Word: slaps
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Quite the contrary. Taking advantage of liberalized bankruptcy laws enacted in 1978, which no longer require corporations to demonstrate that they are insolvent, the oil giant is immune, for the moment, from far more than the debilitating bond judgment. Pennzoil can no longer slap liens, as it was reportedly preparing to do, on up to $8 billion in Texaco assets. With $3 billion already in reserve, Texaco no longer has to pay $630 million worth of annual interest on $7 billion in normal business debts. Nor is it required to pay dividends on 242.3 million outstanding common shares, an estimated...
...most fateful exercise of judicial discretion is the one that starts with the words "I sentence you . . ." Whether to slap the wrist or slam the cell door is a complex and partly subjective decision in which the particulars of the crime, the history of the culprit and the disposition of the judge all play a part. No wonder, then, that a stickup may draw anything from hard time to probation and defense lawyers maneuver to get their cases heard by judges known to go easy...
SASC Leader: We'll all get away with just a slap on wrist, probably disciplinary probation which means nothing. If things look like they're going bad at the Ad Board, we'll throw a symbolic blockade up around the members. They'll learn to see things the right way. In any case, there won't be a next time because we have Dean Spence in our symbolic pocket, so to speak. Next time we'll just remind him that the controversial speech quota has been filled, and the speech will be cancelled...
...gyrations in the currency markets arose in part from concern about trade tensions between the U.S. and Japan. This week the Reagan Administration is scheduled to slap 100% tariffs on $300 million worth of Japanese goods in retaliation for Japan's failure to live up to a semiconductor trade agreement. At the Washington G-7 session, Japan tried to ease the conflict by unveiling a $34 billion program to stimulate its economy through public works. The spending is intended in part to boost Japanese imports of foreign goods. Although similar programs had done nothing in the past to reduce...
...measures amounted to little more than a blip on the gargantuan volume of annual U.S.-Japanese trade, which totaled $112 billion last year. But the slap at Tokyo was also a powerful diplomatic message. For the first time, longstanding American grievances over the trade practices of its second largest trading partner (after Canada) had resulted in a sharp and pointed U.S. economic response. Said a senior Administration official: "This will hopefully send a signal to all our trading partners that the free ride is over." As Commerce Secretary Malcolm Baldrige put it to TIME, "You can't rely on words...