Word: bankrupter
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Neuharth struck again last month when the Oakland Tribune (circ. 137,000), America's only black-owned metropolitan daily, announced it was about to go bankrupt. In a highly publicized rescue, the Freedom Forum committed $7.5 ! million in loans and guarantees to the Tribune while Gannett swallowed $29 million of the newspaper's debt. Freedom Forum acquired rights to one-fifth of the Tribune...
...skeptics still doubt that the 1980s were an era of mindless greed on Wall Street, Dennis Levine's account of his rise and fall as an inside trader should set them straight. Levine, a megadeal meister for the now bankrupt Wall Street firm Drexel Burnham Lambert, raked in more than $10 million through the simple expedient of buying and selling stock with the help of inside tips. Arrested in 1986 and jailed for 17 months in a minimum-security prison, he led prosecutors to arbitrager Ivan Boesky, who, in turn, helped them reel in the biggest fish of all -- junk...
After a marathon bidding session for the prime pieces of the bankrupt Pan Am, the spoils went last week to the most low-profile of the Big Three U.S. carriers: Delta. The Atlanta-based airline bested its rivals with a $1.7 billion bid for assets that will put Delta on a par with megacarriers American and United. Delta will acquire Pan Am's Northeastern shuttle, its North Atlantic routes and the airline's strategic hub in Frankfurt. Pan Am will survive as a shadow of its once mighty self, providing service to the Caribbean and Latin America. But Delta will...
Even as countries strove to pierce the veil of deceit and corruption that shrouds B.C.C.I., fresh disclosures of the bank's influence peddling came to light. TIME has learned that Pharaon helped keep CenTrust open for a year longer than its bankrupt condition warranted after acquiring a total of 1.5 million CenTrust shares, or more than 5% of the S&L's stock, in 1988 and 1989. CenTrust was so shaky by late 1988 that regulators for the Federal Home Loan Bank Board in Atlanta had decided to shut it down...
...More important, Gorman was lining up wider distribution via two Louisiana TV stations and a satellite uplink -- a purchase that was scheduled to occur the day he quit the church. Gorman contends he could have brought the plan off but for Swaggart's accusations. Instead his TV ministry went bankrupt in 1987, and he left the airwaves. His new church, the Metropolitan Christian Centre in suburban Metairie, La., has 450 congregants, and Gorman returned to the airwaves this month on a New Orleans UHF station. But his dream of a Texas-to-Alabama regional network has been dashed...