Word: throughness
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Dates: during 1930-1939
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Some considerable war purchases in the U. S. have been made and kept dark because of the sellers' craving anonymity; most big deals rumored have yet to be signed & sealed. Biggest is the French purchase of South American copper; 25,000 tons a month for six months. If it...
The plan: to clear up, the $9 a share accrued on 287,225 preferred shares, exchange of each old 6%, $100-par preferred share for ½ share of new preferred and 2¾ common. The plum if the deal goes through: payment of a 30? dividend, first since 1931, on...
To President Edward Sanborn French of B. & M., which has $60,000,000 of debt coming due within five years, Jesse Jones outlined a recapitalization plan to put through before bankruptcy becomes unavoidable. His main proposals:
2) Issue enough more first mortgage bonds to pay off $5,500,000 of bank loans plus $14,750,000 owed RFC, and raise up to $26,000,000 cash for paying off if necessary. (Obviously if more than 50% of the bondholders demand cash the plan falls through.)
Now former Investigator Douglas had been suspicious for years about plans being railroaded through courts without the judges having had a chance to decide whether they were scrutinizably fair, feasible and equitable. He had attacked many a plan as inequitable for giving the common stock rights when it really had...