Word: traction
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Dates: during 1940-1949
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...building than make a million on an uninspired warehouse." Nevertheless, McShain did well enough to buy the 600-room Barclay Hotel on Philadelphia's Rittenhouse Square, to become part owner of the 400-room Claridge Hotel in Atlantic City, and co-owner and president of the Atlantic City Traction...
...ready to strike his first blow. March called on Heineman in Madrid and warned that he had better let him take over Barcelona Traction, in return for a minority interest, or suffer the consequences. Heineman refused...
Last week, Juan March went again to Reus and struck the final blow. By authority of last year's bankruptcy decision, he led a meeting of Barcelona Traction creditors (i.e., himself, the principal bondholder) and appointed the requisite "syndicos" (his agents) to dispose of Barcelona's assets. Nobody doubted who would get them...
Unable to strike at CHADE, March turned his attention again to Barcelona Traction. In February 1948, an obliging judge in the small Catalonian town of Reus declared that, since Barcelona Traction had not paid the interest on its bonds, it was bankrupt. Franco's authorities moved in, evicted Barcelona Traction's officers from their Barcelona headquarters, and ushered in Juan March...
...civil war blocked all currency exchange, and at war's end Franco refused to unblock Ebro's profits. With Barcelona Traction helpless to get at them, it fell far Dehind in interest payments on its sterling bonds. The bond prices tumbled, and Juan March started buying them up at bargain rates...