Word: loan
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Dates: during 1970-1979
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Morgan Guaranty argued that the attachment orders, which are automatically issued in West Germany in cases of disputed debts, were necessary to cover possible losses from Iran's default on a $500 million loan. It had been made by an eleven-bank syndicate that included Morgan and was headed by Chase Manhattan Bank. In fact, Morgan Guaranty's $40 million share of the loan is more than covered by the estimated $8 billion to $9 billion in Iranian assets that were frozen in U.S. banks by presidential decree...
Last week the Senate Banking Committee upset the carefully stacked apple cart when it voted 10 to 5 not to approve the Administration's bill. That would have given $1.5 billion of federal loan guarantees, if the company managed to raise a similar amount of nonguaranteed loans. Both liberal Democrats and conservative Republicans on the committee concluded that this plan was too soft and generous; it did not ask for any specific financial sacrifice from workers, dealers, suppliers, shareholders and bankers...
...important a commodity to be left up to the oil companies," Bradshaw said, adding that he thinks government should totally regulate distribution of oil and guide research into other energy sources. The government should also provide loan guarantees to small energy companies to spur continued research, he said...
Saken said he was currently applying the remainder of the last LEAA loan and the $1.9 million the state had appropriated to help program the computer, adding he could not estimate when the computer would be completed...
...correct. It and the six other U.S. banks in the syndicate voted, over the protest of the four non-U.S. banks involved, to declare the default. The U.S. banks could use the Iranian assets frozen a week earlier to offset their own $300 million share of the loan, but the non-U.S. banks (two Swiss, one British and one Canadian) had no such recourse. Their only options were either to activate a so-called cross default clause and foreclose on the Iranian government in court for the remaining $200 million, or to refloat their share of the loan...