Word: auction
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...Francisco-based giant (assets: $117.3 billion) has laid off 6.3% of its 80,000 employees this year, and last week it finalized the sale of its carleasing subsidiary to General Electric Credit for some $215 million. BankAmerica's main unit, Bank of America, completed a two-day auction that was billed as the largest farmland sale in California history. The bank put 3,821 fertile acres in the state's Central Valley on the block as a start at unloading 214,000 acres of land that the bank has unwillingly accumulated by foreclosing on bad agricultural loans...
...contracts are just one in a dizzying array of Deng's market-oriented economic reforms. In China's first bankruptcy auction last week, the government sold a factory in northeastern Liaoning province to a worker-owned unit of the Shenyang Gas Supply Co. The plant went out of business in August after Peking decided to stop propping up money-losing ventures. In another move, limited stock trading began in Shanghai in a test that could lead to the creation of China's first stock exchange since...
...last week at the New Mexico State Fair. Golden Parachute finished dead last in a race two weeks ago. The horses' combined purses this year: $7,309. The money went into the U.S. Marshals Service Assets Forfeiture Fund, which will be further enriched when the horses are sold at auction next month...
Burdened by some $300,000 in debt brought on by rising costs and falling crop prices, L.D. Hill saw no other way out. His 705-acre Georgia farm had been foreclosed, and was to be auctioned off. Minutes before the sale was to begin one morning last winter, Hill shot himself to death, evidently hoping that his life insurance would enable his wife Annabel to save the property. But his life insurance money did not go nearly far enough to save the property, and the auction sale was rescheduled for last week. Help came from an unexpected source: New York...
...said the parent company had canvassed "every other available alternative," including the possible sale of Frontier to other parties. Eventually, rumors began to grow that Newark-based People, which only five years ago threw the entire passenger-airline industry into a tailspin, might itself be quietly on the backroom auction block...