Word: bankrupts
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...least puzzling aspect of the deal was its very abruptness. As recently as last March, the Penn Central trustees told the U.S. Department of Transportation that the bankrupt company would benefit more from the $21.3 million in annual rental income that the parcels produce than from selling the land. Only two weeks ago, in the course of announcing the transfer of a subsidiary named Pennco to a consortium of 53 banks in return for cancellation of a $300 million debt, the trustees reaffirmed their opposition to the sale of the Manhattan properties...
...rules of the club are bankrupt. They support just this sort of poor decision. They include a continuing refusal to act on student evaluations of faculty performance, a lack of commitment to teaching ability and professional currency as the primary criteria for hiring faculty, and a defensive preoccupation with style and decorum...
...aerospace men now argue that Lockheed judged badly in choosing a foreign producer to develop a complex new engine at an unrealistic price. Moreover, in the view of many American businessmen, the British government failed to make enough of an effort to honor foreign commitments after the company went bankrupt and the government took over. As a result, the prestige of British industry in the U.S. has been hurt more than is generally recognized. U.S. engine makers believe that a loan guarantee would be an undeserved rescue of Rolls-Royce as well as of Lockheed...
Mindful of Congress's testiness, Secretary Connally is touching every responsive chord he can reach in his defense of the loan guarantee: jobs, defense, national pride, Anglo-American relations and the future of technology. "We think the price this nation would have to pay if Lockheed went bankrupt entirely justifies this action," he said last week. "Besides, we're gonna have the additional collateral of getting our money out first." One of Connally's biggest selling points is that, unlike the final Penn Central rescue proposal, Government-backed loans to Lockheed will be paid off before...
...follies are being visited on the father in more ways than one. The senior Copeland guaranteed about $8.2 million in loans to his son and his enterprises, all of which are now bankrupt or in deep financial trouble. Copeland holds a lien on Lammot Jr.'s real property, including a $500,000 home, making it unavailable to other creditors. Copeland's financial worries have been further complicated by the near failure of a family-connected stock brokerage, Francis I. du Pont & Co. Various family members and their friends are investors in the firm, and its troubles cost them...