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Show The National Enterprise , November 10, 1976 Page twelve Former Chairman Sues Oceanic Exploration Co. DENVER In an effort to mon owned by Grynberg and his family is covered by the voting trust which contains an until June 4, 1981 for the company to buy those regain official control of Oceanic Exploration Co. (OTC 4.50, 5.00) former chairman Jack J. Grynberg has filed suit in Delaware state court seeking to invalidate a voting trust which the company said he himself created last February. Grynberg said while he does not personnally want to operate the company, he hopes, through a successful court judgement, to replace the firm's management with someone who would provide to the proper direction Oceanic. He defined proper direction" as development of additional properties the firm holds and to reclaim very expensive damages caused the firm by outsiders." Oceanic Exploration said the entire 76 percent of the companys outstanding com shares. Toro Completes complaint seeks to enjoin the trustees from voting the trust shares or enjoin actions proved by a vote of the trust It also seeks to shares. invalidate the voting trust or ap-opti- - alternatively on to replace the present voting trustees, the companys board, alleges the company said, President of Oceanic, W. N. agreements establishing the voting trust were induced by Farmer said Grynberg had misrepresentation of the de- - asked to leave the company fendants and that certain of its last year when Oceanic was provisions violate Delaware suffering severe liquidity law." The trusts three voting problems. Now that our debt trustees are all Oceanic direc- - has been reduced and most of the bills paid, he (Grynberg) tors. The complaint also al- - wants the company back," leges that stock options and Farmer said, Farmer would not elaborate grants awarded to certain officers and directors subject on the alleged mis represen to shareholder approval at the tations" saying his lawyers companys Nov. 5 annual had advised the company not meeting constitute breaches to make additional of duty." The company said the Oceanic said the com- plaint, which also names the Sale of Subsidiary; Growth Outlined MINNEAPOLIS The Toro Company (OTC 12.00, 12.75) has completed the sale of its subsidiary, Game Time, ine., according to David T. Toro president, A group of private inves- tors are the new owners of Game Time, which is a leading manufacturer of institutional outdoor playground equip- ment. Purchase price was ap-proximately $6.5 million, with 80 percent in cash and the balance payable over a five- year period, McLaughlin said, Under the terms of the sale, the final price will not be determined until next month but the basis is an attractive one and will result in a gain for "CUT LOCAL TAXES is a 'do it yourself' handbook that could American taxpayer tens of millions save the hard-pressof dollars." Senator William Proxmire ed You CAN Cut Local lanes Once in a while, a book appears that promises to have a direct impact on politics. Cut Local Taxes is such a book. Taxpayers across the country today are angry about rising assessments .and property taxes. They have expressed their feelings by voting down bond issues and new spending proposals. Yet taxes continue to soar and citizens are looking with increasing concern for a solution to the problem. Cut Local Taxes shows that taxpayers can find relief. The author, professional consultant Robert breakPoole, Jr., has sifted through the throughs created by some communities. He highlights the best and most effective of these changes, with particular emphasis on reforms that can be by most local governments, large or small. In some cases, indeed, the savings can be startling. Medium size cities report average savings of about 70 percent after switching from municipal to private contract garbage collection. Thirteen communities in Arizona enjoy a new system of quality fire protection that costs half that in nearby communities which use conventional techniques. Large economies can also be obtained in the school system and the public works department. Virtually none of the reforms described in the handbook entails a drop in the levels of services. Some actually improve the quality of services provided, by shaking the local government bureaucracy from habits. This aspect makes lethargic or the breakthroughs attractive to voters who want to preserve existing services at less cost to the taxpayer. The descriptions in this book are clearly worded and simple to understand. You do not have to have a degree in public administration to profit from Cut Local Taxes. If you are a taxpayer looking for ways to economize in local government, you will find them here. A special reference section shows where you can get additional hard facts once you have targetted an area for your efforts. And a chapter discusses the potential rewards and pitfalls of different ways ideas into public deto introduce the bate in particular, how to launch a political campaign or start a taxpayers' group. cost-cutti- self-defeati- ng cost-cutti- he added. In the annual report to shareholders issued last week the Toro president said, Although Game Time has tributed to the companys growth since its acquisition in July, 1972, we concluded that the funds realized from a Game Time sale could be better utilized in those areas of growth opportunities that were more closely identified with our market objectives. Toro, has identified the agricultural irrigation market, the residential market for homelawn irrigation systems and for flexible line trimmers, and the commercial market for turf maintenance equipment h as new areas of potential for the company. Game Time contributed approximately 10 percent to Toros overall sales and earnings, McLaughlin said. Toro sales for the fiscal year ended July 31, 1976, without Game Time, were $i37,513,000, and its earnings, $3,598,000, or $1.44 per share. The results of the preceding year, also restated without Game Time, were: sales, $133,734,032; and earnings, $1,778,613, or $.72 per share. Toro, con-McLaughl- in, high-growt- Chem - Nuclear Posts Earnings BELLEVUE, Wash. ng The Board of Directors of Systems, Inc., (OTC) has declared a cash dividend of 5 cents per share, payable Dec. 1, 1976 to shareholders of record at the close of business Chem-Nucle- ar Nov. 5, 1976. For the year ended July 31, 1976, Chem-Nucleregincome of istered (audited) net 42 to cents $738,888, equal per share on $5,654,522 in total revenues. This is compared to fiscal 1975s $240,527 net income and 14 cents per share earnings on $3,003,742 in total revenues. In 1976 and 1975, 6 cents and 1 cent per share, respectively, accrued from discontinued operations. The company on Aug. 16, had announced preliminary unaudited 1976 year-en- d earnings of 40 cents per share. r, a Washington state corporation, provides a wide range of technical services to the nuclear industry. These services include, outage management, health physics, waste disposal and also training. Chem-Nuclesites for the operates disposal of low level radioactive waste and hazardous chemicals. ar If you want your local taxes to keep rising, you have only to do nothing. On the other hand, if you want to keep what you have earned and prevent your community from succumbing to fiscal ailments, you will find the ideas in this handbook most with the useful. They can do the work of a meat-ax- e precision of a scalpel. REASON PRESS Box 40105 E Santa Barbara, CA 93103 YES I want to stop wasteful spending. Send me the Cut Local Taxes handbook. I enclose a check for: ( ) ( ) ( ) $2 for single copy $1.50 per copy for two to ten $1.20 per copy for larger quantities Name Address ng CityStateZip Chem-Nuclea- ar |