Word: corpe
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Dates: during 1950-1959
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...fortresses of segregation in troubled Little Rock last week were a onetime orphanage and two warehouses. In this slapped-together campus, the Little Rock Private School Corp. got classes started for 241 white seniors, promised 258 juniors that classes would start this week, boasted of a bankroll of $100,000. Negroes, naturally, are barred. See EDUCATION, The Long Lockout...
...week on the porticoed facade of a hand-me-down structure built 50 years ago as a Methodist orphanage, later used as a graduate center for the University of Arkansas, now bought (by a wealthy Faubus backer, for $50,900) and relabeled: Senior High School-Little Rock Private School Corp. Newly titled School Superintendent W. C. Brashears (a former elementary school principal) announced a solid-sounding curriculum ("four years" of English, Arkansas and American history, applied mathematics, algebra, chemistry, physics, etc.), by week's end had registered 241 seniors and 498 juniors and sophomores. Only trouble: there were just...
...fascinating rhythm blared last week from Chicago's Seeburg Corp., the world's biggest jukebox maker. Three years ago Seeburg gave mankind the 200-selection machine. This year the sound in Seeburg's gaudy new juke is stereophonic. To the jukebox industry, the new sound is only a little newer than the two young men who call the tune for Seeburg: President Delbert W. Coleman and Board Chairman Herbert J. Siegel. The corporation (fiscal 1958 sales: about $25 million) makes not only jukeboxes but most of Western Union's facsimile equipment, plus key electronic components...
...take advantage of the tax losses, they began looking for another company with healthy earnings, decided on the family-owned Seeburg Corp., which had annual pretax earnings averaging $2,000,000. The family wanted to sell for $8,000,000 in cash, $2,000,000 in five-year notes. All but $3,300,000, could be covered by Seeburg's liquid assets-but how to raise that? Despite a tight money squeeze, they succeeded in borrowing it, partly from the Seeburgs themselves...
...high interest rates. To climb out, Coleman negotiated a swap with the See-burgs of $1,200,000 in cash for the $2,000,000 owed in notes, borrowed another $700,000 from them. Siegel raised more from Philadelphia's Donner Foundation and the New York Water Corp. In addition, they sold off their Fort Pitt clothing and beer business for $3,000,000 plus a hefty beer royalty from the new brewery owners. With Seeburg's cash position in shape, they were able to pay off their bank debts for the original Fort Pitt deal...