Word: knapps
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...Harvard sailing team sets sail, as it were, for New Haven tomorrow to defend its Big Three championship. Chances of the Arthur Knapp trophy being aboard the Crimson ship when it returns to Cambridge are slim, however...
...reputation of William Zeckendorf, 58, as an irrepressible trader in land, leases and buildings hurt him last week in Canada. Under pressure from his north-of-the-border partners, he resigned as chairman of both Webb & Knapp (Canada), which is 63.5% owned by Zeckendorfs Manhattan-based Webb & Knapp Inc., and of Montreal's Trizec Corp., which is 49% owned by Webb & Knapp (Canada...
Like their U.S. parent, the two companies founded by Zeckendorf have fallen on lean times. Last year Webb & Knapp (Canada) lost $1,264,000, in part because of a slide in Canadian real-estate prices, and Trizec lost $2,877,000 because costs of constructing its $100 million Place Ville Marie-Montreal's Rockefeller Center-overshot estimates by $25 million...
...attempt to conserve cash, Webb & Knapp (Canada) wants to pay the holders of its debentures in interest notes instead of dollars over the next three years and promises to undertake no new projects. But Canadian moneymen were skeptical that Impresario Zeckendorf could really restrain himself. So "Big Bill" had to go. His exit at Trizec followed virtually automatically, and the departure was sweet revenge for Britain's Second Covent Garden Properties Co. Ltd., which has a 24.5% interest in Trizec; six representatives of Second Covent Garden had been forced off the board of the U.S.'s Webb & Knapp...
...usual, Zeckendorf hopes to pull out of his present bind by selling off properties, but that will take some doing. Webb & Knapp's recently released 1962 annual report is a textbook of corporate debt and declining assets; its long-term debt is an astonishing 83% of its assets. Webb & Knapp's finances are sometimes so complicated that its own auditors are unable to unravel them. Two months ago, outside auditors had to be called in to double-check some calculations. The result: instead of the previously reported $5,000,000 profit for 1962's second and third...