Word: credito
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Dates: during 1950-1959
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Maserati is an industrial concern of Modena, Italy, which has established an outstanding reputation as a manufacturer of precision tools and automobiles. Your statements that Maserati President Adolfo Orsi owed Credito Italiano, an Italian bank, $15,600, that he wrote a check with no funds to cover it and that the bank asked that he be declared bankrupt are untrue. So is your statement that Credito Italiano "sent the shamed Orsis into hiding"; we have been for many years and still are openly and actively engaged in the management of Maserati. No bankruptcy petition was ever instituted against Maserati...
Last week Maserati skidded off the track. The government-owned bank Credito Italiano asked that Adolfo Orsi be declared bankrupt, impounded Maserati's assets, sent the shamed Orsis into hiding. Adolfo owed the bank $15,600 and had written a check with no funds to cover it. But that was only part of the reason. For the Orsis, the bright fame of Maserati had been gradually turned by many fine Latin hands from a blessing into a curse...
...which are independently solvent (annual sales: $2,000,000), the Orsis offered Driver Fangio a 50% share in Maserati for $625,000. Fangio, who has a thriving G.M. distributorship in Buenos Aires, could raise only half the necessary funds. That left Maserati at the mercy of the state-owned Credito Italiano, which had the right to turn the firm over to the government. Last week the plant was still running-but for the government and without the Orsis...