Word: mastan
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Lightfooting it around the globe, Cohn juggled loans from U.S. and foreign moneylenders, borrowing from one to pay another. With his associates, Cohn last October borrowed $339,000 from the Mastan Corp. in Manhattan at a monthly interest rate of 1½%, and $532,000 from a Hong Kong moneylender, Commercial Investment Co., Ltd. With the help of this money, the Cohn group bought the controlling interest in Lionel. A month later Cohn borrowed $400,000 from Atlantidi, S.A., a Panamanian moneylender, used it to pay off the Mastan Corp. loan. Last month Cohn borrowed an additional $365,000 from...
Nelson never even saw the $3,600,000 borrowed in its name. Munroe directed Heller to deposit the check in the bank account of Albert's Bellanca Corp., which used it to pay off the bulk of the Mastan debt. But Nelson had to start paying back the $3,600,000 loan in monthly installments of more than $100,000, including 12% interest...
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