Word: receivershipped
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Studebaker went into receivership in March 1933, emerged in March 1935-in itself a remarkable accomplishment since U. S. motorists usually give a receivership car a bad name, proceed to hang it. Studebaker's $4,876,000 loss in 1933 was cut to $1,462,000 in 1934. From March 9, 1935 (end of receivership) to June 30, losses were held...
...with a wire reading, "Will be in my office from ten to four tomorrow." Smooth-faced, thin-haired, he offers visitors cigars, smokes an old black pipe. No implement man, he leaves routine management to President Max W. Babb and other executives. After he pulled the company through its receivership, grateful stockholders gave him a large bonus and stock-option, which he promptly divided among 100 of his key men. ''No executive is worth the huge sum represented by that offer," said General Falk...
...Tennessean went into receivership and last year its founder was jailed for defrauding a North Carolina bank of $1,384.000 (TIME, May 21, 1934). When, at 55, Luke Lea put on the striped suit of Convict No. 29,409 to begin a six-to-ten-year term, he laid all his troubles to "persecution" by a Nashville banker-politician named Paul Maclin Davis and his elder brother, U. S. Ambas- sador-at-Large Norman Hezekiah Davis. Last week Banker Davis and RFChairman Jesse Jones, who, though a Texan, was born & bred in Tennessee, found themselves in water heated...
...prevent Republic Steel Corp. from giving Kuhn, Loeb and Field. Glore 50,000 shares of Republic in return for floating a $24,000,000 issue of Republic bonds. Next he turned up in the tangled affairs of Harley Clarke's Pusco [Public Utilities Securities Corp.), brought a receivership suit against the company, tried to keep RFC from voting Pusco stock which it had acquired as collateral for an unpaid loan. Says this 40-year-old bachelor: "I'm just a natural scrapper...
Sorriest Class I railroad in the U. S. is Minneapolis & St. Louis ("The Peoria Gateway"). It has been in receivership for twelve years, owes accumulated interest equal to one-fourth of its assets, which are largely nominal, and is still indebted to the Government for loans from the Wartime Director General of Railroads. In desperation RF Chairman Jesse Jones proposed to partition M. & St. L. among eight more solvent neighbors (TIME, Oct. 29). Last week after a year of dickering, the eight systems petitioned the Interstate Commerce for permission to start carving...