Word: repaid
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...slump in travel, flew into the shelter of Chapter 11 bankruptcy protection last week, joining recent arrivals Continental Airlines and Pan Am (with TWA circling overhead). Midway's jets continue to fly, thanks in part to a $40 million loan from Continental Bank, which will be first to be repaid if the airline fails in its attempt to reorganize...
...secretive bank within the bank diverted depositors' funds to finance purported loans to insiders for the purchase of stock in institutions that Abedi wanted to control from behind the scenes. In general such loans would never be repaid. According to the records, $476 million from a B.C.C.I. bank in the Cayman Islands and $308 million from International Credit & Investment Co. Ltd., a B.C.C.I. holding company in the Caymans, were funneled to fake shareholders for purchases of stock in transactions similar to the First American shuffle...
...Price Waterhouse audit. It is far from clear that even this infusion will save the bank. Among other irregularities, the audit showed $400 million simply unaccounted for. Add to that a billion dollars of insider loans to front-men shareholders -- loans that were never meant to be repaid -- plus unspecified numbers of bad loans, and much remains to be sorted...
...longer headed by its financial genius founder, was in deep trouble. Hundreds of millions of dollars was missing from its capital accounts, and hundreds of millions more consisted of loans granted to insiders to buy stock in Agha Hasan Abedi's banks. Such loans were never meant to be repaid, and now the accumulating interest charges had grown so large they could not be ignored. The reason for the grim announcement was an audit by the British office of the Price Waterhouse accounting firm that revealed for the first time the rot at B.C.C.I.'s core -- a black hole consisting...
...Bank of New England collapse may have ended prospects for a long-sought reform to limit federal-insurance coverage. The Administration and leading lawmakers want to restrict depositors to a total of $100,000 in federal insurance per bank; in the S&L bailout, some big customers are being repaid the full $100,000 for each of several accounts in a single institution. Yet any move to cut back this blanket coverage could lead to the type of bank panics that the FDIC sought to avert in New England. "You only exacerbate the problem of runs when you limit insurance...