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...SUNDAY NIGHT MOVIE (ABC, 9-11:30 p.m.). William Holden and Clifton Webb in Satan Never Sleeps, the story of a priest caught behind the Bamboo Curtain. Color...
...amazing presence of mind. Martin Myers, a retired oil-company employee from Media, Pa., who was on a tour with fellow Lions Club members, found himself so impressed by Captain Kimes's calm-voiced announcement that he switched on his portable tape recorder, caught Second Officer Max Webb's emergency-landing instructions to the passengers: ". . . If we use the chutes, please stay calm. Remember, you will sit down to go out the chute. Don't panic . . . When we do land, and if it is a rough landing-which is a possibility-please lean forward in your seats...
...crippled plane closer to Travis. As he approached the airbase, he discovered that the hydraulic system had failed and that the landing gear would not lower automatically. Now down to an altitude of only 700 ft., Kimes made a wide, climbing circle while Engineer Robertson and Second Officer Webb cranked the wheels down manually. Then Robertson crawled down through a hatch in the cockpit floor to insert a pin in the nose wheel to guard against its collapsing-a required procedure when hydraulic pressure fails...
...company also picked up some problems along the way. Instead of sticking to acquiring existing real estate with a minimum of cash and a maximum of imaginative borrowing, Zeckendorf pushed Webb & Knapp into such unfamiliar enterprises as hotel management, urban renewal and building construction. By 1960, he had $500 million in construction projects under way. When costs began to skyrocket beyond his original estimates, Zeckendorf was unable to pay them. He began mortgaging his assets, borrowed money at excessive interest rates, some higher than 20%. He answered his critics by saying: "I'd rather be alive at 18% than...
Fast Financial Footwork. Since 1959, when his debts reached a staggering $104 million, Zeckendorf has kept Webb & Knapp alive by fast financial footwork. The company lost $19.6 million in 1962, $32.3 million in 1963. Zeckendorf has lost or sold all of his hotels, one to Goldman & DiLorenzo, partners in a fast-rising real estate firm (TIME, March 12) that has bought other Zeckendorf buildings and is thriving on Webb & Knapp's decline. He also launched a number of money-raising operations. This year, in a complicated series of transactions based on the sale of a promising and diversified company...