Word: receivershipped
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Last month a minority Mayflower interest, led by Mabel Walker Willebrandt, managed to put the hotel into receivership (TIME, June 1). Last week a higher court took it out again only after receivers had reported a shocking state of financial affairs. The hotel company filed suit for heavy punitive damages against the minority stockholders on the ground that the hotel's reputation had been damaged and its credit impaired...
...recently Deputy Agent General for Reparation Payments at Berlin. Banker Jay takes his work seriously, served no liquor in his home while he was in the service of his Government. Under him as president is Daniel W. MacCormack who organized and directed Irving Trust's big receivership department, for five years was a member of the U. S. mission charged with straightening out Persian finances...
...year after the 1929 stockmarket crash, the Lea-Caldwell enterprises tottered along, then suddenly collapsed. Their banks went under one after another, stripping thousands and thousands of citizens in and out of Tennessee of their deposits. Three bank officials committed suicide. Lea-Caldwell newspapers were thrown into receivership and Messrs. Lea and Caldwell were indicted in State and Federal courts...
...Cleveland bought the holdings of William H. Davey, estimated at 14%. In March Empire planned a reorganization, but shareholders did not show any willingness to invest in additional securities. Last month it ordered wages cut 15%, was blocked by a strike. Thus twice frustrated, last week it went into receivership. President Carl H. Henkel was appointed receiver, hopes to keep the plants running. Empire's receivership (involving $20,000,000 in assets) was the first notable one in the steel industry for some time, made steelmen hark back to the similar fate of the $21,000,000 Wickwire-Spencer steel...
Bond & Mortgage Receivership. As long ago as September 1929, American Bond & Mortgage Co., Inc. was in trouble and Chicago Title & Trust Co. was endeavoring to extricate it. Last week hope for a reorganization was abandoned. On the application of Harley T. Clarke, powerman, a "friendly" receiver was appointed. American Bond & Mortgage financed apartments, hotels and office buildings, usually kept the common stock of these buildings. Its financing of Washington's big Mayflower Hotel (in which Halsey, Stuart & Co. participated) was under Congressional discussion. Last week five Mayflower bondholders, with Mabel Walker Willebrandt as attorney, obtained a receiver...