Word: canceled
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Dates: during 1970-1979
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Passengers who do not have the decency to cancel unwanted reservations, or at least send word that they will board five minutes before takeoff, are contributing to unfilled planes and higher fares. A penalty for no-shows is the only rational solution...
Shaky Ventures. The IRS got involved because it is empowered to cancel a pension fund's tax exemption if trustees have misused the fund's assets to the detriment of pensioners. Over the years, the Teamsters' fund has been accused constantly of doing exactly that. Since its inception in 1955, the fund has been notorious for making large loans to shaky business ventures, many of them controlled by Mafia chieftains who are cozy with Teamster bosses. Investigators from time to time have turned up instances of kickbacks to union officials or underworld figures for arranging loans...
Haack would have preferred the bankers to cancel still more of the debt in return for warrants. Nonetheless, he had good reason to be pleased. The refinancing has bought the company the time it needs to try to fill its order books and refurbish Lockheed's image following its payola scandals. Shareholders will be asked to approve the deal at a long-postponed annual meeting early in the fall. Haack is confident that they will find the company's prospects brighter than they have in some years. Said he, in an interview with TIME Correspondent Jerry Hannifin...
...treat a dollop of horseradish sandwiched between two thick slabs of Bermuda onion? Was a certain Southern Congressman pinched for making an illegal proposition to a plainclothes Washington policewoman? Did Ethel Kennedy playfully run her white convertible over the curb in front of the Senate Office Building and nearly cancel Pedestrian Roger Mudd...
Last week in Atlanta, Lockheed officials met for the first time this year with representatives of all 24 of the company's lending banks. The bankers have agreed to cancel $50 million of the debt, in return for warrants to buy Lockheed preferred stock. Lockheed wants them to convert even more loans into stock or warrants-but is wary of issuing too many new shares that would dilute the equity of stockholders. A compromise is likely by summer: the banks would lose heavily if the inability to repay loans pushed Lockheed into bankruptcy, and Lockheed so badly needs...