Word: junks
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...sales: $3.7 billion), Houston-based Texas Air offered about $925 million for the company, which includes $23 in cash and securities for each TWA common share. The investment firm Drexel Burnham Lambert will help Texas Air raise the money by underwriting "junk bonds," a popular takeover tool. Icahn, who stands to make a profit of about $50 million when he sells his TWA shares to Texas Air, will probably go along with the deal...
...tired of Plympton Street head over to The Book Case (42 Church St.) Post cards and junk gifts fill the top floor and a labyrinth of used volumes make up the basement. Look in the six-by-six foot "Room A" for occult books, "Room B" for religion, and go to the store's Annex (33 Church St.) if you don't like reading in the dark. The Pangloss Bookshop (65 Mt. Auburn St.) is another sure bet for cheap used books, especially in the social sciences...
...decided to go with fewer, better quality items this year. Instead of giving out a lot of junk," says Marion Briefer, administrative assistant for the 25th reunion office...
Kids born since the breakup of the Beatles, however, don't want to hear any of this. Can't hear anything else, at this tick of the clock except brassy, trashy, junk-jingling, stage-stomping Madonna, who has been world famous for almost two months. Just now she is the hottest draw in show biz. Michael Jackson? History. Prince? The Peloponnesian Wars. Cyndi Lauper? Last week's flash, and besides, if you wanna be like Cyndi, you have to dye your hair orange and fuchsia, and your parents freak. No, Madonna is the full moon you see at this bend...
Critics charge that today's euphoria in the junk-bond market could be shattered by even one major default. Says Preston Martin, vice chairman of the Federal Reserve Board: "The market has not been tested by some significant negative surprises, which inevitably will come at some point." A default would probably cause no substantial damage to pension funds and other large, sophisticated investors, which generally keep only a small part of their portfolio in such certificates. But federal regulators are concerned about the increasing amount of junk-bond investing by banks and by savings and loans. Says Norman Raiden, chief...