Word: shell
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Dates: during 1950-1959
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Last year Mao's inspired athletes claimed seven world records in sports ranging from swimming to weight lifting. One rowing group became so incensed by "U.S. imperialist aggression against our territory of Taiwan" that it bettered the winning time of the U.S. pair-oared shell with cox in the 1956 Olympics, even though the Red rowers had trained only a month over the 2,000-meter distance...
...charges exploded above the atmosphere as a defense against ballistic missiles. When an atom bomb explodes in the atmosphere, its fireball stops expanding when its pressure falls to that of the air around it; in the vacuum above the atmosphere, the fireball expands indefinitely. Ahead of its hot, ballooning shell races a host of electrons, other particles and gamma rays that would be stopped soon by the lower-lying atmosphere. Thus its lethal above-the-atmosphere range should be vastly increased...
...Shell Game. Chesler stalked small companies with big potential, accurately sniffed the coming boom in electronics, Florida land, and leisure activities, including horseracing...
...spotted Universal Products Co. early in 1956 when it was a corporate shell with a treasury of $10 million. Chesler took control by putting up $1,000,000, plus $2,500,000 from millionaire cronies such as Baltimore Colts' Owner Carroll Rosenbloom. ("Who wouldn't pay $1,000,000 to get control of $10 million?" asks Chesler.) With Universal's cash, Chesler bought Baltimore's American Totalisator, which owns and leases 80% of the racetrack "Tote" systems that automatically figure and post bets, odds and winnings. By swapping stock, Universal later acquired General Register Corp. (ticket...
Chesler constructed General Development on another corporate shell: Detroit's Chemical Research Co. He bought in cheaply, helped steer the company into Florida real estate, in mid-1957 picked up another 520,000 shares at $7.15 each, and went to work to expand the company. General's earnings rose from $2.1 million in 1957 to $6.6 million in 1958, or $2.80 a share. Yet this is not cash on hand. When General sells an $895 lot for $10 down and $10 a month, it counts the full profit on the sale as current profit, even though it will...