Word: solvently
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...hamburgers and Chivas Regal. Meantime, employees at Gramco's mock colonial headquarters fended off a flood of transocean phone calls from anxious shareholders in many far-off countries. Emerging from one meeting, Vice President Joseph Jordan delivered a pep talk to worried USIF salesmen. "We are solvent," he said. "If we have to, we'll clear the deck-tighten our belts, cut officers' salaries, drop employees. I get nothing. The shareholders will get paid." That, of course, remains to be seen. Gramco places such generous valuations on its properties that some U.S. real estate men doubt that...
Delaying the Debtors. With that, Penn Central executives hastily presented the bankruptcy petition. The bankruptcy covers only the Penn Central Transportation Co. (1969 assets: $4.6 billion), which operated the railroad. Neither the parent Penn Central Co. nor the several solvent subsidiaries of the railroad corporation were immediately affected. Among the latter are the Buckeye Pipe Line Co., a 7,000-mile network of petroleum lines; Arvida Corp., which is developing land and apartments on 35,000 acres in Florida; and Great Southwest Corp., which has extensive housing and other realty ventures in California, Texas, Georgia, Hawaii and Missouri. Ultimately...
...ruined if they choose the wrong brokerage house. That threat has been raised by several brokerage failures. So far, the failures have not caused any grave losses to customers, but there is a danger that a series of future ones could do so-and that even clients of solvent brokers would be panicked into selling out everything, bringing on a stock-market collapse...
...SIPC would be empowered to raise an initial fund of $75 million, and eventually $150 million, from brokers. In a pinch, it could also borrow up to $1 billion from the Treasury to pay off customers of insolvent brokers; it would repay the loans by assessing solvent brokers...
...just as a practical matter, how could the church today provide the funds to support the families of priests?" Surely you must be kidding. Income from the Roman Catholic Church holdings could keep it solvent if it never passed the collection plate. Could be that the church no longer needs the people...