Word: bankrupter
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Dates: during 1980-1989
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Concerned about the increasingly dire financial straits of the Federal Medicare program, a private foundation has donated $45,000 to a group of Harvard faculty to study how to save Medicare, expected to go bankrupt...
...swallowed up huge amounts of cash. Of its $27 billion public debt, more than half was run up by 47 state agencies. One of the worst offenders was the Venezuelan Development Corporation, which borrowed $2.3 billion. Much of the money is now tied up in businesses that have gone bankrupt, including hotels, gold mines, textile mills and cement companies...
...railroad for sale? It may sound like a game of Monopoly, but the Department of Transportation last week was taking bids for the Consolidated Rail Corp. Created in 1976 from the Penn Central and five other bankrupt railroads, Conrail required a $7 billion federal transfusion through 1982. Under the stewardship of Chairman L. Stanley Crane, Conrail earned a profit in 1983 of $313 million. When DOT tried to peddle Conrail to 20 firms last spring, the only offer came from the company's employees, who already own 15% of the road. But last week 14 bidders stepped forward...
Schreyer, who is known for being decisive, will need to be. The company has been rocked by bad ventures. Last year Merrill Lynch spent $88 million to satisfy customers to whom it had sold annuities issued by Baldwin-United, which later went bankrupt. A career-long employee whose father was a Merrill Lynch broker in Williamsport, Pa., Schreyer recently led an extensive study of the company's problems. Dubbed SWAT, for Schreyer Working Team, the group found the firm had tried to serve too many different types of customers...
...British government is learning to beware of Americans bearing jobs. First, John De Lorean's sports-car venture went bankrupt in 1982, taking with it 2,600 Belfast jobs and $156 million in British financing. Now, development of the Lear Fan 2100 turboprop corporate plane has stalled, after burning up as much as $80 million in British aid. More than 90% of the 365 workers at the main Lear plant near Belfast got the news last week that they would be laid off July 1. Reason: the developers are low on cash and more than a year behind schedule...