Word: ltv
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Dates: during 1990-1999
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...Humvee, which is short for High- Mobility Multipurpose Wheeled Vehicle, is the new U.S. Army jeep. Deployed first in combat in Panama, some 20,000 Humvees were used in the Persian Gulf war. Starting last week, the Humvee was being offered for sale to the public by defense contractor LTV, which is trying to diversify its way out of bankruptcy...
...consumer models won't exactly ride like the grunt versions. Seats will be more heavily padded, and the doors will be made of steel rather than fiber glass, for safety's sake. LTV hopes to sell 1,000 of the Humvees this year at a price from $40,500 to $44,000, which is about twice as much as a Jeep Cherokee costs but about the same as a Range Rover. The first customer to enlist was the Terminator, Arnold Schwarzenegger. Good thing the manufacturers removed the missile launcher and cannon...
...collapse of Executive Life is only the most spectacular blow currently shaking the security of the American pension system. Last week Dallas-based LTV (1990 sales: $6.1 billion) announced plans to sell off its large aerospace-and-defense company, which helps make Stealth bombers and Boeing jets, to raise enough cash to fund the pensions of its 70,000 retired steelworkers. The firm has been mired in bankruptcy proceedings since 1986, primarily because of those obligations. In Los Angeles, First Capital Holdings, an insurance holding company whose failing California operating division was seized two weeks ago by insurance officials, sought...
...against poverty in old age. Suddenly, though, employees and retirees of some of America's largest corporations fear that the pensions they were counting on may not be there when they need them. If Executive Life's failure is not frightening enough for Americans, some 50 large companies, including LTV, Chrysler, Bethlehem Steel and Uniroyal Goodrich, have seriously underfunded their pension plans and jeopardized the security of their own retirees...
...present the agency is faced with the daunting prospect of several dozen large plans -- representing 3 million active and retired workers -- that are underfunded to the tune of $30 billion. Worst of all is a class of financially weak corporate behemoths, such as LTV and Chrysler, whose pension plans are severely short of cash. Unless their sales and profits improve, some of these large funds could collapse. Already running a deficit of $1.8 billion, the PBGC estimates its deficit could grow to $8 billion by the end of this decade...