Word: unpaid
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MoPac had wrecked itself by going too fast. After World War I it merged other roads into its system and issued securities to pay for them. When the Depression hit and traffic was cut in half, the road collapsed under a funded debt of $410 million. Unpaid interest rose to $21.5 million, and the road ran out of working capital. More than a dozen classes of security holders and debtors clamored for recognition of their claims, among them rambunctious Robert R. Young, who had inherited 63% of MoPac's common stock when he bought the Alleghany Corp...
...common stock some 40,500 shares of new Class B common in a 1-for-20 exchange. Holders of the 718,000 shares of old preferred stock will receive 1,900,000 new Class A common (with preference in dividends), plus additional shares of Class A common for unpaid dividends. Both classes have equal voting rights, but with 1,900,000 shares of Class A created v. only 40,500 shares of Class B, the A stock controls the road. Obligations for equipment remain in force, while holders of another dozen types of securities are to be repaid in proportion...
Mink on the Bed. As a businesswoman, Hattie was as shrewd as she was stylish. She knew intuitively when to extend credit and when to collect bills (she once successfully sued the late Jimmy Walker for his wife's unpaid $12,059 balance). She often quite literally sold the clothes off her back to eager customers, but would never allow a woman to buy a dress that seemed unsuitable. Her surplus energy spilled into other businesses, all of them successful: hats, jewelry, antiques, perfumes-even chocolate candy. By last year Hattie Carnegie Inc. was doing a gross business...
...Groucho Marx's writers told it: an unemployed actor was interrupted at breakfast by his wife carrying a Dagwood sandwich of unpaid bills. "What'll I do with these?" she asked. Replied the actor, with a careless toss of the head: "Tear 'em up and order some more Miltown...
...lender is also required to fork out 3% of the unpaid principal in order to buy Fannie May's stock. This requirement, set up in a 1954 move to make Fannie May's "secondary market" operations eventually privately financed, applies any time a lender sells the agency a mortgage. Last week stockholders, who own 25,820 shares, got a pleasant surprise. Fannie May declared a 17? stock dividend, its first. The $100-par shares, selling on the over-the-counter market at around $55, are expected...