Word: webbe
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Dates: during 1960-1969
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Died. Moe Gale, 65, co-founder and longtime proprietor (1926-54) of Harlem's once famed, now torn-down Savoy Ballroom, where happy feet first stomped out the Lindy Hop, Big Apple and Susie-Q, and such cats as Ella Fitzgerald, Count Basic, and Chick Webb first strutted their swinging stuff; after a long illness; in Manhattan...
...mighty Yankees, winners of 28 pennants and 20 World Series, were now in showbiz. The terms called for CBS to pay Yankee Owners Dan Topping and Del Webb $11.2 million cash for 80% of the franchise. Topping and Webb would retain 10% each until 1969, after which CBS had the option of buying them out. Until then, Topping would remain as president and operating boss, running the club as an "independent" subsidiary...
Obvious Advantages. If the deal came as a surprise, it was obviously a good one for both sides. Topping and Webb had already taken tremendous profits since purchasing the club with Larry MacPhail in 1945 for $2,800,000. Two years later, they bought out MacPhail for $2,000,000, got that back and more when they sold Yankee Stadium and the land under it for $6,500,000 in 1953. All the rest was gravy. Then why sell? Easy. The gravy was getting thinner. Last year's attendance (1,308,920) was the lowest since World...
...inordinately long hours auctioning off his properties. But he admits that "results fell substantially short of expectations." Among other things, he has sold off a valuable block-square plot in New York's financial district, part of his Southwest Washington redevelopment project, and a San Francisco site where Webb & Knapp intended to construct apartments. Last week he dealt off his right to buy Manhattan's Drake Hotel, and a British buyer was reportedly dickering for Zeckendorfs Chatham. Considering that his revenues from the Astor, Manhattan and Taft are being passed out to creditors, the only New York hotel...
...them, according to last week's report, was a bare $1,000,000 in cash and $6,000,000 in accounts receivable. Up to now Zeckendorfs creditors carried him along in hopes of recovering their loans. How long will they continue to do so? On the American Exchange, Webb & Knapp was down to 37½? a share, a third of what it sold for last year...