SEC v TEREX CORPORATION, KCS INDUSTRIES, L.P., et al


\|

Keywords & Phrases

CaseNo: 34-41312, Defendant: Terex Corporation, KCS Industries, L.P., f/k/a KCS Industries, Inc. and Randolph W. Lenz, Plaintiff: SEC, State: OR Oregon, UniqueCaseRef: SEC>34-41312, Terex, Accounting, Exchange Act, Fruehauf, Kcs, Commission, Lenz, Securities, Pursuant, Purchase Accounting, Costs, Reserves, Acquisition, Income, Operating, Financials, Purchase Accounting Adjustments, Consolidated Pre-tax Earnings, Liabilities, Amendments, Restructuring, Former Chairman, Operating Losses, Administrative Proceedings, Thereunder, Beneficial Ownership, Gaap, Public Filings, Eitf, Maritime Businesses , ContentID: 120244904

Case Documents

1999-04-20

SEC ADMINISTRATIVE PROCEEDING
[ see first page and extracted highlights below ] ItemID: 111640

38 pages
TXT

Total Documents: 1 document , 38 pages

Price: $ 19.95

IVESLCD01 KGI0001

1 . SEC ADMINISTRATIVE PROCEEDING

EXTRACTED KEY WORDS

ACCOUNTING
EXCHANGE ACT
FRUEHAUF
KCS
COMMISSION
LENZ
SECURITIES
PURSUANT
PURCHASE ACCOUNTING
COSTS
RESERVES
ACQUISITION
INCOME
OPERATING
FINANCIALS
PURCHASE ACCOUNTING ADJUSTMENTS
CONSOLIDATED PRE-TAX EARNINGS
LIABILITIES
AMENDMENTS
RESTRUCTURING
FORMER CHAIRMAN
OPERATING LOSSES
ADMINISTRATIVE PROCEEDINGS
THEREUNDER
BENEFICIAL OWNERSHIP
GAAP
PUBLIC FILINGS
EITF
MARITIME BUSINESSES

                              UNITED STATES OF AMERICA
                                      Before the
                          SECURITIES AND EXCHANGE COMMISSION

          SECURITIES EXCHANGE ACT OF 1934
          Release No. 41312 / April 20, 1999

          ACCOUNTING AND AUDITING ENFORCEMENT
          Release No.  1126 / April 20, 1999

          ADMINISTRATIVE PROCEEDING
          File No. 3-9877

          ___________________________

          In the Matter of              :
          TEREX CORPORATION,            :    ORDER INSTITUTING
          KCS INDUSTRIES, L.P., f/k/a   :    PROCEEDINGS PURSUANT TO
          KCS INDUSTRIES, INC. and      :              SECTION 21C OF THE
          RANDOLPH W. LENZ              :    SECURITIES EXCHANGE ACT
                                        :    OF 1934, MAKING FINDINGS
                                        :    AND IMPOSING A CEASE-AND-
                         Respondents.   :    DESIST ORDER
                                        :
          ______________________________

                                          I

               The Securities and Exchange Commission ("Commission") deems
          it appropriate to institute public administrative proceedings,
          pursuant to Section 21C of the Securities Exchange Act of 1934
          ("Exchange Act"), against Terex Corporation ("Terex", KCS
          Industries, L.P., f/k/a KCS Industries, Inc. ("KCS") and Randolph
          W. Lenz ("Lenz").

                                          II

               In anticipation of the institution of these administrative
          proceedings, Terex, KCS and Lenz have each submitted an Offer of
          Settlement which the Commission has determined to accept.  Solely
          for the purpose of these proceedings and any other proceedings
          brought by or on behalf of the Commission, or to which the
          Commission is a party, and without admitting or denying the
          findings herein, except as to the Commission's jurisdiction over
          them and the subject matter of the proceeding, which are
          admitted, Terex, KCS and Lenz consent to the entry of this Order
          Instituting Proceedings pursuant to Section 21C of the Exchange
          Act, Making Findings and Imposing a Cease-and-Desist Order.

SNIPPETS:

SECURITIES AND EXCHANGE COMMISSION

KCS INDUSTRIES, L.P., f/k/a: PROCEEDINGS PURSUANT TO

The Securities and Exchange Commission deems it appropriate to institute public

In anticipation of the institution of these administrative proceedings, Terex, KCS and Lenz

This matter arises primarily out of the application of complex principles of purchase

Following the acquisition of Fruehauf in 1989 and until Fruehauf's June 1991 initial public

Terex's financial condition and results of operations were primarily misstated by excluding

Moreover, although Terex and Fruehauf disclosed certain aspects and financial effects of the

Finally, with respect to their 1992 annual reports, Terex and Fruehauf violated the reporting

The accounting issues related to the Fruehauf acquisition primarily concern the

This concept recognizes all income and expenses, even irregularly occurring losses or costs,