Word: defaulters
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...midweek some of the immediate edge had been removed from L.A. County's predicament. By obtaining a letter of credit (essentially, insurance against default) from a group of Swiss, German and U.S. banks, the county soothed enough investors to sell $1.3 billion in short-term bonds at a favorable rate. The Board of Supervisors agreed on $267 million in cuts, but put off a decision on County-USC until next month. Meanwhile, the Board of Supervisors will ask Governor Pete Wilson for relief from some costly unfunded mandates, as well as asking the state legislature for permission to levy...
...company of friends.But friends are not made overnight, and mine, forthe first time in my life, were exclusively male.We were all transfers, and we all lived in NorthHouse; it was inevitable that we all fell into thesame social group. In a way, it seemed we werefriends by default. The lack of congenial society,as it turned out, was not to be solved by tryingto meet people in the house. At least, not for me.The atmosphere at North simply did not suit me; itwas a quiet and studious house when I knew it.Many of my neighbors spent their Friday nightswatching "Star...
...most daunting news was that the company would report a loss of $310 million for 1994, stemming in large part from its troubled railcar business. That was nearly twice the deficit that Morrison Knudsen acknowledged as recently as February. To make matters worse, the firm remained in technical default on $225 million in loans from Bank of America, J.P. Morgan and other lenders. "We are beginning to seriously doubt the company's viability," says analyst Tobias Levkovich, who follows the firm for Smith Barney...
...files are harder to break into. But every time information gets sent across the wires -- like, when Anne uses Raster to do the taxes -- it can be captured and decrypted. Because, my brother, you bought the default data- security agreement with your box, and the default agreement sucks...
Investors had another worry: the threatened default of Grupo Sidek, a tourism-and-steel conglomerate, on $19.5 million of dollar-denominated debt. The company eventually decided it could pay after all and even put up $10 million more, but financiers were not totally reassured. They noted that Grupo Sidek still has an additional $100 million or so of debt coming due soon, and are concerned that if it fails to pay, other big companies will also stiff their foreign creditors. Eduardo Cabrera, a Latin American investment strategist for Merrill Lynch in New York, says that Zedillo ``should have stepped...