Word: receivership
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Dates: during 1940-1949
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...Cornell-trained ('13) chemical engineer, John got his first good job at 25, running a brass mill to make shell-casings during World War I. In 1931, when New Haven's Winchester Repeating Arms Co. went into receivership, John spotted a chance to supplement the Olin cartridge line by buying one of the world's biggest sporting-firearm plants for $8,000.000. Since he likes to hunt, John has since neatly combined business with pleasure. He holds some 20 basic cartridge patents (e.g., Western Cartridge's "Super X" long-range load for small arms...
...August. Some did not like the rocketlike hood and nose air intake that resembles the 1949 Ford. But Loewy's answer is in the sales. While most other independent car-makers were having rough going, Stukebaker sold more cars in September than any month in its history. From receivership less than 15 years ago, Studebaker has climbed back, is now the biggest independent-a smaller fourth to the Big Three...
...South African government, which was preparing to try Milne on a charge of fraud after one of his companies was thrown into receivership, began investigating. Last week, after three months of digging into the affair, it explained why there had been such a difference in the samples. Said the government: "The gold content of each of three ore samples . . . had been fraudulently increased ... or . . . 'salted...
...United Rubber Workers, the Norwalk, Conn, local was supposed to fight for a robust wage boost (25? an hour), pensions and other benefits. But when it started negotiating with the Norwalk Tire & Rubber Co., the union made a disturbing discovery: the firm, already in bankruptcy and operating in receivership, was so close to failure it might close up entirely if it had to stretch its payroll. At a special meeting last week, the Norwalk rubber workers voted, 124 to 45, to drop their demands and to take wage cuts averaging 11? an hour. Explained Union Secretary Caesar Malaterra: "Members felt...
...well-timed strike for Milne, a balding, stooping, ex-insurance agent whose gold mining has not been as profitable as his selling of gold-mine shares. In 1947 the gold-mining companies he had promoted with Johannesburg's Norbert Erleigh were thrown into receivership (TIME, Nov. 24 and Dec. 15, 1947). Both Milne and Erleigh are under indictment on charges of fraud...