Word: receivershipped
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...cream-colored Marmon roadster (for $1,500) to bail the team out of hock; in repayment, Lambeau allowed his benefactor to play one minute of one Packer game. Another year, a spectator tumbled from the Packer grandstand, sued, won a $5,000 verdict, and forced the team into receivership; Green Bay businessmen chipped in $15,000 to save the franchise. Again, in 1949, after two miserable seasons (Lambeau's last as coach), the Packers floundered financially...
...company, which embraces four of Schlieker's 23 firms and operates his highly automated Hamburg shipyard, admitted that it could not raise the cash to meet $3,500,0001n debts due at the end of July. The firm appealed to a Hamburg court for a form of temporary receivership aimed at avoiding bankruptcy. In part, Schlieker's difficulties simply reflected the troubled state of the whole German shipbuilding industry, which is increasingly hard pressed by competition from state-aided shipyards in other countries. But Schlieker's real problem was that he had built his whole empire...
...court appeal, Schlieker's firm pointed to a $50 million backlog of shipbuilding orders and offered to pay 50% of its debts within two years. If the court and creditors agreed to receivership on these terms, the company would continue to operate under a state-appointed administrator. There was also some hope that Schlieker KG could avoid receivership entirely by working out a rescue operation through the banks. During the week, the Dresdner Bank arranged to beef up Schlieker's capital base by $1,000,000, and Munich Private Banker Rudolf Münemann, another of Germany...
...Department of Agriculture levied penalties of $554,162.71 against Estes for growing cotton on federal acreage allotments that had allegedly been obtained illegally. Since Estes is in receivership, the department plans to collect the penalties by deducting them from storage costs of Government grain still in Estes elevators. Agriculture Secretary Orville Freeman denied that Estes received any favors (Agriculture had been accused of giving Estes a break by asking a 2?-per-bu. bond-the lowest possible rate required of grain-storage operators). Said Freeman: "The Government hasn't lost a dime . . . Estes hasn't got a cent...
...Schirmer set up Standard Register in partnership with a Dayton business broker named John Q. Sherman. Within a year the infant company was in receivership, and Schirmer had sold out his interest to Sherman and his brother William. For a long time, Standard seemed doomed to the small time, even though the Shermans developed ways of converting the punched margins to typewriters and other business machines, competitors contemptuously dismissed Standard's punched forms as "lace panties" and "smallpox paper." Curfew at Midnight. During the Depression, Standard turned the corner by deciding to concentrate on producing specialized business forms-which...