Word: debt
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Dates: during 1950-1959
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...solvent, sound and stable. Instead, after two years of political mismanagement of its income, Colombia is setting off economic alarm bells both at home and abroad. It owes the tradesmen of the world around $345 million, and has become the No. 1 collection headache for U.S. exporters. The debt has sapped the nation's credit, its currency and its reserves. "The Colombian economy," said a U.S. Government official whose business it is to know the country well, "is being wrecked as thoroughly as Perón wrecked the Argentine economy-and faster...
...large plumbing-supply house. Only last autumn Nelson had twelve-month earnings of some $200,000, plus $500,000 in cash surplus, more than $2,000,000 in accounts receivable, $5,000,000 in inventory. But last week N. O. Nelson Co. was smothered in a huge debt and had been forced to file under the bankruptcy act for more time to pay its debts. Said Bankruptcy Referee William J. O'Herin: "This company was looted...
Nelson never even saw the $3,600,000 borrowed in its name. Munroe directed Heller to deposit the check in the bank account of Albert's Bellanca Corp., which used it to pay off the bulk of the Mastan debt. But Nelson had to start paying back the $3,600,000 loan in monthly installments of more than $100,000, including 12% interest...
...that kind of money. Since Bellanca held all but 3% of the stock, its dividend totaled just about $3,600,000. Instead of paying the dividend, Albert told Nelson to credit Bellanca with the amount. The declared but unpaid dividend would in effect cancel out the $3,600,000 debt to Nelson. Thus Nelson was committed to pay $3,600,000 of its $4,850,000 purchase price, while Albert's Bellanca Corp. paid the remaining...
...Nelson, cleaned of its cash and burdened by debt, there was no course left but the bankruptcy courts. Last week, after he took over, Bankruptcy Referee William J. O'Herin ordered that no more payments be made on Nelson's debt until the courts can determine whether the original stockholders can legally win back possession of Nelson and the $1,000,000 the company has already paid out on the loan...