Word: ls
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Here's the choice. Come Dec. 31, 1999, you can sit around harrumphing that it's amateur night. That those out celebrating the millennium are no doubt the very same people who can't even spell it. (Two Ls, two Ns.) You can work yourself into a froth about how the calendar change promises only to render every check in your checkbook obsolete and produce a baby boomlet of Millies and Millards. As you down a glass of warm buttermilk before bed, you can note ! with satisfaction that the year is off to a bad start: ABC says Two Thousand...
...past five years, some people think all that empty space may yet turn to gold. Sixteen of the largest U.S. pension funds plan to invest $3.4 billion in commercial property this year, according to Price Waterhouse. That is more than twice what they spent last year. Banks and S&Ls may still be shunning the sector, but pension-fund money managers hope to pick up devalued holdings and watch the profits roll in when the industry revives...
...billion, but in light of recent damage awards, even that amount could be eroded. Of the Big Six, Ernst & Young may be the most exposed because of its focus on the financial industry. The ^ New York City firm audited about one-fifth of all recently failed banks and S& Ls...
...said last week the Resolution Trust Corporation, which is handling the bailout, was in such disarray that government accountants cannot even audit its books. That means Washington has no clear idea of how much the bailout will ultimately cost as the RTC shuts more than 1,000 bankrupt S&Ls and sells off real estate and other assets...
What does a lender do with a foreclosed hotel? With luck he sells it fast and gets his money back; banks and S&Ls have no desire to run these properties. But buyers are hard to find nowadays. "The market to purchase hotels is dead," says Morris Lasky, chief executive of Lodging Unlimited, a firm based in West Chester, Pa., that specializes in turning around problem hotels. "Banks are not going to lend to new buyers, and there isn't anybody with cash to buy these things." Among the many anxious sellers is the government's Resolution Trust Corporation, which...