Word: bankrupting
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...studied the proposed merger would blur the companies' respective identities and make it difficult to restore competition should the merger be turned down. At week's end the ICC gave Greyhound temporary permission to operate Trailways after Justice changed its mind. The reasoning: the firm was nearly bankrupt and could not continue without help...
Glendale church officials proclaimed themselves "extremely happy." Elsewhere reaction was mixed, although few expected compensation lawsuits to bankrupt public treasuries. Confiscation is difficult to prove, and even where it is established, many judges remain reluctant to award significant damages. "As long as we leave the property owner with a reasonable use for the property," says Gary Netzer of the Los Angeles city attorney's office, "the courts still haven't ruled that it is a taking...
...captious, grating version of King Lear, starring both Norman Mailer and Burgess Meredith as Lear and Molly Ringwald as Cordelia. Godard, who later boasted that he had never read the play, seemed determined to accomplish what the banks and an indifferent movie public have not quite yet achieved: to bankrupt the Cannon Group, his sponsoring studio...
Meanwhile, the U.S. was faced with the spectacle of a healthy corporation sheltering under laws ostensibly intended for the weak and ailing. As Anthony Ludovici, an oil analyst for the Tucker, Anthony & R.L. Day investment firm, put it, "While Texaco will be in bankruptcy, Texaco won't be a bankrupt company...
With Texaco in Chapter 11, Pennzoil could be a loser as well. Instead of having a priority claim to Texaco's riches, the smaller company will have to get in line with all the other creditors of the bankrupt firm. Any payment to Pennzoil will not only be delayed, but might be far less than $10 billion...