Word: receivershipped
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Confronted with this unexpected crisis, the stockholders and the management suddenly joined forces, rushed into court together to keep their company out of receivership. Their grounds for challenging the noteholders' application: although the company has lost money, its condition is financially sound...
...wagon works in 1852, was brought low not by the usual affliction of reduced sales, but by a legal snarl over a mid-Depression effort to expand. In 1932 Studebaker purchased White Motor Co. (trucks) only to have the deal blocked by minority White stockholders. Upshot was a receivership. Last week it looked as if Studebaker would be both the first motor maker to shuffle off its financial troubles in court and the biggest reorganization yet completed under the new Federal Bankruptcy Law (TIME, June...
...long after the receivership early in the New Deal, Studebaker's longtime President Albert Russel Erskine shot himself to death in his South Bend home. Active direction of the company had already passed to the two vice presidents, Paul Gray Hoffman, an able salesmanager who first made a fortune for himself as a distributor in California, and Harold S. Vance, in charge of production. With Ashton Bean of White, they formed a triumvirate of receivers who never let their organization slip an inch...
Since the receivership Vice President Hoffman has sold 83,000 cars turned out by Vice President Vance. Though sales so far this year are up 38%, Studebaker, like most independents, is still losing money. Despite a modest profit in the June quarter, nine-month figures showed a total of $666,600 in red. But there has never been any doubt that Messrs. Vance, Hoffman & Bean would eventually work out a reorganization...
Minneapolis & St. Louis, operating west and south from Minneapolis but not to St. Louis, has been in receivership for eleven years. All its mortgage bonds are in default including $2,000,000 worth held by the U. S. Government-not acquired by Mr. Jones's RFC but by the Treasury in connection with loans from the Wartime Director General of Railroads...