Word: bankrupts
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...when George Wallace said that New York newspapers were "always giving advice, always scrutinizing," and then added: "We're doin' fine and New York is about to close up." Boston's Mayor Kevin White, too, campaigned for re-election with the slogan: "New York City is bankrupt. So why is Boston's economy in such good shape...
...financially shaky ever since it ran into mammoth cost overruns on the C-5A cargo plane in the late 1960s. It received a near lethal blow in 1971 when Britain's Rolls-Royce, maker of the jet engines for the company's civilian L-1011 TriStar, went bankrupt, and Lockheed eventually lost $300 million, due in part to canceled orders. A recent rescue operation, under which Textron Inc. would have provided $100 million in new cash in exchange for a 46.8% interest in Lockheed, fell through in February. Lockheed two weeks ago announced that its profits...
...past 18 months, federal planners have been wrestling with the problem of how to make the bankrupt Northeastern rail system once more efficient and profitable. In February, the U.S. Railway Association-a Government cure seeker created by the Regional Rail Reorganization Act-issued its preliminary plan for a Government-backed corporation that would consolidate about 15,000 miles of the old Penn Central and half a dozen other bankrupt lines. That plan was much criticized by politicians; New York Governor Hugh Carey called it "utterly unacceptable...
...Enough. The revised plan offered something, too, to the bankrupt lines' creditors. USRA-backed "certificates of value" will ensure that Conrail's securities, to be issued in exchange for the properties, hold their worth. That was not enough for some Penn Central bondholders. At a meeting last week in New York, they insisted that USRA was vastly understating the value of Penn Central properties and vowed a court fight to get a fair return. As USRA'S offer stands now, the entire Penn Central system, with an estimated market worth of $7.4 billion, would be valued...
...example: a man about to go bankrupt owns a car worth $800. Because its value exceeds the allowable exemption, the car would normally be seized. A clever bankruptcy lawyer could avoid that by arranging for his client to borrow $800 from a finance company, using the car as collateral. If this is done, the car has no value except to the holder of the mortgage-i.e., the finance company-so it will not be taken away. To protect the borrowed $800, the client then deposits it in an S and L account, which is exempt from seizure. After being...