Word: natinalized
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Keith Geiger, president of the NationalEducation Association, the natin's largestteacher's union, and Gov. Evan Bayh (D-Indiana)spoke on education...
ONAPRI became the hottest piece of paper in the country, and Natin had no trouble selling $16 million worth of stock to 13,000 workers, socialites and laden ladies...
...disenchantment was swift. During Argentina's 1962 recession, stockbrokers hauled Natin into court to collect their commissions, and investors stormed the courts in panic. Natin was bounced in and out of jail three times on various charges of fraud, bad checks and "economic delinquency...
Cheers & Handcuffs. At the first mass hearing last May, about 10,000 creditors showed up, as much to see the pudgy operator as to hear a report of ONAPRI'S financial plight. When he appeared, handcuffed to two policemen, his creditors cheered loudly. Natin, the court determined, had liabilities of $17.1 million, and only $4,900,000 in assets. But the court agreed to call another meeting to let the stockholders decide by a vote whether he should be given a chance to settle his debts or be declared bankrupt...
...Natin figured he had a chance. At the meeting last week, he made one last plea for a concordato-an agreement to withhold bankruptcy proceedings. He asked for two years: "ONAPRI can recover its position if it is permitted to continue operating." In secret balloting, some 7,600 creditors favored giving Natin his time, but the margin was short of the required two-thirds. Natin's empire was declared bankrupt, and Natin went back to jail...