Word: sec
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...first hint of trouble in Columbia's electrical system, and soon fears arose that the spacecraft itself might be rocked by the same kind of explosion that nearly turned the Apollo 13 moon flight into a disaster. Mission controllers in Houston, who took technical command of Columbia 1 sec. off the pad, managed to ease the crisis by more of the improvised remote-control repair work that has saved the day in past emergencies. But one of Columbia's three battery-like fuel cells was ruined and the craft's electrical capability was reduced by a third...
...another picture-book landing on the hard-packed dirt of the dried lake bed at California's Edwards Air Force Base, where Columbia put down after her first sortie into space last April. As the ship touched down exactly 2 days, 6 hr., 13 min. and 10 sec. after the start of her globe-girdling flight, the pilot of a little chase plane said: "Welcome home." And the watching world, even the cool hands at Mission Control Center in Houston, breathed a collective sigh of relief...
...SEC contended that some $525,000 in fees collected by Catawba from 1972 to 1978 actually was paid for time that Catawba officers and staff had spent on Catawba's financial transactions rather than on managing the other companies. Moreover, said the SEC, another $570,000 in such fees was spent on the upkeep of Great Elm, the 46-acre estate in Sharon, Conn., where the Buckley children grew up. Another $500 a month in fees was spent to help support a family member living in Texas...
...SEC cited numerous examples of alleged deception of public shareholders. It noted that United Canso Oil & Gas Ltd., which was controlled by the Buckley family, in 1971 acquired a 20% interest in a license to explore for oil and gas in the British North Sea. The Canso board sold its share in 1975 for $50 million plus $7 million in previous expenses. Canso's board then appointed two of its directors to make an "independent" study of what Canso owed Catawba in royalties on the oil It would have produced if It had not sold its rights...
...family, but the Buckleys are far from broke. Great Elm, however, is no longer the same. Its gracious 18th century mansion is being cut into a complex of fine condominiums. Priced from $175,000 to $200,000 each, they will, if sold, help ease the burdens imposed by the SEC's crackdown on the family's businesses...