Word: tycooning
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...life, Trump won his battle to avoid bankruptcy last week but was forced to give his bankers financial control over his empire and his purse strings. A total of 77 lenders agreed in principle to give him a five- year, $65 million cash infusion to enable the overleveraged tycoon to meet a $43 million interest payment on junk bonds issued to finance Trump's Castle Hotel and Casino in Atlantic City. Failure to make the payment could have pushed the developer's holdings into a chain reaction of defaults. "This is a deal that will go down in the textbooks...
BUSINESS: An S&L tycoon faces a 38-count...
SAFE DEPOSITS. A decade ago, California tycoon Robert K. Graham caused a stir and a few snickers when he established the Repository for Germinal Choice. Its purpose: to make the sperm of brainy men (preferably Nobel prizewinners) available to brainy, childless women, who would then theoretically bear superintelligent babies. Three Nobel laureates contributed to this experiment, although the only one to announce his deposits was William Shockley (physics, 1956), a proponent of crackpot theories about the genetic inferiority of blacks. After ten years the repository has spawned 111 children, with 30 more on the way, but not a single...
...billion in junk bonds that Trump issued to finance his three casinos have seen the market value of their securities plunge by as much as 50%. Bondholders of two Atlantic City properties, the Trump Castle and Trump Plaza Hotel and Casino, filed a lawsuit last week charging that the tycoon had diverted clientele from his older casinos -- contrary to his assurances -- to his new Taj Mahal...
...seed of his current trouble was planted in 1987, when Trump got tangled in a bruising takeover battle with another tycoon, Merv Griffin, for control of Resorts International. In a deal they both claimed as a victory, the two split up the company, with Griffin taking most of Resorts and Trump getting the uncompleted Taj Mahal. Griffin's older, debt-laden properties went into bankruptcy only two years later. Trump had to borrow an estimated $1 billion to finish the monstrous Taj. Ominously, the city's casino business, which had grown pell-mell during the '80s, abruptly stagnated...