Word: hunted
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Dates: during 1980-1989
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...grandest money-losing speculations of recent history, and it provided a blunt reminder that even billionaires can get in over their heads. With their dreams of cashing in on last winter's silver boom now transformed into mushrooming debts of $980 million, Bunker, Herbert and Lamar Hunt have been struggling all spring to fend off ruin. Papers on file last week in the Dallas County Courthouse, and elsewhere around the country, showed just how desperate their plight has become, as well as the extent of their fabled wealth...
...everyone agrees with Herbert. The subcommittee has been conducting hearings into the Hunts' silver-buying activities, which triggered the worst financial panic in nearly 20 years; silver that had cost more than $50 per oz. in January slumped to $10.20 per oz. in late March. The congressional investigators are trying to discover how the Hunts had corralled so much of the world's silver and how deeply they went into debt during the silver crash. The brothers' foggy memory on some of these points last Friday caused sharp exchanges with Subcommittee Chairman Benjamin Rosenthal. When asked about...
Despite their fabled billions, the brothers Hunt in recent weeks have resembled penny poker players trying to rustle up some money to keep off the loan sharks. Their staggering losses in silver the past couple of months have forced them to go, stetson in hand, to bankers in the U.S. and abroad. The weekend after Silver Thursday, they showed up uninvited at the Reserve City Bankers Association convention in Boca Raton, Fla., to plead for help in meeting their debts. The brothers supposedly told leading bankers that they probably owed about $1.7 billion. Over cups of coffee and cold cheese...
Million by million, though, the Hunts have put together a sizable care package for themselves. In January and February a ten-bank consortium loaned a subsidiary of the Bache Group, the brothers' main broker, at least $233 million, which was backed by 17.5 million oz. of silver. By early April Placid Oil, the Dallas oil company owned jointly by Bunker, Herbert and the four Hunt children of their father's first marriage, was negotiating a nine-year $1.1 billion loan...
...departure of Professor Walzer leaves us with a vacuum in leadership," Richard M. Hunt, senior lecturer on Social Studies and a member of the concentration committee, said last week...