Word: bankrupting
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This sort of space-cadet's anti-intellectualism is especially troubling at a time when real-life intellectuals are suddenly finding themselves threatened by rigid fundamentalists. Proponents of the bankrupt theory of creationism have launched a surprisingly successful crusade against teachers of evolution. Stern schoolboards have revived the archaic practice of book-banning; their hysterical search for evil influence in the most innocent quarters calls to mind nothing so much as a swinging single's fear of herpes...
Italian authorities have since ordered the liquidation of Banco Ambrosiano and declared the institution bankrupt. The government has also been pressing the Holy See for a fuller disclosure of its role in the bank's affairs, thus rekindling the age-old tension between Italy and the Vatican, an independent entity that occupies 108.7 acres in the center of Rome. The Bank of Italy, the nation's central bank, has agreed to cover only part of Banco Ambrosiano Group's $1.2 billion shortfall, and is suggesting that the I.O.R. may have to come up with at least some...
...securities. Though Lombard-Wall had only 55 employees, it had run up staggering debts, including $45 million owed to Chase Manhattan Bank. Chase was already reeling from an after-tax loss of $117 million that resulted from its dealings with another government bond dealer, Drysdale Government Securites, which went bankrupt in May. The reasons for Lombard-Wall's problems were unclear, but one possible explanation was that the firm had guessed wrong on the direction of interest-rate movements and sustained heavy trading losses...
...offer was a fittingly dramatic move for Hammer, still an irrepressible empire builder at age 84. With Hammer at the helm, Occidental has grown in 25 years from a small, nearly bankrupt firm to an energy colossus with annual revenues of more than $14 billion. Much of the company's oil, however, comes from such politically unstable parts of the world as North Africa and South America. The firm has been anxious to increase its domestic holdings, yet it found few opportunities for obtaining energy property in the U.S. Hammer told TIME: "If you want elephants, you go where...
Some time-share management companies have gone bankrupt, leaving the hapless owners helpless. In picturesque Estes Park, Colo., the historic Stanley Hotel was converted into a time-share condo project, and more than 2,000 units were sold for $5.5 million. In 1979 James Quincy, a Colorado real estate promoter, stepped in and bought the company. The project went bankrupt in 1980, leaving the building effectively unmanaged until 2½ months ago, when it reopened under new management...