Word: bankrupting
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Dates: during 1980-1989
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What concerns military planners in both Britain and France is that the spiraling costs of nuclear modernization threaten to bankrupt conventional defense efforts. The British Army of the Rhine, for example, is undermanned and short of ammunition and tanks. Similarly, the state of French ground forces has been described as "catastrophic" by Le Monde's military expert Jacques Isnard, who claims that "they have only half the material they need." International Relations' Lellouche shares his concern, gloomily predicting that "conventional forces will have to be cut even more to pay for the nuclear investments...
...turned out to be in cahoots with the Unification Church. The next day, Block sold the retreat to the Moonies for $1,127,000. In addition, just two weeks ago, a Moonie-run firm paid $650,000 to buy a marina and Bob's Clam Shack, a bankrupt restaurant...
...Sabuk coal mines, demanding a 40% pay hike, rioted for three days; a policeman was killed and scores on both sides were injured before the miners settled for a 20% increase. Three weeks ago, the Tongmyung Timber Co. of Pusan, South Korea's largest plywood maker, went bankrupt, leaving liabilities of $106 million. Some of its 3,000 employees demonstrated for their unpaid wages and skirmished with police. Says a Korean economist: "With more big bankruptcies like that one, much of our labor force could explode...
...journal of politics and literature under longtime Editor Norman Cousins. In 1971 it was sold to entrepreneurs Nicolas Charney and John Veronis, who turned the magazine into four separate monthlies on arts, education, science and society. The new format was confusing to readers and financially ruinous. Saturday Review went bankrupt in 1973, and Cousins came to the rescue. He ran it for the next four years and converted it to a fortnightly. Under Tucker, the magazine added more reportage and brighter graphics. But it continued losing between $500,000 and $1 million a year. (To keep losses from going even...
...full bonus for his firm, the new boss must overcome enormous problems. British Steel lost $700 million in the fiscal year that ended March 31 and is expected to do as poorly during the next twelve months. Now technically bankrupt, it is dependent on handouts from the British Treasury. Although it accounts for up to 80% of Great Britain's steel production, the company has been losing business because of a 13-week strike earlier this year. It also suffers because of its dependence on sickly British companies like Automaker BL Ltd. The aging firm, still...