Word: woode
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Bush folded the money-losing JNB in 1989 and immediately launched Apex with financing from two Small Business Investment Corporations that Marx controlled, Wood River Capital and one of its subsidiaries. Marx started Wood River in 1979 with $15 million in private capital and a $30 million line of credit from the Small Business Administration. The Marx companies bought a 49% stake in Apex for $1.5 million and loaned it an additional $850,000 in SBA- guaranteed money...
...When Wood River became insolvent last year, the SBA was obliged to pay off $25 million of its debts. Wood River officials signed an agreement with the SBA to liquidate in order to repay at least a portion of the money. The company has told the SBA it should be able to repay its entire government debt within 30 months...
...Wood River defends its financing of Bush, which was handled personally by Marx. "The investment in Apex was made for good business reasons, and not because Bush was the President's son," says Wood River spokesman Don Dwight. Yet Marx also contributed more than $100,000 to the senior Bush's presidential campaign...
...views the Bush financing as legitimate, but the House Small Business Committee has launched an investigation. "We want to know how much money of their own Neil Bush and his partner, Brant Morse, invested in Apex," says a senior staff member of the committee. Wood River's failure is just one in a long list of Small Business Investment Corporation insolvencies totaling $500 million in the past five years, a record that has prompted the agency to overhaul the rules for such guarantees...
...thirds of America's economy, which means that when buyers are spooked, the rest of the economy shudders. In the last shopping days before Christmas, stores across the country were already thick with post- holiday sales. Some items were moving nicely: oversize freezers to keep groceries bought in bulk; wood stoves to cut down on utility bills; shoe trees, mason jars, sewing kits, to extend the life of life's necessities; and any $5 present that looked as if it cost $25. At the IKEA store in Elizabeth, N.J., shoppers could lease a Christmas tree...