Author Topic: If Only the Rich would Commit Suicide - But money goes to the wrong people  (Read 2899 times)

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Online TahoeBlue

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But they leave their money to the wrong people - Of course! This guy had to have inside info ...
If only the other SOB's would follow the example.


http://www.nytimes.com/2013/12/28/nyregion/robert-w-wilson-hedge-fund-founder-and-philanthropist-dies-at-87.html?_r=0
Robert W. Wilson, Frugal Philanthropist, Dies at 87
By PAUL VITELLO
Published: December 27, 2013

Robert W. Wilson, a retired hedge-fund founder who became a major philanthropist, donating about $600 million to causes that included environmental conservation, the American Civil Liberties Union and Roman Catholic education (though he was an openly gay atheist), died on Monday in Manhattan. He was 87.
...
Mr. Wilson earned a fortune in the stock market as the founding partner of a hedge fund firm, Wilson & Associates, that specialized in short-selling, the strategy whereby traders sell borrowed shares of a stock, betting that it will decline in value before it has to be bought at its most recent closing price. He founded the firm in 1969, retired in 1986, and soon after began giving away most of his wealth, which peaked at around $800 million in 2000, Mr. Castle said.

The Nature Conservancy, the Environmental Defense Fund, the Wildlife Conservation Society and the World Monuments Fund, which seeks to preserve historic sites, were among the recipients of his earliest and largest donations — an estimated $100 million each.

...

He is survived by a brother, William Wilson II. Richard G. Schneidman, another adviser at Anchin Block and the executor of Mr. Wilson’s estate, said on Thursday that Mr. Wilson was once married, but, after his divorce nearly 40 years ago, made no secret of the fact that he was gay


http://www.dailymail.co.uk/news/article-2528944/Multi-millionaire-86-jumps-death-16th-floor-balcony-giving-money-away-charity.html#ixzz2oSTWwcT9
Multi-millionaire, 86, jumps to his death off 16th floor balcony after giving almost all his $800MIILLION fortune to charity

A multi-millionaire killed himself yesterday by jumping off the his luxury apartment building in Manhattan after giving away his millions.

Robert Wilson was an 86-year-old Wall Street mogul whose personal fortune was estimated to be about $800 million- but he recently told friends he had given all but $100million to charity. He apparently could not give away the rest because it was tied up in long-term investments
...


http://en.wikipedia.org/wiki/The_Millionaire_(TV_series)
The Millionaire

The Millionaire is an American anthology series that aired on CBS from January 19, 1955, to June 8, 1960, originally sponsored by Colgate-Palmolive. The series explored the ways sudden and unexpected wealth changed life for better or for worse and became a five-season hit during the Golden Age of Television. It told the stories of people who were given one million dollars[1] from a benefactor who insisted they never know him, with one exception. The series was known in syndication by two titles - The Millionaire, and as If You Had a Million.[2]

The benefactor

The benefactor was named John Beresford Tipton, Jr. Viewers heard his voice, making observations and giving instructions; they saw only his arm as he reached for a cashier's check for one million dollars each week and handed it to Michael Anthony, his executive secretary. It was Anthony's job to deliver that check to its intended recipient

http://www.youtube.com/watch?v=VAjkvFeA0vY
The Millionaire - "The Lee Randolph Story" with Jack Lord (1958)

Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Online TahoeBlue

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Re: If Only the Rich would Commit Suicide - But money goes to the wrong people
« Reply #1 on: December 29, 2013, 04:11:50 pm »
http://www.leagle.com/decision/19851899613FSupp1286_11680

GETZENDANNER, District Judge:

This action under the federal securities laws is before the court on the motions for summary judgment and dismissal for want of prosecution of defendants Robert Wilson and Robert Wilson Associates (the "Wilson defendants"). In plaintiffs'1 Amended Complaint of February 12, 1981, the Wilson defendants are charged in one count with violations of § 17(a) of the Securities Act of 1933, 15 U.S.C. § 77q(a), and § 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b), as well as rules promulgated thereunder. For the reasons stated below, both motions are granted.

Plaintiffs allege that sometime before December 31, 1976, the Wilson defendants and "other co-conspirators" began to sell "short" shares of the common stock of Olympia Brewing Company ("Olympia"). According to plaintiffs:
Defendant short sellers and other co-conspirators devised and engaged in a secret scheme or conspiracy to manipulate the price of the shares of Olympia. They willfully and consciously acted individually and in concert with each other to effect a pattern of short sales of shares of Olympia with the intent, purpose and effect of depressing the price of such securities and for the purpose of inducing the sale of Olympia stock by others.

(Amended Complaint ¶ 12.) As part of the manipulation, the Wilson defendants and their alleged co-conspirators, on or after August 15, 1976, agreed to select Olympia stock as a target for short-selling "manipulation;" engaged in short selling such that on March 4, 1977, about 150,000 shares had been shorted; effected short sales at the end of trading days to depress "artificially" the price of the shares; "intentionally utilized short selling in order to discourage institutional investors from purchasing Olympia shares;" used short sales to force margin calls, thereby inducing more sales; and effected "naked" short selling. (Amended Complaint ¶ 16(a-f).) As a result of the short selling, the price of Olympia allegedly:

declined precipitously from 60¼ on March 4, 1977, to 31¾ on March 11, 1977. The price of such shares fell eleven points on March 7, 1977, and 16¾ points on March 11, 1977. Trading in Olympia shares was suspended by the Securities and Exchange Commission between the period beginning on or about March 15 and ending on or about March 25, 1977.

(Amended Complaint ¶ 17.) This scheme to depress the market price of Olympia was concealed from plaintiffs, who relied on the integrity of the market when they purchased Olympia shares. (Id. at ¶ 18.) Hilda Mangel, for example, is the sole beneficiary of a trust that purchased 900 shares of Olympia on September 16, 1976 and 1,875 shares of Lone Star Brewing Company on December 31, 1976. On March 7, 1977, the Trustee sold 100 of these shares. Wendell W. Mew was an owner of 5,000 shares of Lone Star Brewing Company, purchased at some undisclosed time and sold at a loss sometime after March 7, 1977. According to plaintiffs, the scheme to depress artificially the price of Olympia constituted a "device, scheme or artifice to defraud and an act, practice or course of business which operated as a fraud or deceit in connection with the short sales of the securities of Olympia." (Id. at ¶ 19.)
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5