Word: elys
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Dates: during 1980-1989
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...month International Harvester told its creditors that it would soon be in technical default on $4.2 billion in loans because its net worth would drop below $1 billion. Although the lenders could push the company into bankruptcy at any time, they are not expected to take that step. Explains Eli Lustgarten, vice president and analyst at Paine Webber Mitchell Hutchins Inc.: "The banks are in just as deep as Harvester, so they will likely come up with a new agreement...
Like many new fields in the early stages of development, there are now simply too many firms trying to capture the same market. These include new, well-financed companies like Genentech and Cetus, big drug companies like Merck and Eli Lilly, plus a host of smaller, undercapitalized firms. Observes Jonathan Ziegler, vice president of Sutro & Co., the San Francisco brokerage house: "There is duplication of effort on a grand scale in this industry. Probably 150 of the 200 companies are working on the same five products...
...other Eli star whose name will never grace the New Haven line-up card this season is better known for his exploits as a tailback in the Yale Bowl, Rich Diana, who hit eight home runs, chalked up 43 RBI's, both team highs, and batted .341 last season, lost his baseball eligibility because he played in two post season, college all-star football games--the Blue-Grey Bowl and the Japan Bowl--and Ivy League rules allow only one. An appeal to the Ivy presidents proved futile, and Diana decided his potential pro football career took precedence over baseball...
...third Eli star, first baseman and team captain Danny Costello, who batted .358 last season and led the team with 17 stolen bases, was hit by a car in the off-season. Although he's played in 18 of the team's first 19 games and hit .293, he just one stolen base so far this year...
Because of the Eli's troubles, Harvard's stiffest competition for the EIBL crown should come from Navy and Cornell. The Midshipmen return with almost their entire 1981 team intact, a squad which finished only a game behind the Elis in the league...