Word: borrowings
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...paper mill in Oregon. With sales of $53 million, Boise Cascade was then too small to build a pulp plant to utilize the waste wood chips and sawdust that it was simply burning up. Hansberger merged with two competitors in similar straits, thus gaining the size and stature to borrow $20 million to build a pulp mill and two box plants close to the Northwest apple, pea and potato growers who were ready carton customers...
Hansberger kept the company healthy by merging selectively, by persuading bankers to lend him huge sums ("We've just never been turned down when we wanted to borrow," he says), and, most importantly, by luring a small army of dedicated business school graduates to Idaho. Fourteen Harvard men have followed Hansberger westward, including five this year; one recent recruit is Charles Tillinghast III, son of the president of Trans World Airlines. Working hard, the young men have revitalized the company with selling flair and bright ideas, have cracked their way into markets once considered unattainable...
...their securities were safe. Other investors wanted to buy insurance policies on their securities. How can the investor protect himself? If he opens a margin account to buy stock with only a down payment, he has no protection. The broker can put his stock up as collateral to borrow the rest of the price of the stock from a bank; if the broker goes bankrupt, the margin buyer loses out. Many investors do not realize that even if they pay for their stock in full, they can still lose...
Brokers often hold such stock in the brokerage firm's name, and if the customer signs a "hypothecation agreement"-as he is frequently asked to-the broker has the right to borrow from banks on his stock. Anyone can refuse to sign the agreement and insist that the stock be registered in his own name, but some Wall Street legal experts insist that the safest path for the customer is to 1) pay for the securities and take them home, or 2) if he wants to buy on margin, borrow from a bank instead of a brokerage house...
While Britons borrow American ideas, many a U.S. campus aims to outdo its 2,000 competitors by copying Oxbridge. Case in point: California's little (2,551 students) University of the Pacific in Stockton...