Word: resoldered
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...Time Warner (parent company of TIME's publisher), by releasing gangsta-rap albums such as Tupac Shakur's 2pacalypse Now. Capitulating to critics, Time Warner severed its joint agreement with Interscope and sold its 50% stake back to Iovine and Field for $100 million. Four months later, the two resold that stake to hit-starved Universal for $200 million. This is not an industry big on morality plays...
Oddly, in one sense he was. Many of his real estate deals--confiscated and resold by the feds at fire-sale prices--are today worth a fortune. If Keating had been able to ride out the real estate crash that bankrupted operators just as smart as he was, bondholders might have got their money back. But that's a junk-bond if. The Phoenician, derided as a symbol of Keating's wretched excess, is a crown jewel for its new owner, ITT-Sheraton, and worth at least twice what Keating spent to build...
SACRAMENTO: The California Department of Motor Vehicles is blocking Chrysler from resupplying the state with new Chrysler cars for 45 days after dealers resold 116 "lemons" to California drivers. The breakdown-prone cars were bought back from unhappy drivers and resold by dealers after some repair work but without, state officials charge, properly disclosing that the cars had had previous problems or giving out the correct warranties. Chrysler will appeal the decision, which may indefinately delay the ban on the corporation restocking dealerships with vehicles. "This ruling is a lemon the size of the Yellow Submarine," says TIME's William...
...looked like someone had come up with another Edsel. The acoustically overendowed condos--mere feet away from high-performance cars screaming by at 170 m.p.h.--were even the butt of a David Letterman routine. But the gags are dying away as the trackside units are being resold to wealthy fans of the National Association for Stock Car Auto Racing and interested corporations for up to $575,000. Says speedway president H.A. ("Humpy") Wheeler: "Our only mistake was that we sold them too cheap...
...reconstructed from police and court records, traces a prodigious feat of colonization and franchising. In Los Angeles, Q and his cohorts made their basic profits from cocaine bought at cross-border prices--typically about $15,000 a kilo. They cut the coke and ratcheted up the price as they resold supplies in outlying markets. Then with expansion came branches and outposts beyond the bounds of Los Angeles, as well as franchise-like agreements with local, allegedly gang-connected distributors. Says Sergeant Steve Spanard of the Denver Police antigang unit: ``We never had Eight Treys in Denver before Q showed...