Word: priced
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Dates: during 1980-1989
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...price of that failure is immense. Nicaragua is a wreck, inhabited by despair. A report secretly commissioned by the Sandinistas confirms the country's plight: with an annual per capita income of $300, Nicaragua is possibly the poorest country in the western hemisphere. Unemployment may reach 30% this year. Those who have skills to sell and some place to go get out: more than 10,000 have joined the contra counterrevolution, and at least 250,000 out of the population of 3.5 million have fled, many...
Inflation last year skyrocketed to 36,000%. The national currency, the cordoba, is virtually useless; some merchants just price their goods in dollars. Public transportation barely exists. In Managua or along country roads, knots of people wait for buses that may come in an hour, a day, or, if the driver cannot find gasoline...
...government blames every adversity on the eight-year war against the contras, which ground to a halt when the U.S. Congress cut off military aid in 1988. The conflict did exact a terrible price. Some 23,000 persons were killed and twice that many injured, many of them civilians. The bill for destruction of property hovers around $12 billion. Then in 1988 Hurricane Joan compounded the pain, causing more than $800 million in damage. On top of that, the U.S. trade embargo initiated in 1985 has paralyzed the economy...
Beyond its impact on the opposing sides, the case tested a crucial aspect of the takeover binge that has raged through U.S. industry during the 1980s. By originally bidding $175 a share for Time and then raising the price to $200, Paramount contended that it was offering Time shareholders a rich reward for selling their stock. But Time insisted it was not for sale and that it could eventually boost the value of its shares well above $200 after acquiring Warner. The battle pitted against each other two contradictory interests that have been at war throughout the takeover...
Wall Street had anticipated the Delaware ruling, sending Time's share price tumbling for several weeks on growing speculation that the company would stave off the Paramount bid. Time stock finished trading Friday at 145 1/4, down 6 1/4 points for the week but at the general level where analysts expect it to settle, at least briefly, if the Time-Warner deal goes through. Warner stock closed at 64 1/2, up 2 3/4, on the increased likelihood that Time would be able to carry out its tender offer. Paramount, which has been rumored to be a possible takeover target itself...