Word: receiverships
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...long after Fisk Rubber Co. was pulled through the receivership wringer in 1933, the House Select Committee on Investigation of Real Estate Bondholders' Reorganizations roundly spanked the firm's reorganizers (most of whom were bankers who had financed Fisk) for sacrificing the bondholders to suit their own fiscal interests. The old company was sold for $3,030,000 to a new corporation which wrote it up to $13,000,000, but new Fisk Rubber Corp. was clean in one respect: it had no bonded debt. And it prospered...
...last week Jersey Central went bankrupt, joined 81 roads (over 31% of U. S. railroad mileage) that have gone into receivership since 1931. Driven to the wall by seven consecutive whopping deficits, its first eight months' operations this year showed a $2,709,000 net loss. Of its once lush freight business, about 50% was coal and 40% manufactured goods, and neither recovered from Depression I. With heavy fixed charges on a bonded debt of $51,198,000, the strain of depression was too much. But the straw that broke Jersey Central's back was taxes...
...three months, the Fair had made nothing from operations and was practically ready for receivership. Early in May the two most interested members of its board of management virtually became its receivers: cagey Standard Oil of California Director Philip Halsey Patchin and solid Pacific Gas & Electric President James Byers Black. They fired Director Connick (annual salary: $17,500) and hired*(at no salary) a new director, smart, baldish Dr. Charles Henry Strub, onetime ball player and chain dentist, present-day Santa Anita race-track operator...
...made a landing that was distinctly not successful. No investor aboard walked away with his pocketbook intact. One of Detroit Aircraft's subsidiaries was Lockheed Aircraft, absorbed in 1929. Although its sleek Vegas and Orions were the fastest commercial jobs in the air, Lockheed had to go into receivership. Grass grew around its two-acre plant at Burbank, Calif., and the factory had only one employe-a watchman who had started working for Brothers Alan and Malcolm Loughead (later changed to Lockheed) and saw no reason to quit because he was not paid. That was in 1932. Today, Lockheed...
...serious travelers in crisis-harried Paris resorted more & more to busses and the Métro, abandoned the fly boats' decks to languid romancers, the Société Nouvelle des Bateaux Parisiens sailed into the red. Year ago the company announced suspensions of service, shortly went into receivership. When ten surviving fly boats, including gangplanks, copper megaphones, pontoons and the skippers' hats were sold at auction for a piddling 225,000 francs ($5,962), oldtimers thronged the shore, made sad sounds. Mused L'Oeuvre (see p. 38) quoting Poet-of-the-People Laurent Tailhade...