Word: nos
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...securities for retirement income, but the bonds that had been bought as recently as March 1981 for $5,000 sold last week for as little as $700. Robert Kahn, 69, a former court reporter living in Hollywood, Fla., and his wife Selma, 67, had $10,000 invested in Whoops Nos. 4 and 5 bonds. Says he: "I felt secure. That was the whole point of buying the bonds. I didn't want to make extra money. I just didn't want to lose what I had. I'm not a rich man." For Theo Fullmer...
Insurance companies, which own about 15% of the Nos. 4 and 5 bonds, are probably the biggest losers. According to A.M. Best Co., an insurance-industry research firm, Aetna Life & Casualty held $50 million worth of the securities at the end of last year, while Fireman's Fund, a unit of American Express, had $48.9 million at risk, and Kemper had $24 million. None of these companies, however, has fallen into financial trouble. Says an Aetna official: "Our losses will not be insignificant. But our other assets are very secure, and our foundation is very, very solid." Aetna...
...first three nuclear plants between 1972 and 1975. In 1976, the Bonneville Power Administration, a U.S. Government agency that sells electricity from federal dams to Northwestern utilities, warned that power demand was still likely to outstrip supply in the '80s. With that encouragement Whoops went ahead with Nos...
...forecasts of power shortages proved to be wildly wrong. Conservation measures spurred by the 1973 and 1979 surges in oil prices reduced demand for electricity. So did a series of economic recessions that hit the Northwest particularly hard. The hypothetical need for the five plants vanished. First Whoops canceled Nos. 4 and 5 in January 1982, and later it mothballed Nos. 1 and 3. Only Project 2, scheduled to start generating electricity early next year, has a chance of being completed in the near future...
...says it will raise rates further, if necessary, to pay off the bonds, even if only one of the plants is ever finished. Problems could still conceivably arise, however, for owners of Project 1,2 and 3 bonds. It is possible that lawyers for holders of the ill-fated Nos. 4 and 5 bonds will convince the courts that all the Whoops securities should be treated in the same way, so that losses can be spread among the investors...