Word: bankrupting
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Dates: during 1980-1989
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Canada's economic problems are substantial. Unemployment is at a record 12.2%. The inflation rate is also double digit: 10.6%. Between January and September, 8,074 Canadian businesses went bankrupt, the worst rate since the 1930s. The gross domestic product dropped 7.8% from June 1981 to July 1982. Foreign debt soared from $23.1 billion in 1970 to $73.3 billion last year. Of that, $54.6 billion is owed...
...refusing to grant immediate pay hikes two weeks ago, Chrysler Corp. had almost dared its workers to strike. A walkout could easily bankrupt the sputtering company, but Chairman Lee lacocca was gambling that the rank and file would not take that risk. When the showdown ballot came last week, lacocca won his bet, at least temporarily. By a tally of 70% to 30%, the workers voted to stay on the job and postpone negotiations on a new contract until January. That strategy had been pushed by United Automobile Workers President Douglas Fraser, who reasoned that an improved U.S. economy...
Though Merrill Lynch analysts are still winnowing their list of investment choices, likely candidates will be drawn from such depressed industries as housing, farming and airlines. Although some money will be invested in firms that are bankrupt, most of the fund's anticipated capital of $100 million is expected to be invested in recession-shaken companies that are still basically sound...
Buying a share in the fund represents in effect a speculative bet that its portfolio will wind up brimming with eventual turnaround stocks. Says Zeikel confidently: "We expect to have more winners than losers." Over the years, bankrupt or desperate companies have indeed occasionally revived under new management. Typical of such born-agains is Toys R Us, which re-emerged from the bankruptcy of its parent, Interstate Stores, in 1978 to become one of the fastest growing retailers in the U.S.: 1981 sales $783 million...
...plot of Herzog's Fitzcarraldo, which has yet to open in Boston, in turn follows the real-life story of bankrupt Irishman who dreams of producing the operas Carcuso in the Brazilian jungle. To raise the necessary capital to back his production, he decides to cash in on the rubber boom by taking a steamship to virgin tracts of jungle, carrying it a mile overland to an otherwise inaccessible river. The real Fitzcarraldo (so named because the natives could not pronounce Fitzgerald) cut a 20-ton steamship into 15 pieces to accomplish his made task. Herzog, in his reenactment, does...