Word: junking
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Dates: during 1980-1989
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...food store, looking at a little blue convertible and thinking, "Aw, isn't it cute?" I do not usually gurgle about cars. Like other citizens with some mileage on them, I used to love cars, maybe 30 years ago, and then I grew up. Now when a hunk of junk that cost twice the price of my first house needs new front shocks at only 120,000 miles, my feeling is bitter resentment. Americans hate their cars...
CAPTION: Total value of junk bonds outstanding, in billions, at year...
Investors had expected the junk-bond market to soften during an economic downturn. But they have been taken aback that defaults are rising and junk- bond prices are plunging during a time of relatively stable growth. The implication is that any serious industrial slump could give the junk-bond market a full-fledged nervous breakdown...
...major conflict was over financing. The father was cautious, the son a plunger. Says Ingersoll: "He was still thinking in hundreds of thousands when I was thinking in millions. He never really understood the fungibility of debt and equity." Later, capital for some deals was assembled by indicted Drexel junk-bond financier Michael Milken, whom Ingersoll regards as a close friend. Says media analyst John Morton of Lynch Jones & Ryan in Washington: "From all we can learn, the company is healthy, although heavily leveraged. The small papers are cash cows. I admire him for taking this risky venture...
...Tokyo. Among them is Marvin Traub, chairman of the chain, who is planning a management-led buyout. But selling Bloomie's will not be enough. Campeau's firm conceded last week that it may default on $1.27 billion in fourth-quarter debt payments. The disclosure sent prices of Allied junk bonds plunging 20% in value in just one day, while Federated's fell...