Word: bankrupted
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Dates: during 1980-1989
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...received warehouse receipts, which he used to get a price-support loan of $140,000 from the federal Commodity Credit Corp. Cryts intended to store the beans until the price rose enough to make it profitable to sell them. But in August 1980, the owners of the elevator went bankrupt. Cryts feared that his beans would be sold and the money thrown into a pool on which he would have only one of dozens of competing claims. That has happened in many other cases of elevator bankruptcies. The litigation of those claims might take years, and if he ever...
...those who have truly gone bankrupt-roughly 10% of those with serious debt problems-about the only solution is to go to court and file a bankruptcy petition. This was once considered scandalous-like, say, getting a divorce-but now it is almost respectable, even a shrewd move. Moreover, the Bankruptcy Reform Act of 1978 makes it easy: the standard filing fee is $60, and creditors must hold their fire while the details are worked out. The ease of filing personal bankruptcies is considered a key factor behind the great increase of them since 1979. hind the great increase...
...higher. Says Economist Allen Sinai of the Data Resources consulting firm: "The banks are keeping a number of big companies afloat. They are becoming captives to the corporations that are in financial trouble." Hundreds of small businesses, with no clout at the banks, are simply going bankrupt...
...smoking controversy: our Government's subsidy to tobacco farmers and the exemption of tobacco products from FDA control. If a drug were causing a fraction of the deaths attributed to cigarettes, it would have been removed from the market long ago, and the companies would be bankrupt from liability suits...
...defense-related industries could wind up being like installing a turbocharger on the engine of a Model T. Since military spending increases first began to tail off in the 1970s, the industry's infrastructure has seriously eroded. Hundreds of small foundries that made vital metal castings have gone bankrupt or have been forced to close by the Environmental Protection Agency (for excessive dust, smoke and chemical byproducts). Traditional smokestack industries such as steel and rubber have gone into a steep decline, losing their customers and even entire markets to more efficient overseas competitors...