Word: receivership
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...will have 90 days to find the money. If it cannot come up with funds, then Chemical Bank, as bond fund trustee, or the lenders will be able to declare the bonds immediately due. Such an action would doom the entire project and push WPPSS into receivership, making it the biggest municipal bankruptcy in U.S. history...
Indeed it did. By early this year, only twelve months after the first car rolled off the production line, it was clear that De Lorean's dream was stalling, and probably dying. More than 4,000 cars were unsold, and by February the factory was in receivership. In London, angry Members of Parliament were describing the project as a "rip off." Even then De Lorean was saying that the Belfast plant would need $70 million in new capital. The British government balked...
...that AEG-Telefunken is in receivership, a court-appointed appraiser will determine whether it can pay the legal minimum of 40% of its debts within 18 months and still remain in business. The Bonn government, which in the past has helped arrange mergers between troubled companies in the steel and automobile industries, has promised additional aid. Even if part of the firm survives, however, at least 20,000 jobs will be lost and dozens of factories either sold or shut down...
...leviathan; of gunshot wounds during a break-in by intruders who also shot his wife and a live-in housekeeper; at their mansion in Villanova, Pa. Originally a salesman, Gross entered Lockheed in 1932 when his older brother Robert and partners bought control of a company then in receivership. Under Gross, Lockheed diversified, building satellites, Poseidon missiles and ships in addition to supersonic airplanes. During one astounding four-year burst in the early 1960s, he nearly doubled Lockheed's profits. A courtly Boston-born Harvard man who enjoyed such amenities as English-tailored suits and custom-made shoes...
...Kloss, 53, founded his first company, Acoustic Research in Cambridge, Mass., at the age of 22. It made stereo speakers, and he eventually sold it to his partner. Headstrong and impulsive, Kloss has since gone on to establish three more home electronics firms, including Advent, which is now in receivership. His latest is Kloss Video, which makes large-screen-projection TV sets and was started in 1977. But Kloss may now be too tired for another new venture. Says he: "Each one of those enterprises started with a bare room, and I don't have the heart...