Word: converting
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Dates: during 1990-1990
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Last week, in a bid to raise capital, Equitable Life Assurance Society, the third largest U.S. insurer, announced it will convert to a stock-owned company. The $500 million in additional capital that chairman Richard Jenrette expects to raise through the stock sale will help offset large losses from risky ventures: junk bonds, real estate and high-interest guaranteed- investment contracts. It will also make it easier for the company to diversify...
Analysts are cautiously optimistic about the proposal. Says Larry Brossman, vice president of Duff & Phelps, a credit-rating company: "It may lead the way for others not in as much trouble as Equitable." The unknown element: the nearly 3 million policyholders whom Equitable hopes to convert to shareholders by getting them to vote yes for the plan...
...applaud the local initiatives and then bow out. In Washington itself, with a huge homeless population, private groups are struggling to "hold the situation together with gum and baling wire," says Jack M. White Jr. of the city's Coalition for the Homeless. Even Washington's most ebullient convert to the cause -- Housing Secretary Jack Kemp -- is full of ideas but inevitably short of funds. His latest initiative, Homeownership and Opportunity for People Everywhere, would promote home ownership for low- income tenants and support local nonprofit groups. But its total funding is only $750 million next year. The 1987 McKinney...
...very model of modern Roman Catholic femininity: wife, mother and the first woman in Germany appointed to teach theology under church auspices. For good measure, Uta Ranke-Heinemann was a convert from Protestantism, the daughter of a West German President and the wife of a first cousin of Poland's Catholic Primate. Nonetheless, in 1987 the German hierarchy forced the University of Essen to oust Ranke-Heinemann from her Catholic professorship and give her another teaching post that would not imply any church endorsement. Her sin: in defiance of Christian teaching, Ranke-Heinemann had concluded that Mary...
...abysmal showing in computers so far is somewhat baffling. Its scientists at Bell Laboratories have been on the leading edge of computing, playing a key role in developing such technology as the microprocessor. But the company has failed to convert high science into financial success. Its first commercial computers, a series of midsize machines called 3Bs, flopped largely because, at up to $100,000, they were overpriced. The company later formed joint ventures with Convergent Technologies and Italy's Olivetti to make personal computers under the AT&T brand. It also formed a partnership with Sun and made a number...