Word: receivership
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Dates: during 1940-1949
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Most of the water to be squeezed out of M. & O. (in receivership since 1932) will shower on Southern Railway, owner of 94% of the ailing road's common, which will be wiped out. For $7,839,500 worth of M. & O. bonds Southern gets 93? on the dollar. To pay Southern off, G. M. & N. borrowed $7,500,000 from RFC last month, will get another $2,000,000 to pay additional merger expenses...
Immediate reason why one-third (by mileage) of all U. S. railroads are in receivership or reorganization is their mountain of fixed charges (annual bill: $600,000,000), their recurrent burden of maturities. ICC, which must approve all reorganization plans, has lately shown determination to slash bonded debt before letting railroads out of courts, has insisted that stockholders must have real equities or be wiped out in reorganization. Last week two old offenders against the rules of sound financing got typically drastic sentences when ICC proposed its own plans for their recapitalization...
...collect-from a man whose property has always been held in the names of his followers. Previously, Justice Dineen had denied Mrs. Brown's motion to have the Father's holdings declared the property of the Father Divine Peace Mission, or be put in receivership. (When he heard this proposal, Father Divine angrily threatened to "evaporate for 1,000 years or so.") Last week it appeared that Father Divine would have to do some tall evaporating to avoid the suits of other disgruntled angels...
...bondholders given the properties. Last week Pennroad Corp., which wrote its security holdings down by $87,959,517 in 1938, began to shovel some of its charred chestnuts into the fire, revealed that it had sold 152,119 of its original 402,119 shares of Seaboard Air Line (in receivership). The shares, which had cost an average of $11, had been marked down on the books to 62?, were sold for 25? each...
This time Franklin Roosevelt did not hit the jackpot. By the end of 1929 citizens who still had a nickel were keeping their hands in their pockets. Camco went into receivership in 1934. Its investors lost millions. Director Roosevelt had resigned (in the fall of 1928) to run for Governor of New York. For the time being the Roosevelt interest in slot machines waned, and almost undisputed kingpin of the U. S. slot and vending machine trade (pinball games, crackerjack machines, juke boxes) was once more Chicago's Mills Novelty...