Word: stockings
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Dates: during 1980-1989
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...suddenly gained the upper hand in the high-stakes brawl it had appeared to be losing. Said Sanford Margoshes, an oil analyst at the Shearson Lehman Bros. investment firm: "Texaco has bought time. Its prospects are not as bleak." Wall Street seemed to agree. When the New York Stock Exchange opened trading after Texaco's bankruptcy filing, the company's stock dropped from 31 7/8 to 28 1/2 a share. Then the holdings rebounded, closing last week at 31 1/4. Pennzoil shares, which had surged from 79 3/4 to 92 1/4 during the previous week, plunged by more than...
Texaco stockholders are likely to feel anxious soon. Some of them "could be wiped out" by the bankruptcy, according to one legal expert. Many of the large institutional investors that hold Texaco stock are forbidden by various rules and regulations to own securities that fail to pay dividends. But even those that are not so constrained are unhappy. Harold Ofstie, for example, is portfolio manager of Philadelphia-based Delaware Management, which owns 3.7 million Texaco shares. The bankruptcy filing means a projected loss of $11.1 million in annual dividend income for Delaware. Says Ofstie: "We understand the reasons why Texaco...
...surprisingly, they don't find out. Neither do we, mainly because Lee works with silly dialogue and stock situations. At one point, the Black patriarch reiterates white segregationist arguments and then, moments later, discovers that daughter Bridget has been having an affair with Billy Brown, the white housemaid's boy. He flies off in a rage, swearing revenge upon the poor kid. These actors do their best with this warp-speed melodrama and even manage a few comic moments, but Lee's material doesn't allow any great depth of characterization...
...that our customer is also our product," says University of Pennsylvania President Sheldon Hackney. "That confuses most analogies between universities and profit-making enterprises." In universities, notes Northwestern President Arnold Weber, all the money is ploughed into the operation: "We don't declare dividends; we don't give stock options to our administrators." Tuition increases, say officials, are driven by the universities' costs, and even at that, tuition income typically covers less than 50% of college budgets. (Endowments and gifts make up the rest...
Never have the stakes in a corporate battle been higher. After losing a crucial decision in the U.S. Supreme Court last week, Texaco faced the disastrous prospect of having to post a $10 billion bond in its epic legal fight with Pennzoil. As its stock plummeted and its credit began to dry up, the company was thrown into a financial crisis. Over the weekend, Texaco's board of directors gathered for an emergency meeting at the firm's White Plains, N.Y., headquarters. Following a marathon discussion, the directors chose a stunning course: the eighth largest U.S. industrial corporation (1986 sales...