Word: repayed
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Dates: during 1970-1979
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...from the state of Ohio. The loans run for two years, but the state auditor ruled recently that they were illegal because the maximum term under Ohio law is 270 days. Ohio officials have asked King Resources and other companies that borrowed long-term funds to repay the loans. The scandal arises because the loans were arranged for King Resources by a financial consulting firm whose members contributed handsomely to the political campaigns of a state senator and of the state treasurer who granted the loans. Both are Republicans; so is John King. He contributed $250,000 to Richard Nixon...
...though it was not anticipated he would step down so soon. His departure was hastened when the board of the First National Bank in Dallas, of which he is chairman, became nervous that his association with troubled LTV could damage the bank. During his short tenure, Stewart managed to repay $35 million of LTV's $110 million short-term debt and renew all of its subsidiaries' lines of bank credit. To accomplish that, he had to assure LTV's bankers that Ling was no longer in control of the company. Last week the company made...
...Central's liquidity crisis that forced the railroad to declare insolvency. In his petition to the court, Chairman Paul Gorman said that the line was "virtually without cash, unable to meet its debts, [and] has no means of borrowing." The petition declared only that the company could not repay $9,795,000 in commercial notes and $21,900,000 in debt and rental charges on its equipment, all due by July 1. But that is a minuscule part of the railroad's financial woes...
...common stock. An employee-owned trust, set up somewhat like existing pension and profit-sharing trusts, would buy the shares with money borrowed from a bank. Here the tax quirk comes into play: the company could agree to make tax-deductible contributions to the trust to enable it to repay the loan; if the company itself borrowed the money from the bank, the loan would have to be repaid in after-tax dollars...
Without corporate income taxes, the dividends from the employee trust's investment ought to average $4,000,000 a year, says Kelso, enabling the trust to repay the loan in five years. After that, each of Beneficial Paper's 1,000 employees would not only own $20,000 worth of stock' but would also have a second income of $4,000 a year...