Word: bankrupts
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Dates: during 1980-1989
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...model Pat Cleveland, ran into him on the street. She suggested Paris and, unasked, sent him a one-way ticket. The Warnaco deal had the same Kellyesque serendipity. Three years ago, Kelly was free-lancing while building his own label. "If we'd have sneezed, we'd have gone bankrupt," he remembers. Enter journalist Gloria Steinem on assignment to do a profile about Kelly for NBC's Today show. Steinem introduced Kelly to Warnaco CEO Linda Wachner...
...Selling tickets for $12, they're losing money hand over fist," said Imondi. "How can you give your product away like that and then claim to the court you're bankrupt...
Union leaders long have said they believe Lorenzo wants to break them and tear Eastern apart. But Lorenzo would have a tougher time imposing lower wages at Eastern than he did when he reorganized Continental in 1983. Congress amended bankruptcy law in 1984 to require bankrupt companies to negotiate with unions and prove economic necessity before abrogating contracts...
Seidman said talks with investors will resume after the FDIC takes control of the remaining insolvent S & Ls. But since the FDIC said it would then allow only deals that were supported by the cash of the FSLIC -- a fund that is currently bankrupt -- more Government-assisted sales would seem unlikely. The FDIC might also try to renegotiate some of last year's sweet deals...
...first major coup came in 1976, when he persuaded the bankrupt Penn Central Railroad to sell him for $10 million the dilapidated Commodore Hotel adjoining Grand Central Station. It was typical of the kind of deal that Trump now calls "my favorite art form." An unknown and unwealthy hustler of 30, he had to persuade some bankers to lend him $80 million (he did) and some politicians to give him a $120 million tax abatement (he did). It did not hurt that Fred Trump was a regular contributor to the Brooklyn Democratic machine, or that Governor Hugh Carey and Mayor...