Word: receiverships
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Despite the reorganization Metropolitan Life lost patience and the Drake went into receivership. The receiver, holding contract-breaking powers and no particular regard for the Drake Brothers' feelings, promptly ordered them to pay for their own parties and furthermore pay rent. When the Drakes did neither, the receiver sought court sanction to oust them. The Brothers Drake and their wives also went to court, arguing that the contract was an operating charge and therefore a prior lien on the property. Last week while the courts pondered the case, the Drakes were still in their nine-room suites...
Because only six of Chicago's 20 major hotels have avoided receivership or bankruptcy since the Depression, Chicago hotel-men are thankful indeed for the Fair. Two solvent hotels...
Byfield. Although his four hotels are in receivership Ernest Lessing ("Ernie") Byfield is today Chicago's most famed hotel keeper. A shrewd and amusing businessman whose friends range from Admiral Richard Evelyn Byrd to Accordionist Phil Baker, he owns the quiet, fashionable Ambassador East, the gayer Ambassador West where Ernie Byfield entertains leading stage and screen folk, the Sherman where Ben Bernie is master of ceremonies in the College Inn night club, and the Fort Dearborn, a low-priced house catering to railroad workers. Ernie Byfield is president of College Inn Products, Inc. (not in receivership) which claims...
Stevens. Chicago's and the world's biggest hotel, the Stevens (3,000 rooms, 3,000 baths), is not only in receivership but the centre of a major financial scandal. Built by James W. Stevens & family, it was largely financed by Stevens-controlled Illinois Life Insurance Co. which went to the wall as a result. And if there is any one thing beside the Depression that Chicago hotelmen can blame for their many, many woes, it was the building of this "biggest" hotel...
...bragged to newsmen that he was "worth $10,000,000" (TIME, March 16, 1931). He owned everything in Zion, which included candy bar, cookie and lace factories, bank, department store, publishing house, cement plant, bakery. Last week Mr. Voliva was an involuntary bankrupt and his Zion industries were in receivership. Liabilities were listed at $800,000, assets at $2,000,000, mostly frozen. For two years 5,000 Zion employes had received no regular pay checks, although they had drawn food & clothing from the stores. Last week Mr. Voliva's attorney reversed the boastful talk of two years...