Word: chapin
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...Harry Chapin will be at the Brandeis University Shapiro Gym on March 27 at 8 pm. Dave Mason, etc. on Saturday at 8 at BC's Roberts Center. These college dates don't get enough exposure, at 5.6, 1/125, especially...
...judgment, A.M.C. lost $73.8 million in its past two fiscal years. Its own accountants warned that the company's ability to stay in business depended partly on whether it could repay or extend bank loans that fell due in early 1977. By the time Chairman Roy Chapin Jr. faced stockholders at the annual meeting last week, that crisis had passed. Chapin told the group that A.M.C. could break even in fiscal 1977. But all auto-industry forecasts may have to be revised because of the impact of layoffs forced by cold weather and fuel shortages...
...meeting, Chapin announced that a group of U.S. banks had agreed to extend for a year a $72.5 million credit that expired Jan. 31. Also, A.M.C. negotiated the sale of stamping-plant equipment in South Charleston, W. Va., to Volkswagen. Though A.M.C. will now have to buy parts from Volkswagen, the sale will raise much-needed cash. How much, Chapin will not say, but it appears that A.M.C. will be able to redeem some $20.5 million in notes held by the Union Bank of Switzerland that come...
Fish Bowl. Stockholders, who have received no dividends since 1974, were not mollified. Their questions and complaints dragged the annual meeting out to 2½ hours, twice its normal length. Noting that Chapin's salary has just been raised from $225,000 a year to $245,840, Shareholder Harry Korba asked, "Why did you not have the decency to tell the board you would refuse the increase?" The dapper Chapin replied, "We are not going to discuss my cost of living." Another shareholder, Jerry Fylonenko, said that car buyers he had talked to variously described A.M.C.'s squat...
...model run, Chapin plans some changes. A.M.C. will introduce a new luxury compact to compete with such cars as the Ford Granada and Dodge Aspen, and will give the Pacer a peppier engine. The Gremlin already comes with an option of a fuel-miserly four-cylinder power plant. The company, Chapin told shareholders, remains committed to small cars; he prophesied that the U.S. "will be a small-car nation by the 1980s...