Word: receivershipped
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...American Radio Co. on the fourth day sent a check for the full 13,000 pesos ($3,621), applied for receivership. The Red Cross fed grapes and milk to the prostrate strikers. Four who disobeyed orders and ate sandwiches grew violently ill. Senor Ramon Perez announced a new mass hunger strike record of 106 hours, added that he had established Mexico City's individual record with 104 sleepless. foodless hours at the microphone. History's longest continuous broadcast thus came...
Pierce-Arrow. One of those rarities, a corporate grass widow, Pierce-Arrow was purchased by Studebaker in 1928, but after the Studebaker receivership last year, Pierce-Arrow was sent back to her old Buffalo friends. Last week Pierce-Arrow was in court again, this time petitioning for permission to reorganize under the new Bankruptcy Act. It has little cash, large bank loans. Its sales have dropped from 8,000 annually to 1,900. But Pierce-Arrow could still be the most aristocratic lady in any harem...
Studebaker's position is complicated by a receivership growing out of a legal snarl in its attempt to acquire White Motor (trucks). Reorganization plans are nearly complete. Meanwhile, the company has gained ground under the three able receivers, Harold S. Vance, Paul Gray Hoffman and Ashton G. Bean. When once again her own mistress, Studebaker could listen to honorable proposals...
...Chicago only six of the 20 major hotels have avoided receivership or bankruptcy since Depression. Among the other 14 are the hotels operated by the Hotel Sherman Co. (the quiet Ambassador East, the gay Ambassador West, the sporty Sherman, the Fort Dearborn where railroad men like to stay), and the roomy, rambling Hotel Drake which has been operated since 1932 by its architect, Benjamin H. Marshall. Fortnight ago the president of Hotel Sherman Co., Ernest Lessing ("Ernie") Byfield, Chicago's best-known hotelkeeper, followed his four hotels into receivership, filed a personal petition in bankruptcy in Federal Court. Last week...
Largest hotel in the world is Chicago's Stevens which is in receivership. Second largest is Brooklyn's St. George, with 2,632 rooms and seven miles of corridors. St. George pays no interest on its bonds. Bondholders' committees have repeatedly tried to get a re-accounting, new management and some money on their investment. Last week a petition was filed in Brooklyn Federal Court to reorganize the hotel's operating company under the new Bankruptcy Reorganization Act. "The said debtor corporation," read the petition, "is insolvent and for 18 months has been unable to meet its debts as they...