Word: ownership
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Dates: during 1970-1979
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Tacho greatly expanded the family's wealth, although he did not always manage it well; some of his companies were so poorly run that they failed to turn a profit. Moving into the banking field with ownership of the Banco de Centroamerica, he heavily mortgaged his properties in Nicaragua in order to make available large amounts of cash. These funds were then shuttled through a network of interlocking companies in the U.S. and the Caribbean. Through such maneuvering, Somoza acquired his mansion in Miami Beach, which is officially owned by a company based in the Virgin Islands, two posh...
Today, by that same standard, only 13% can afford new-home ownership and 38% of all buyers ignore that prudent rule. In recent years, the price of new housing has gone up much faster than either personal income or inflation. Consequently, many Americans have become "house poor...
...furious Murty appealed the bankruptcy decision to a higher court and won a verdict under which the receivers returned to him just under $400,000-less than half of what he had paid. But the court did not definitively settle the question of the ownership of the horses. Murty took his case to an even higher court, and has just proffered a bid for the horses that is more than $200,000 higher than the Aga Khan's latest offer, $1.5 million...
Rockefeller has made large editions of his reproductions in order to encourage a wide distribution. Critics questioned this unusual behavior--didn't Rockefeller believe in the pride of sole ownership and the satisfaction of a meaty price tag? Obviously Rockefeller didn't just view art as money on the wall, aesthetic stocks and bonds. "A banker once admired some Picassos of mine," he says, "When I told him they were reproductions, he said they had lost all meaning for him. I said you mean they've lost any sense of monetary value...
...Wenner, 33, editor and publisher of Rolling Stone, the rock-music tabloid. Wenner will receive an unspecified fee and a share in any future profits-but no stock-and has agreed to lend Look $500,000. Filipacchi, who publishes Paris Match and eleven other French journals, will retain 51% ownership of the magazine (six French partners control the rest). Wenner will remain Rolling Stone's editor and publisher, assume those titles at Look, and merge the two publications' advertising, circulation and administrative staffs...