Word: commonwealth
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Dates: during 1960-1969
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...selling Sunset Petroleum, which had $20 million worth of losses in California real estate last year and plunged Sunasco deeply into the red. The buyer: Manhattan's Commonwealth United Corp., a movie-making (The Pawnbroker) and -distributing company with realty and insurance sidelines. Price: $25.2 million, paid in Commonwealth stock. In an accompanying deal akin to a divorce settlement, Sunasco lined the coffers of money-shy Sunset with $ 1,000,000 in cash and $8.6 million worth of Sunasco stock-chiefly in exchange for Sunset's interest in five California realty ventures...
...Degree. Along with Sunset, Commonwealth acquired its president, A. (for Austin) Bruce Rozet, 39, and this week it expects to elect him its own $60,000-a-year president and chief executive officer. Against overwhelming odds, Rozet over the past year has steered Sunset away from impending financial disaster. "We're taking our licks publicly," he said not long ago. "We have moved from the nth degree of impossibility as a company to a couple of degrees away from real possibilities...
...worth. That netted Sunset a mere $300,000 above the $5,700,000 debt on the properties involved. But the company still had some useful assets, including profitable gas and oil wells, a thriving residential project near San Diego and $17 million worth of losses on its books that Commonwealth can carry forward to reduce its income tax liability on future profits...
Trodden said that the three councillors were illegally using Dunphy as a "hatchet man" in violation of the Commonwealth statute forbidding any councillor to "direct or request the removal or appointment" of a city official (such as the City Solicitor) for whom the manager is responsible. He notified the council that he would be a candidate for the position of city manager...
...preparing to request a stay of Judge Kalus' order until the case has been appealed to the Massachusetts Supreme Court. Meanwhile, Grove still has prints of Titticut. On the theory that the company's business activities in Massachusetts subject it to the state's jurisdiction, the Commonwealth is seeking to enforce a similar injunction against it. A requested ban on Titticut in New York has already been turned down by two state courts and Federal District Judge Walter Mansfield...