Word: bankrupter
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...Louis Browns, and the hearts of fans. When it comes to promotion-and rocking boats-he is baseball's alltime MVP. American League owners tried hard to keep Veeck locked out of baseball last December by imposing stiff conditions on his offer to purchase the all but bankrupt White Sox for $10 million...
...company also inherits the nation's largest railroading headache. By far its biggest component is the bankrupt Penn Central line, which six years of effort and about $800 million in federal grants and unrepaid loans have not restored to health. ConRail also now owns the Reading, Erie Lackawanna, Central of New Jersey, Lehigh Valley and Lehigh & Hudson River lines. Altogether, the six lines lost almost $2 million a day last year. But they carried too much freight (20% of the nation's rail total) and too many passengers (428,000 a day) to be allowed...
Before then, several problems threaten to derail the bold experiment. Stockholders and creditors of the six bankrupt lines have vowed to fight for higher compensation for their property, which could boost the eventual payout well above the $685 million in stock that ConRail is now offering them. Pressure from local politicians might force Con-Rail to keep unprofitable segments of line in service. Then there are labor difficulties. By refusing to give up archaic rules and procedures, railroad unions have aborted a planned $66 million sale of almost 2,700 miles of track to the profitable Southern and Chessie railway...
Since Grant filed for reorganization under federal bankruptcy law last year (TIME, Oct. 13), the Los Angeles firm of Sam Nassi Co.. which specializes in liquidating bankrupt retailers, has been overseeing the sales. Nassi, 54, himself a former discount retailer (whose first liquidation was of his own store), says that the object of the dismantling is to "get the most money out as fast as you can." Apparently, he has been doing just that for Grant. Before they closed their doors, the remaining Grant stores in the West, South and Midwest moved some $235 million worth of goods...
Died. The Duke of Leinster, 83, premier peer of Ireland, who in his youth squandered his claim to one of Britain's largest fortunes, went bankrupt three times and lived out his last days, according to his fourth wife, "distraught, depressed and utterly penniless"; in a cramped two-room London apartment...