Word: erleigh
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Dates: during 1940-1949
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...well-timed strike for Milne, a balding, stooping, ex-insurance agent whose gold mining has not been as profitable as his selling of gold-mine shares. In 1947 the gold-mining companies he had promoted with Johannesburg's Norbert Erleigh were thrown into receivership (TIME, Nov. 24 and Dec. 15, 1947). Both Milne and Erleigh are under indictment on charges of fraud...
...Erleigh Sorrow. South Africa's breezy Norbert S. Erleigh, whose ?100,000,000 New Union Goldfields empire was recently thrown into receivership (TIME, Nov. 24), was arrested on a charge of theft for borrowing ?352,875 from New Union without the board's permission. He was let out on bail after he promised not to 1) leave the country or 2) dabble in New Union business. He found these conditions infuriating. With two new gold strikes on lots adjoining properties controlled by New Union, it looked as if New Union might get back on its feet without Erleigh...
Byeways. He lived as befitted a Randlord. He acquired a stable of 30 horses, raced them in England. "Byeways," the Erleigh estate north of Johannesburg, grew along with New Union Goldfields. A swimming pool was built, then a small theater...
Slipways. While Erleigh was entertaining potential backers at champagne parties, his auditors refused to certify New Union's books. New Union owed its associated companies more than ?5,000,000; Erleigh and a partner owed New Union ?470,000-and there was no cash to meet the debts. New Union stocks in London plummeted to 6 shillings and threatened to carry the entire gold share market along...
Last month, rather than risk complete collapse, Erleigh gave up. He invited his old partner, conservative Bob Hersov, to take over New Union with the option to buy part of its best properties. Hersov accepted. In order to get a moratorium from New Union's creditors, he threw the company into "judicial management." By taking over New Union, Hersov gave U.S. financiers a major beachhead in South Africa through a comparatively new company, American Anglo-Transvaal Corp. (TIME...