Word: receiverships
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First break in the case came in 1936, when WMBQ plopped into receivership. Thereupon the fight between the survivors got really hot. While they squabbled along, FCC tried to figure out which station was best equipped to take over, discovered that WCNW was continually wobbling off its frequency, was operated as haphazardly as a Model T. Thereupon FCC decided to give WWRL sole right to the frequency it once shared with the others...
...Stevens, the Stevens began to totter in the first tremors of 1929. Panicky, the Stevens brothers began sluicing funds from their father's insurance company, Illinois Life. But this was just a bag of peanuts to Jumbo, and in 1932 the Stevens and Illinois Life were both in receivership. After the brothers were indicted for embezzling $1,208,463, Raymond killed himself, Ernest lived to be exculpated, later died of a "broken heart...
Like earlier New Deal years, 1940 was good for operating utilities, tough for utility holding companies. SEC forced Howard Hopson's weird Associated Gas & Electric into receivership, and watched sick Howard Hopson tremble and snore the year out in a criminal court. In St. Louis, it surprised North American's Union Electric Co. in the embrace of the State Legislature, and helped send its management to jail...
...Erie had collapsed three times by 1895. Then she reformed. Under Van Sweringen control, she became a respectably operated road. But her capital structure never really recovered from Jay Gould's attentions, and she never again paid a dividend on the common. In 1938 Erie chugged into receivership (whither eleven Class I roads had preceded her) for the fourth time...
...recently shown little mercy to common stockholders whose equity is under water. Its plan for the Missouri Pacific last January wiped the common out entirely. Last spring it worked out a plan for Erie. To placate the two major interests- which had been bickering since Erie fell into receivership-ICC effected a compromise. The interests: 1) the Erie bondholders; 2) the C. & O., which held 56% of the voting power. The compromise: capitalization would be slashed from $490,953,630 to $322,692,250, fixed charges from $14,368,842 to $7,000,000 (1937 net railway operating income...