Word: millions
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Dates: during 1960-1969
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...school for Hondo and a modern hospital for Iron County-have proved totally unmarketable. Probably a much greater total of bonds has not been scheduled for sale because local officials fear that they would find no buyers. Michigan voters, for example, last year approved two issues totaling $435 million to finance antipollution and park-building programs, but state authorities have never tried to set a date for investment-banking houses to bid on them. They have reason for their timidity. About half of the investment-banking houses that were buying state and city bonds a year ago, for resale...
...December to 6.37% in September. Laws in several states, notably Pennsylvania, Michigan, Florida and California, forbid payment of that much interest on new bonds. Those states, and their local-government units, have been unable to float new issues. Last week local governments failed to sell $142 million in public housing bonds paying 6% interest -even though they were backed by the credit of the Federal Government. Proceeds from the bonds were intended to complete several public-housing projects...
...considering bills to raise permissible rates in several states, even though that is likely to lead to higher state or local taxes to pay the interest. If the bills pass, some local governments may have another try at selling bonds. Philadelphia school officials plan to offer a $60 million issue at 7% this month. They found no buyers at 6% in July for two issues of $30 million and $17.5 million. The money is needed for a program of closing and replacing 42 slum schools, all of which were built before 1907, and are not fireproof...
Kirk Kerkorian, 52, who built his $275 million fortune on airlines, hotels and Las Vegas gambling, last week added another potentially rich prize to his leisure and travel domain. He won control of Metro-Goldwyn-Mayer, the ailing moviemaker, with a stunningly successful tender offer for some $26 million of its common stock at $42 a share. In August, Kerkorian had picked up 22% of MOM's stock through another tender. Now his holdings will rise to at least 32% and perhaps to as much as 45% of the company's shares, depending on how much...
...coup was shrewdly timed. Before Kerkorian started bidding, MGM stock had dropped from a 1968 high of $55 to $29 a share. The company recently estimated that it lost at least $25 million during the fiscal year that ended Aug. 31. Most of the deficit, however, grew out of MGM's decision to write off as losses some box-office flops and a great part of its slow-selling inventory of monaural records. Kerkorian thus bought into a company that may be poised for a turnaround. Bronfman has already predicted a profit for MGM in fiscal...