Word: swapping
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Dates: during 1960-1969
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...considered to be practically an unofficial agency of the U.S. Government, feels threatened by Resorts International, a onetime paintmaking company whose primary asset is a Bahamas gambling casino and a few hotels. Resorts' total assets are about a quarter the size of Pan Am's, but through a complex swap of securities, Resorts may become a major Pan Am stockholder. Last month Wall Street rumors whispered that U.S. Steel, with its $5.6 billion assets, was on several lists of takeover targets. The company has revamped its bookkeeping, as have many other steel companies, to increase reported earnings in an obvious...
Once the two youths are released, West Berlin's prosecutor's office will go after Loeffler. Though there is something to be said for those who help refugees escape, Loeffler's passport swap is a strictly commercial venture, just as his earlier schemes were. A Berlin prosecutor estimates that he grossed $50,000 in one two-year period. Berlin police are sure that the cynical Loeffler knows precisely what will happen to his dupes, mostly naive Western youngsters, and want to put him out of business...
Founding Father. The new breed was born of frustration. In 1945, a group of Midwestern mink ranchers and businessmen decided to try to start a sable industry in the U.S. Since all the best sables were in the Soviet Union, the group offered to swap live American mink for live Soviet sable. Their Russian counterparts agreed and the animals were exchanged. Though the sables arrived in fine health, there was a rather serious problem: all the males had been castrated...
...anti-Hughes forces were relieved when Mallory Randall Corp., a Brooklyn-based manufacturer of plastic containers, stepped forward with an alternative bid, offering to swap shares worth some $109 million. Then, only seven days before the Hughes offer ran out on Dec. 31, Northwest Airlines made an attractive stock-swap proposal. Air West's routes would tie in perfectly with Northwest's, Henry argued...
...year of mammoth mergers, one of the main events came last September when Rochester's Xerox Corp. and Manhattan-based C.I.T. Financial Corp. announced plans for a union. The deal would have involved a swap of Xerox stock then worth $1.5 billion and created a hefty new conglomerate with assets of $4.5 billion. The agreement was based only on a handshake, but Xerox President C. Peter McColough cheerfully predicted that the merger would provide his company with "a much broader base than we now enjoy, enabling us to accelerate our plans in several fields...