Word: bankrupting
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...quite different from the U.S. economy as a whole. But the U.S. economy suddenly seemed just as stricken as Wall Street. The index of manufacturing production sank from 127 in June 1929 to 97 a year later. Farm income dropped even more. In 1930, 26,355 business firms went bankrupt. Hoover kept saying it was a temporary problem...
...story so far: daredevil film maker (Apocalypse Now, the Godfather films) and presumptive bankrupt Francis Ford Coppola had just fired himself out of a cannon wearing a fine black beard and a jaunty smile but perhaps (there was a lot of public relations smoke) no leotard. Would he land in a bed of rose petals thrown by critics enraptured by his new film One from the Heart? Would his feud with Paramount Pictures, which had rescued his Zoetrope Studios from financial disaster a year ago, bring down ruin on his head? Or would he succeed in his cheeky gamble...
Other promotions play upon fears that the Social Security system will go bankrupt. Long Island Trust, a commercial bank in New York, produced a newspaper ad showing a hand holding a Social Security check for $235.59. Across the face of the check is stamped: "Insufficient Funds." Reads the caption: "Will Social Security retire before...
Trouble struck Lockheed's TriStar just after the first of the 300-passenger jets rolled off the Palmdale, Calif, assembly line. Production temporarily stopped in February 1971, when Britain's Rolls-Royce, the prime engine supplier, went bankrupt. The British government took over Rolls-Royce's aero-engine division, but demanded proof that Lockheed was financially sound before providing the equipment. Lockheed was indeed in trouble, but Congress approved a controversial $250 million loan guarantee for the company. The first TriStar was delivered to Eastern Air Lines in April 1972, about six months later than scheduled...
Lazarus sold his four Toys R Us outlets to Interstate Stores in 1966 for $7.5 million in cash, and he took over management of Interstate's toy operation. The company was overextended, though, and it went bankrupt in 1974. Yet Toys R Us stores flourished even while Interstate was going through bankruptcy, and it emerged from the court-ordered reorganization in 1978 as the surviving company. The firm's sales have nearly doubled since then to reach $597 million in the fiscal year ending last Feb. 1 , with profits coming to $28.9 million. Lazarus has opened...