Word: bankrupting
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Record numbers of outraged shareholders and creditors of bankrupt firms are dragging accountants into court, demanding to know why the auditors gave no warning of impending disaster. In all, the accounting profession faces an estimated 2,000 liability suits that ask for about $10 billion in worldwide damages. At the same time, the Securities and Exchange Commission, which initiated 14 misconduct cases against accounting firms last year, has stepped up its scrutiny of the business...
...Persian Gulf countries can pump oil for less than $5 per bbl., many U.S. wells cost $12 or more per bbl. to operate because much of the easily accessible crude has already been tapped. Some oil analysts believe that one goal of the Saudi price-war strategy is to bankrupt many of these high-cost producers, wipe out the glut and then boost prices once again when the competition is gone. Most forecasters think that oil prices below $10 per bbl. are a distortion caused by OPEC's overproduction and cannot last for long...
...Treasure, a story of true love triumphing over mere monetary pursuits. Now in the archives at Syracuse University, the manuscript originally had a fate most unbecoming to a Horatio Alger story. Just before it was scheduled to be printed in 1878, the publishing house, hard work and all, went bankrupt...
Even so, the F.C.S. is in no danger of going bankrupt. It has a $3 billion reserve fund to cover further losses in 1986. Moreover, last year it followed the example of Chrysler in seeking a federal bailout. In December Congress passed a law designed to keep the supply of farm credit flowing by clearing the way for the F.C.S. to borrow money from the Government if necessary...
...many respects Sac City looks terminal. The population is down to 2,400, from 3,000 in 1980. Fister's Department Store is out of business. Iowa Public Service has trouble collecting electric bills from nearly bankrupt farmers, and the utility's Sac City office has dropped from six employees to two. Bill Brenney, the town's remaining optometrist, says, "People are spreading payments way out. Accounts receivable are way up." The town's children look elsewhere for jobs, and not even fathers can help sons. Says Ralph Youll, co-owner of Youll Plumbing and Heating: "We've only made...