Word: receivershipped
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...next time he did not spring-he was pushed by the Depression. Cosden stock which sold for $135 in 1929 sold under $2 in November 1930. Reason: receivership-not insolvency but shortage of cash to meet liabilities. Down went Josh Cosden. How much mauling could the man stand...
...Globe & Rutgers Fire Insurance Co., third largest in New York, was by court order placed in the hands of the State superintendent of insurance for "rehabilitation" amounting virtually to a receivership. Reason: depreciation of assets nominally valued at $71,900,000 at the close...
...Samuel Insull in 1927, turned to security investments and hospital philanthropy. Last year he took over and became board chairman of American Gas & Power Co. (then in receivership...
...receiverships last week made news: ¶ Studebaker Corp., famed automakers of South Bend, Ind. were put in receivership, but not by the slow and common process of financial decay. Considering the general state of the automobile business, Studebaker had not done badly (loss for the first nine months of 1932 was $4,390,000). Last week it claimed assets exceeding liabilities by over $70,000,000. It entered a friendly receivership for technical reasons. Last autumn Studebaker attempted to acquire White Motor Co. (TIME, Sept. 26). When 95% of the White stockholders agreed, Studebaker borrowed...
...technical but as bad-smelling as any recent receivership was that of the famed mortgage bond vendors, S. W. Straus & Co. Inc. Last week two receivers (one of them William A. Calder, former U. S. Senator), appointed to try to do something for the holders of $380,000,000 of securities sold by the firm, threw up their jobs saying that there was nothing they could do for the public. Straus & Co. had not guaranteed the bonds and. the receivers added, ''We find after a preliminary investigation that S. W. Straus & Co. is simply a shell...