Word: cash
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Dates: during 1960-1969
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...occurs in Lear's second article which reproduces the internal revenue form filled out by the Massachusetts Branch. This document, which even baffled a certified public accountant, contains the following figures: cost of operations--$1,368 (when the president's salary alone was $17,500), miscellaneous expenses--$599,752.33, cash on hand--$1,207,269.05 (in an organization which annually begs people for donations...
...nation's most grandiose real estate empires. The catch was that Zeckendorf's Webb & Knapp, Inc. was always barely one gasp ahead of its creditors: by last year the company was staggering under some $100 million in short-term debt, found itself so short of ready cash that Zeckendorf was obliged to swallow his pride and abandon cherished plans to build a $60 million Manhattan luxury hotel named after himself (TIME, Aug. 1, 1960). Last week, after swallowing a bit more of his pride and accepting a much be-stringed bundle of cash from Britain, Zeckendorf seemingly...
Second Covent Garden decided to team up with Zeckendorf in the U.S. in order to break into the lucrative American real estate market. But to ensure that their cash would not be hustled into visionary new Zeckendorf expansion schemes, the British placed five representatives on the ten-man board of Zeckendorf Property. In addition, by acquiring a 15% interest in Webb & Knapp itself, London's Philip Hill Group, with which Second Covent Garden is affiliated, gets the right to place the first outside block of three directors on the Webb & Knapp board...
...board with a batch of prestigious "independent'' directors, including former Ambassador to Great Britain Lewis Douglas. Zeckendorf has also promised further property liquidations of $40 million and further refinancing of $20 million to "erase short-term debt completely and put Webb & Knapp in a substantial cash position." Henceforth, said Zeckendorf last week, Webb & Knapp will have "a more orthodox type of administrative policy, with directors consulted in more operating decisions. There will be less shooting from...
...Most groups are not run in a business-like way," Watson pointed out. They are not set-up for the express purchase of making money, there is little business experience on the clubs, and there is little cash on hand to use. Art and literary groups, especially, are less responsible financially...