Word: receivershipped
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...ranks among the nation's five largest residential builders. Since taking over the place a year ago, Watt has renamed it New Bellehurst, refurbished many of its wrecked houses, redesigned others, sold 116 homes for $4,500,000. Having risked $21 million to buy the property out of receivership, Watt expects to wind up in a few years with a tidy profit and a stylish $48 million community of 2,000 homes, 400 apartments, a shopping center and industrial park...
...circles. Its finances are something else again. Cut off from federal grants by Kentucky Baptist Convention policy, K.S.C. started the current school year on the verge of bankruptcy. Even severing its Convention ties did not help; a federal grant could not be obtained in time. The only alternative to receivership, said President Rollin S. Burhans, was to agree to a proposed merger with the University of Louisville...
...Beach, Fla. "The scarlet woman of Wall Street" was the name for the four-times bankrupt Erie in 1939 when Woodruff, then one of the road's few able executives, took over as a court-appointed trustee. He needed only two years to get the company out of receivership; a year later, as president, he was able to announce a $1 common-stock dividend-first for the hapless Erie in 69 years...
...bank's end was quick and clean. Despairing of achieving a successful merger, Slay went into a Wayne County circuit courtroom at 6:45 one evening last week. The judge declared Public insolvent, put it in receivership with the Government's Federal Deposit Insurance Corp. FDIC quickly moved to safe guard Public's depositors by selling Public to Commonwealth, and provided the new owner with a $10 million guarantee against any further bad debts owed to Public. Six hours later, at 12:45 a.m., McGuire was informed of the deal by telephone. At 2 a.m., Commonwealth officers...
...even his fabulously profitable Hughes Tool Co. could not meet the bill. While he still could have done so, Hughes brushed off proposals that he give up a small part of his 78% ownership of TWA to raise money. In the end, forced to borrow $165 million or face receivership, he had to surrender operating control of TWA to the Metropolitan and Equitable life-insurance companies and a group of 15 banks. Hughes placed his stock in a ten-year voting trust controlled by the lenders, who named former Ford Motor Chairman Ernest Breech as a trustee. TWA was again...