Word: nassaue
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...I.O.S., Ltd., the biggest of the foreign mutual fund empires, teetered on the brink of collapse. Last week financial misfortune struck the second largest offshore investment complex, Gramco Management Ltd. and its USIF,* Real Estate. Swamped by the equivalent of a run on the bank, the directors of the Nassau-based USIF "temporarily" suspended sales and redemptions, thus freezing the assets of 23,000 European, Latin American and Asian investors who had put up $276 million. The closedown leaves the future of the fund in considerable doubt; to some degree, it also tarnishes the more than 350 other funds that...
Hastily summoned to Nassau last week, Gramco's directors assembled in marathon meetings, occasionally sending out for hamburgers and Chivas Regal. Meantime, employees at Gramco's mock colonial headquarters fended off a flood of transocean phone calls from anxious shareholders in many far-off countries. Emerging from one meeting, Vice President Joseph Jordan delivered a pep talk to worried USIF salesmen. "We are solvent," he said. "If we have to, we'll clear the deck-tighten our belts, cut officers' salaries, drop employees. I get nothing. The shareholders will get paid." That, of course, remains...
Alien Anomaly. Freeport is caught up in a bitter, smoldering dispute between its predominantly white developers and the Bahamas' first black government, located 130 miles away in Nassau. For tourists, the feud all too often translates into rude or grudging service from hotel and restaurant employees. "All the visitor wants is a quiet vacation on the beach with a drink in his hand," a top hotel executive told TIME Correspondent Roger Beardwood. "Instead, he finds himself in on a black power situation." Prime Minister Lynden O. Pindling admits that tourist receptions in the Bahamas are less friendly than they...
Today the airline is Iceland's largest private employer, with a staff of more than 700. It owns the country's biggest hotel, the 108-room Loftleidir in Reykjavik. Last year it bought another line, International Air Bahama, which flies between Nassau and Luxembourg. With that kind of performance, Managing Director Alfred Eliasson, who was one of the founders, is not overly concerned about competitors who criticize his low pricing policies. "No airline," he notes, "is obliged to be a member of I.A.T.A...
...flows into irrigation ditches from water-treatment plants in Pomona and San Mateo. Elsewhere, it is pumped into lakes for storage and recreation use, as in Santee and Alpine, Calif. In Washington, D.C., water reclaimed at the Blue Plains plant goes back into the seriously polluted Potomac River. In Nassau County, N.Y., it may be used to replenish underground reservoirs. Eventually, all this reclaimed water finds its way to the household tap. By then, its source has been well disguised, and like so much of the U.S.'s potable water, it is contaminated with pesticides...