UPI’s attorney’s warned a New York brokerage

In a letter to Ladenburg, Thalmann & Co., attorneys for United Press International notified the firm to cease distribution of an unauthorized solicitation for equity purchase in the news service. UPI’s attorneys said the brokerage company had acted without the consent or knowledge of UPI or its management when it offered to sell 83% of UPI’s stock. On March 27, Porter Bibb, representing the brokerage firm, sent a letter to about 30 companies and individuals offering an 83% controlling interest in UPI, the amount controlled by Ruhe and Geissler prior to the agreement. The letter did not state the source of the offering, but Bibb later said in interviews he represented Ruhe and Geissler.