Word: loan
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...natural-gas exploration project off the southern coast of Trinidad. Lacking the postcard beaches that draw tourists to neighboring islands, Trinidad depends mostly on oil and industry. The Trintomar venture stumbled over a series of drilling mishaps and in 1992 was in danger of defaulting on a loan to Nissho Iwai, a Japanese company that had financed the project. Three big international lenders submitted proposals to refinance the $61.5 million balance owed to Nissho Iwai. The plans were similar, but with its long history in Trinidad, Citibank emerged as the front runner...
Citibank proposed a deal in which it would buy Trintomar's accounts receivable (two-year contracts to supply petroleum to Shell and Texaco) for $66 million--a little more than was needed to pay off the Japanese loan. Trintomar agreed in principle and began talks with Citibank to finalize the terms. But then the bank changed the game. In addition to the loan they had been talking about, Citibank wanted to finance a second loan of $96.5 million. It was analogous to someone going to borrow money for a car, and as a condition of the deal, the lender insisted...
...feel betrayed. "This really hurts, because after all the hard work we have to give up Audrey's legacy," says Elisabeth Mayor, a former neighbor of Hepburn's. Ferrer, 42, who now lives in Los Angeles, says the villagers have known all along that the belongings would be on loan for only five years. "We have completed our commitment, but when we wanted the objects back, people went crazy," he says. Ferrer believes the locals don't want to let go of the exhibit because of the "celebrity status" it bestows on the village. "It's like the little town...
...trouble. Grubman could not be reached for comment, and his lawyer declined to discuss the issue. The FTC settlement, meanwhile, will cost Citi $215 million. The charges were that a subsidiary, Associates First Capital, which Weill bought in 2000, used deceptive marketing to lure consumers into taking out loans with high rates and buying optional, pricey loan insurance without realizing it. Even before settling with the FTC, Citi stopped selling the insurance and lowered rates for 200,000 debtors. It was the first to voluntarily adopt the "Spitzer principles" imposed on Merrill Lynch, and now requires officers of public companies...
...lead. Soon the bhais were financing films, choosing actors, demanding distribution rights?mixing business with pleasure. But the relationship was often as symbiotic as it was predatory, because until last year, most banks would not finance Indian films. The money had to come from somewhere, even if the loan carried 50% interest?and the collateral was your knees...