drill stem test. The well also opened a new discovery zone for the field in the Mississippi Lime formation. A test of 12 feet of pay zone between 2,210-2- 2 feet produced at the rate of 240,000 cubic feet of gas Combined gas per day. reserves for the two pay zones are estimated to be three billion cubic feet per 160 acres, Kincaid said. Production from the well will be sold to Phillips Petroleum Co. under the existing gas contract. Phillips is presently buying gas from other wells in the field and has initiated plans to connect the well. Kincaid added that Southland is also completing four other wells extending the Landon Field and a discovery well in the Pond Creek area, three miles east, as part of its 1976 Drilling Fund Program. The computer has a greater potential in patient care than any other invention, including the stethoscope and the X-r-ay machine . Mr. Ken Hanson American Medical News HEALTHGARDE CORPORATION Medical Computers for the Modern Hospital OUR NASDAQ SYMBOL IS HGRD |