Word: dividend
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Texaco stockholders are likely to feel anxious soon. Some of them "could be wiped out" by the bankruptcy, according to one legal expert. Many of the large institutional investors that hold Texaco stock are forbidden by various rules and regulations to own securities that fail to pay dividends. But even those that are not so constrained are unhappy. Harold Ofstie, for example, is portfolio manager of Philadelphia-based Delaware Management, which owns 3.7 million Texaco shares. The bankruptcy filing means a projected loss of $11.1 million in annual dividend income for Delaware. Says Ofstie: "We understand the reasons why Texaco...
...Mellon Bank, Latin debt is contributing to a dismal financial situation. Last week the Pittsburgh-based institution announced it would post a first-quarter deficit of between $55 million and $65 million, the first in its 118-year history. Mellon will also cut its quarterly stock dividend in half, to 35 cents a share. Besides the $10 million worth of losses on Brazilian credit, the bank is reeling from bad industrial, energy and real estate loans...
...Cleveland and a couple of other basket cases in the Lower 48. A few years before that, the legislators, in a gesture of unprecedented largesse, did away with the state income tax. In its place, they substituted a state- sponsored giveaway. Each and every resident was paid an annual "dividend" of some $500 merely for living in the state. The big spenders in Juneau also voted to give residents 65 and older an additional $250 each month as a longevity bonus. Says Cowper: "Government was in the business of dividing up the loot...
...market (i.e. the New York Stock Exchange) to another individual, the transfer of funds is wholly between the two individuals. The company sees none of the proceeds or capital gains from this transaction. (In fact, the owner of stock draws capital from the company, which pays the stockholder a dividend...
Desperate situations sometimes inspire daring solutions. Faced with a projected budget deficit of $17 million but unwilling to raise taxes, Belize's Prime Minister Manuel Esquivel has settled on a scheme to sell bonds on the international market that will bear an unusual dividend: the right of the buyer to become a citizen of his poor but peaceful Central American country...