Word: bankrupted
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Dates: during 1980-1989
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Much of the credit for the stunning record belongs to Murphy, 59, the Brooklyn-born Harvard M.B.A. who was Capital Cities' first employee. In 1954 he was put in charge of a near bankrupt Albany television station bought by the broadcaster Lowell Thomas and a partner. Murphy took a "waste not, want not" approach from the start. Noticing that his ramshackle headquarters building was badly in need of paint, he immediately spruced up the two sides that were visible from the road...
...speech to Members of the British Parliament in June 1982, Reagan hailed "the march of freedom and democracy which will leave Marxism-Leninism on the ash heap of history." In January, Secretary of State George Shultz told a Senate committee, "It is the Communist system that looks bankrupt, morally as well as economically; the West is resilient and resurgent...
After losing more than $1 billion since 1980 and nearly going bankrupt in the process, Pan American World Airways (1984 revenues: $3.68 billion) was in no mood to compromise when some 5,700 Transport Workers Union mechanics, baggage handlers and other ground employees walked out three weeks ago. The carrier responded by selling its food-preparation unit to Marriott In-Flite, an airline caterer, thereby eliminating the jobs of 700 striking kitchen employees...
...sold his beer brands (Grain Belt, Hauenstein and Storz) to G. Heileman Brewing and auctioned off machinery, thus making a $5 million profit. He used that money in a joint venture with the Pohlad family of Minneapolis to buy nearly $300 million worth of property and uncollected bills from bankrupt retailer W.T. Grant for the fire-sale price of $44 million. Says he: "That was the mother lode that got it all going." It earned him the nickname Irv the Liquidator...
Jacobs has a knack for transforming failures into successes. When a snowmobile- and boat-making firm he acquired in 1978 went bankrupt, he salvaged some of the pieces to form a new company called Minstar. Last week Minstar, which in 1983 bought Bekins, the moving company, announced record earnings of $23 million for 1984. Minstar is selling off chunks of real estate owned by Bekins, hinting that more takeovers are in the works...