Word: ownership
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Dates: during 1980-1989
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...lawyers reported that they could not be sure, based on the papers shown them, who owned it. It seemed to be owned jointly owned by Dallhold, Sotheby's and two Hong Kong corporations. (This conflicts with Sotheby's insistence that it had, and has, no ownership of any kind in Irises, only a lien on the painting.) And on checking the insurance, the lawyers found that no premium had been paid and that the English insurers considered themselves not liable for Irises. Asked about this, Sotheby's CEO Michael Ainslie says, "That is news to me. It was certainly...
Banking sources in Australia say Bond only regained title to this Manet in the nick of time. He had bought it at Christie's in 1983 for $3.96 million and transferred ownership to the Sydney branch of Chemical Bank. Chemical then leased it back to Bond. Why this maneuver? Because, says a bank source who analyzed the lease after it was issued, Bond had found a tax loophole. Under Australian tax law, you could lease any asset -- say, a tractor -- from its owner and get a tax deduction for all payments of principal and interest, as long...
...Bond asked Chemical if he could pay up the lease early, settle the difference between the lease payments and the original $3.96 million and take ownership of the Manet. All seemed well until an American adviser in 1987 pointed out to Chemical that by law the Manet belonged to the bank and not to Bond. Its price had gone up. So why shouldn't Chemical auction the Manet on behalf of its shareholders? On learning of this suggestion, Bond reportedly flew into an epic rage. Chemical backed down and let Bond pay off the lease and keep the picture...
...holdings since 1985, when the group issued a $1.3 billion mortgage on Rockefeller Center to outside investors. The mortgage holders can convert the loan into a 71.5% equity stake in twelve of Rockefeller Center's buildings in the year 2000. If the holders execute that option, Mitsubishi Estate's ownership in the storied center will slip into minority status -- and any fears that the towering Christmas tree in Rockefeller Center will be replaced by a tiny bonsai plant in Mitsubishi Center will prove to have been misplaced...
Observers of the count attributed the CCA's strong showing this year to the ballot referendum known as Proposition 1-2-3. Touted as a measure to promote home-ownership, 1-2-3 was attacked by the CCA and other protenant forces in the city as an effort to destroy rent control...