Word: wolman
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Rags clearly is not for every young reader. But it is not meant to be. The magazine, explains Publisher Baron Wolman, 33, is aimed at the young who regard fashion as "an opportunity for self-expression, fulfillment of little head trips, a chance to try something different, to break tradition and stereotype." Adds Editor Mary Peacock, 27, a former staffer at Harper's Bazaar: "Fashion is not fashionable any more. The slick magazines are always telling you how you should look. We do it the other way around. We report what people are wearing without trying to change them...
...John Hancock, which is also constructing a new 60-story headquarters building in Boston, the Chicago venture represents the biggest real estate investment in its history. The project was actually the brainchild of Philadelphia Developer Jerry Wolman, who proposed that John Hancock help finance it. The company agreed, paid out $6,000,000 for a block-long parcel of land on fashionable North Michigan Avenue and leased it to Wolman. Soon after ground was broken in late 1965, however, Wolman found himself overextended in a number of other financial dealings. His troubles were aggravated when a faulty support caisson required...
When a second building threatened to break ranks, Owings took a different tack. Developer Jerry Wolman planned to jut a commercial building onto the generous sidewalk area. Owings explained that this would ruin the grand effect, like a shoe protruding from under a curtain. Wolman finally agreed to change the building. Owings flew to Boston with Wolman to arrange the new financing, then back to the capital to get the developer a zoning variance to add an extra floor. A lot of effort, but the grand design for the avenue was kept intact...
Short of Sources. Then, last December, Wolman began running short of money sources; he sold John Hancock his interest in the Chicago skyscraper for $5,500,000, getting only half his investment back. Now his other holdings are also threatened-including millions in real estate, Philadelphia's Connie Mack Stadium and the Yellow Cab companies of Philadelphia and Camden, N.J. In addition, he has overdrawn his bank accounts by $85,000, is $226,000 behind in paying his insurance premiums and owes $182,000 in back taxes...
Since buying the Eagles four years ago, Wolman has become a sports buff, and though he owes $7,000,000 on his holding, he claims he would not sell the club for $150 million. Moreover, even while facing financial disaster, he talks of completing one last big real estate project-a $100 million "city within a city" in Camden...