Word: millions
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Dates: during 1960-1969
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...selling Sunset Petroleum, which had $20 million worth of losses in California real estate last year and plunged Sunasco deeply into the red. The buyer: Manhattan's Commonwealth United Corp., a movie-making (The Pawnbroker) and -distributing company with realty and insurance sidelines. Price: $25.2 million, paid in Commonwealth stock. In an accompanying deal akin to a divorce settlement, Sunasco lined the coffers of money-shy Sunset with $ 1,000,000 in cash and $8.6 million worth of Sunasco stock-chiefly in exchange for Sunset's interest in five California realty ventures...
...troubles began almost as soon as the company was created in April 1966 by a merger of Beverly Hills-based Sunset International Petroleum with suburban Philadelphia's Atlas Credit Corp., a mortgage-banking, title-insurance and home-repair finance concern. First, a plan to float $14 million worth of long-term debentures went awry in the 1966 credit squeeze. Then the merger partners, Atlas' John L. Wolgin and Sunset's Morton Sterling, locked horns over how to raise money for the ailing realty side of their operation. Recalls Rozet: "There were four children in the lifeboat, with...
Tightfisted Buyers. It wasn't easy. Expansion-minded Sunset was saddled with several white-elephant projects and mountainous debts ($130 million last June). To reduce that burden, Rozet persuaded lenders to stretch out some loans and cancel others in return for undeveloped acreage. Last November he put $50 million of Sunset's realty holdings up for auction in Los Angeles, but buyers proved so tightfisted that he accepted bids for only $6,000,000 worth. That netted Sunset a mere $300,000 above the $5,700,000 debt on the properties involved. But the company still had some...
With a production line geared to roll out over 1,000,000 vehicles a year, B.L.M. figures to fill 40% of the domestic market and be Britain's No. 1 export earner besides-with $700 million a year in sales abroad. "We've been thinking about it for years, but we wanted the merger on satisfactory terms," says Leyland's Sir Donald Stokes, 53, who will be deputy chairman, managing director and chief executive officer of B.L.M., with British Motor Holdings' Sir George Harriman, 59, as chairman of the board...
...after he returned from a tour of his plants and dealerships last week. Soon some unprofitable lines will have to be dropped. And obviously, said Sir Donald, "we have to move toward the General Motors type of integration and more new models." But it will require heavy investment ($360 million, according to industry estimates) and perhaps three years before B.L.M. will be ready with its first new car. Between now and then, the newly merged company's U.S. competitors in Britain-Ford, Vauxhall (G.M.) and Rootes (Chrysler) -are not going to stand idly...