Word: cash
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Dates: during 1960-1969
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...raise a quick $30 million in cash, A.M.C. sold its healthy Redisco, Inc. subsidiary to Chrysler Corp. A credit operation, which does a $250 million annual business financing sales of furniture, TV sets and other items, Redisco had earned a robust $2,500,000 a year. A.M.C.'s appliance-making Kelvinator division is also profitable-and for sale. Drastic as such surgery is, Chapin and Co. see little alternative to sacrificing A.M.C.'s two strong, non-automaking arms...
...Case of the Hollow Heel. Keating ran out of ready cash two years ago and tried to raise more money from other sources. His efforts failed to impress his editors. As they tell it, he once made a trip to Chicago to see if Playboy's Hugh Hefner could help. It took some doing just to see Hefner. "He was always sleeping or swimming in his pool," recalls Managing Editor Robert Scheer. When Keating finally got to Hefner, he drew a blank. By contrast, Hinckle and Scheer succeeded in selling stock to assorted wealthy sympathizers like Frederick C. Mitchell...
...begun to fight. Denouncing the board meeting that ousted him as "illegal," he called a stockholders' meeting for May 8 to present his case. He also demanded the return of a $215,000 loan that he claims he made to Ramparts, threatens to go to court for the cash. "I put $860,000 into the magazine," Keating said on television, "and they threw me out like an old shoe. That's the history of Ramparts. When people are no longer financially important, out they...
...spring spurt. Last week Polaroid (up $10.63), Motorola (up $14.13) and Teledyne (up $15.75) carried on the surge, and IBM shot up a whopping $28.50, thanks to a $17 jump Thursday, to close at a record $496.50 per share. But the industrials are catching up, partly because cash-heavy institutional investors (notably mutual funds) are upping their purchases. "The more the glamour stocks go up," explains Richard Buchsbaum, research director at W. E. Hutton & Co., "the cheaper the blue chips look...
...Italians are plunderers." Italian bankers often seem to agree with this ungenerous assessment of their countrymen. "Every citizen," says an old banking maxim, "is a swindler until he produces documents to prove the contrary." Taking that attitude, Italian banks, including those owned by the state, have rarely opened their cash drawers for small personal loans...