Word: knapp
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Dates: during 1960-1969
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...woes of Freedomland began even before the first spade of earth for the 205-acre playground was turned. A plan to sell stock to finance the venture flopped; William Zeckendorfs Webb & Knapp, which owned the land and leased it to Freedomland's promoter, the International Recreation Corp., had to buy 40% of the stock for $7,000,000. This financing proved too little-partly because builders overshot the estimated $17.5 million construction cost...
...hold back crowds at the Chicago fire exhibit were often hardly needed. Business on weekends, the most crowded time at other New York entertainment parks, dropped 20% below the weekday rate. The park lost money on all but the biggest days. To protect its investment, Zeckendorf and Webb & Knapp, which had stayed out of International Recreation's management, stepped in and took charge...
...Little Cash. Webb & Knapp fired or demoted Freedomland's managers, cut operating costs from $40,000 to $25,000 a day, jumped adult admission charges from $1 to $1.50. In August, says the new management, the park made an average operating profit of $20,000 a day. But W. & K. is still stuck with 40% of the stock and $4,000,000 in unpaid construction bills-and the stock, issued at $17.50, has plummeted to a low of $6.25. To meet these bills, Bill Zeckendorf is preparing a plan for new financing, to save both Freedomland and Webb & Knapp...
...Pocket. Zeckendorf's firm of Webb & Knapp has holes in the ground and buildings under construction all over the U.S. and Canada, was carrying short-term debts of something like $100 million -some at interest rates as high as 20%. With no money to spare from company coffers to build his hotel, Zeckendorf had to find the financing elsewhere. He got off to a typically dazzling Zeckendorf start. He borrowed $16.5 million from a bank to buy the land. Then he turned around and sold the land to the Prudential Insurance Co., leased it back from them. Prudential would...
...lease: $4,500,000. Uris brothers thought they had a good deal, since so much had already been spent in foundation work on the site. Whether Zeckendorf made or lost money and how much was open to question. Even allowing for his rents, digging costs, and other charges, Webb & Knapp probably had a profit...