Word: cash
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Dates: during 1960-1969
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...wheel of his Lancia. When Aly's will was published last week, it declared that the stables must be sold, but added the proviso that any of his heirs had first priority to buy. Karim himself is expected to be the first to be first in line with cash in his hand to preserve for the family the prime racing stock developed by Mme. Vuillier-la magicienne de l'Aga Khan...
...have been good, but it was bad: the crowd struggled to walk through the semicompleted park, raised a storm of complaints and bad feeling. This was only the beginning of the trouble. A few days later, a stagecoach overturned, injuring ten people. Then three hoodlums robbed Freedomland's cash-control office of $28,836, and escaped. They were nabbed last week with only $14,563 left...
...Little Cash. Webb & Knapp fired or demoted Freedomland's managers, cut operating costs from $40,000 to $25,000 a day, jumped adult admission charges from $1 to $1.50. In August, says the new management, the park made an average operating profit of $20,000 a day. But W. & K. is still stuck with 40% of the stock and $4,000,000 in unpaid construction bills-and the stock, issued at $17.50, has plummeted to a low of $6.25. To meet these bills, Bill Zeckendorf is preparing a plan for new financing, to save both Freedomland and Webb & Knapp...
...Knapp will buy $11.5 million in convertible debentures from International Recreation, which will use $3,000,000 of this sum to pay off its construction bills, use the remaining $8,500,000 to buy the leases of Webb & Knapp's Astor, Manhattan, and Commodore Hotels, thus returning the cash to Webb & Knapp. With the purchase of the debentures, Webb & Knapp will have further control over Freedomland and an $18.5 million stake in it. The park will be run by officials appointed by the real estate firm. By taking over the midtown Manhattan hotels, Freedomland will have a year-round...
Bill Zeckendorf was scratching for ready cash in several other quarters last week as he continued the retrenchment program started to pay off his expensive short-term debt and complete his major projects under way. For more than $5,000,000, he sold his 200-year lease (with options) on Manhattan's posh St. Regis Hotel to Mexico's Cesar Balsa, 37, a onetime bellhop whose nine-hotel chain in Mexico City and Acapulco is the largest in Central America. The sale completed the financial legerdemain begun last February when Webb & Knapp bought the St. Regis...