Word: receiverships
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Justification for this drastic action was seen in the fact that RKO faces a receivership unless it gets cash, that a receivership would probably wipe out the value of the common stock. No public offering of securities could be made at this time; banks have been unwilling to assist. Radio Corp., which controls RKO, has agreed to buy any unsubscribed debentures on the same terms at which they were offered. Immediate cash needs of RKO are $1,000,000 during November, $3,000,000 by Jan. 1, $3,000,000 by July 1,1932. During 1929 the company made...
President Olin's terms were simple: Western Cartridge would buy the Winchester business & plants (valued last year at $30,000,000) for $3.000,000 cash, $4,800,000 in preferred stock, $300,000 towards paying receivership expenses. Last week the Winchester reorganization committee consisting of Earle Bailie, president of Tri-Continental Corp. and partner of J. & W. Seligman & Co., and Medley G. B. Whelpley, president of American Express Bank & Trust Co., approved the offer. The plan then awaited the approval of the Federal receiver. When the deal is completed owners of Winchester first mortgage bonds will receive $50 cash...
...Bridge Bonds, Knight, Dysart & Gamble, St. Louis investment banking house, was sued last week by two clients who had purchased from them $38,700 of New Orleans-Pontchartrain Bridge Co. debenture bonds. The bonds defaulted in 1929, the company is now in receivership. The two plaintiffs, both laundrymen of St. Louis, said their life savings had been swept away. The suit against the bankers was based on charges of fraud. The laundrymen claimed the bankers had represented the bridge company as owning a franchise which protected it from competition for 20 years. Actually when the bonds were being sold...
...shown last year by big United Hotels Co. of America which operates 20 hotels (the Clifton and the Niagara. Niagara Falls; the King Edward, Toronto; the Durant, Flint, Mich.; the Roosevelt, Manhattan; the Benjamin Franklin, Philadelphia; the President, Kansas City, Mo.; El Conquistador, Tucson, Ariz.). Big hotels in receivership include the Hotel White, the Fifth Avenue, the Allerton Houses, Manhattan. Bonds in the Stevens. Chicago, biggest U. S. hotel, last week sold at 25? on $1.* Pierre's, Manhattan, defaulted on bond interest...
Seneca Finished. In 1924 Seneca Copper Corp. went into receivership. The next year Seneca Copper Mining Co. succeeded it. Seneca has had a poor history. In June 1927, it closed up, reopened in October 1928, when copper prices began to rise; last December it again closed. Since at the end of last year Seneca showed cash of only $5,115 and since it is one of the high-cost producers, coppermen were not surprised last week to hear that once again Seneca is in receivership. The company owns 2,465 acres of copper property in Keweenaw County, Mich., produced...