Word: profitless
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...United Dye board, which controlled 90,000 of the 152,000 shares outstanding, then approved an ingenious Guterma plot to print thousands of additional shares and dump them on the public-at a profit. First it proposed a merger with little-known and profitless Handridge Oil Corp., which was controlled by Chairman Guterma and Las Vegas Gamblers Samuel Garfield and Irving Pasternak. Terms: 575,000 new shares of United Dye, worth $18 million, for 575,000 shares of Handridge, whose assets had been bought from Texas Wheeler-Dealers John and Clint Murchison Jr. for a mere $519,000. Remarkably, this...
...Byrd came George Washington, who saw a chance to make a buck out of the bogs. Washington bought up a chunk of the swamp, organized a company called "Adventurers for Draining the Great Dismal Swamp," put slaves to work building a canal, which is still in use. It was profitless. Washington finally sold the land to Lighthorse Harry Lee for $20,000, but when Lee could not meet the payments, the property reverted to Washington and was sold with Washington's estate...
Embarrassed by having to report to British taxpayers on the profitless sputterings of British Overseas Airways Corp. its chairman, Sir Matthew Slattery a retired admiral, exploded like the old salt he is: "I have taken the opportunity of my first full year as chairman of the corporation to point out that I think its financial structure and the way it's expected to operate is just bloody crazy...
...haste to expand, Yuba bought companies that were struggling under inefficient management-and rarely overhauled them sufficiently to make them effective. The insistence that, above all, Yuba must show continual sales gains drove division managers to enter into many contracts that later turned out to be profitless; one division lost $3,300,000 on two Titan II missile-site construction jobs. No less disastrous was the practice of pushing divisions into businesses that they did not understand. The Nichols-Southern division, which had been clearing as much as $250,000 a year renting equipment to the chemical and petroleum industries...
While many businessmen groan about "profitless prosperity," one manufacturer of everything from manure spreaders to nose cones has reversed the trend: profits are rising despite slipping sales at New York's Avco Corp. Last week Chairman Kendrick R. Wilson, 48, a onetime Wall Streeter told a luncheon of securities analysts that Avco's earnings for the first nine months of its fiscal year jumped 20% to $8,800,000, though sales slumped 3% to $234 million. As soon as Wilson sat down, his good friend, President James R. Kerr, 44, got up and explained how Avco turned...