Word: lien
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Dates: during 1980-1989
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...could not be sure, based on the papers shown them, who owned it. It seemed to be owned jointly owned by Dallhold, Sotheby's and two Hong Kong corporations. (This conflicts with Sotheby's insistence that it had, and has, no ownership of any kind in Irises, only a lien on the painting.) And on checking the insurance, the lawyers found that no premium had been paid and that the English insurers considered themselves not liable for Irises. Asked about this, Sotheby's CEO Michael Ainslie says, "That is news to me. It was certainly in force according...
Brown's fall from the top of the charts to a four-man prison cell has been going on for several years. In 1985 the IRS slapped a lien on his 62-acre spread on rural Beech Island, about ten miles outside Augusta, and he was forced to auction it off. His eight-year marriage to Adrienne, his third wife, has been tempestuous. Last April she filed suit against him for assault, then dropped the charge. (Among other things, he allegedly ventilated her $35,000 black mink coat with bullets...
COSTLIEST TYPO When Prudential took out a lien against eight ships owned by United States Lines, someone wrote down $92,885 instead of $92,885,000. So when the shipping firm went bankrupt and sold the liners for $67 million, it + technically owed Prudential only $92,885. The shipping company eventually agreed to give Prudential the proceeds, but deducted $11 million as the price of the errant decimal point...
...simple clerical error, but it could be the most expensive typo of all time. In 1978 Prudential, the largest insurance company in the U.S., lent $160 million to United States Lines, a shipping firm. As part of the deal, Prudential got a lien on eight ships. In 1986 United States Lines went into bankruptcy proceedings and started selling off assets. Prudential said it was owed nearly $93 million, the value of the lien, from the ships' sale...
...insurance company thought. A close look at the lien documents disclosed that someone had omitted three little zeros, thus entitling Prudential to $92,885 instead of $92,885,000. The mistake loomed large this month when McLean Industries, parent firm of United States Lines, sold the ships for $67 million. In a settlement approved by a federal court last week, McLean agreed to give Prudential the proceeds from the sale of the ships -- minus $11 million. That was the price McLean demanded for disregarding the missing zeros...