Newspaper article THE JOURNAL RECORD

Briefly.In Oklahoma

Newspaper article THE JOURNAL RECORD

Briefly.In Oklahoma

Article excerpt

State to Observe King Holiday The Oklahoma Legislature voted Thursday to take the day off next Monday in honor of the Martin Luther King Jr. holiday.

In addition, all state government offices will be closed to observe the holiday,.

Both chambers of the Legislature adopted a resolution for the day off on Monday.

Two Charged in Alleged Insider Incident WASHINGTON - The Securities and Exchange Commission has charged two employees of a unit of Schlumberger Ltd., the giant oil services concern, with illegally purchasing the stock of the Texas International Co. while in the possession of confidential information about the discovery of a major oil field by the Oklahoma City-based firm in western Egypt in early 1985.

The SEC civil insider trading charges were filed in federal District Court in New York against Joseph Kerherve, a French citizen, and Adel Adib Riffat, an Egyptian citizen.

According to the complaint, Kerherve and Riffat used brokerage offices in Kuwait and Singapore to purchase 20,000 Texas International shares one hour before the company publicly announced the discovery of the Salam field on Feb. 4, 1985. Texas International's stock price almost doubled after the announcement, rising from 1 3/8 to 3 1/4 a share on the New York Stock Exchange.

The SEC complaint, among other things, seeks the return of $29,903 in purported illegal profits from the transactions and an additional $80,709 in penalties under the Insider Trading Sanctions Act of 1984.

Florafax Registers Net Loss TULSA - A net loss of $252,000, or 6 cents per share, was reported Thursday for the first fiscal quarter ended Nov. 30 by Florafax International Inc. of Tulsa.

Florafax reported net income of $122,000, or 3 cents per share, in the first quarter of the previous fiscal year. Revenues for the quarter totaled $6.99 million, up 7.9 percent from $6.48 million in the first quarter of the previous fiscal year. …

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