Word: loans
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Dates: during 1980-1989
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...start his kind of launderette, a place where people could get a cold beer or play a hot game of eight ball while they waited for their clothes to dry. Akin opened the first Duds 'N Suds store, complete with pool table and bar, with a $120,000 loan from an Ames, Iowa, bank. Since then, Akin has added eight launderettes of his own and sold 56 Duds 'N Suds franchises in 27 states. The entertainment features are left to the tastes of the franchisees. Several Duds 'N Suds outlets show movies, and the three in Nevada have slot machines...
Bank Robber Daniel Candelairo had just sprinted out the door of California Savings & Loan in Oakland last summer, when his getaway was rudely interrupted. The bundle of cash he had stuffed into his pocket had been booby- trapped with a security device. The wad exploded, disrupting the hapless thief's escape and causing second- and third-degree burns around his genitals...
...younger Guccione started Spin two years ago with a $500,000 loan from his father, but maintained editorial independence and was the sole owner of the Spin trademark. Off to a promising start, Spin has built a circulation of 150,000 and become a respectable challenger to its archrival Rolling Stone (circ. 400,000). But the elder Guccione, whose company has taken about $3 million in losses on Spin, wanted to assume authority over the magazine by making it part of the Penthouse business. His son refused to give up control and now hopes to keep Spin alive with backing...
...takes less than usual to spark testiness in Texas these days, especially on the subject of the state's beleaguered savings and loan industry. Last week Governor Bill Clements got into a shooting match when he described the Government's system for regulating thrift institutions as an "absolute fraud." Concerned that U.S. funds are insufficient to protect deposits at Texas' 49 insolvent thrifts, Clements contended that the Federal Savings and Loan Insurance Corporation might be able to reimburse depositors in failed institutions to the tune of only 30 cents on the dollar, along with a Government IOU for the rest...
...Internal Revenue Service will always find fresh ways to make the former seem almost preferable to calculating the latter. Last week the IRS unveiled new filing forms made necessary by last year's tax-reform law. The estimated 13 million people who have a second mortgage, a home-equity loan or a refinanced mortgage during 1987 will need to fill out a two-page Form 8598, which comes with instructions that are twice as long as the form (estimated fill-out time, according to the IRS: 84 minutes). Some 15 million taxpayers must file Form 8582, detailing tax-shelter losses...