Word: liens
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...financial flop. By midseason, exhibitors and merchants holding $28,000,000 of its 4% debentures had forced out overconfident Grover Whalen, put Banker Harvey Dow Gibson (Manufacturers Trust Co.) in charge of the books. In September, to help the Fair pay its bills, bondholders had to sacrifice their 40% lien on the gate receipts. During 1939, the bonds dropped from...
...questioned by the Temporary National Economic Committee in its inquiry into investment banking. Earlier the committee had heard hard-boiled Charles E. Mitchell, onetime head of Manhattan's National City Bank, later tried and acquitted of charges of income tax evasion (but forced to settle a Government lien for $1,384,222, taxes and penalties), who is now board chairman of Blyth & Co., Inc. It had also heard Morgan Partner George Whitney, Detroiter Emmett Francis ("Spike") Connely, president of Investment Bankers Association. Young (31), brash SEC Counsel Pete Nehemkis pitched them questions to which they gave defensive answers...
...Newport a curb was put, temporarily at least, by Countess Dorothy Filipponi, widow of Ambassador Child. Claiming that she had an equity in The Castle, which she said Mrs. Kaufman obtained in default of a loan, the Countess said she had filed a lien, which must be settled before the property can change hands. Declining to comment upon the lien, Mrs. Kaufman arose from her bed, journeyed to New York, spent an evening with Father Divine and his angels, declared afterward that she had conveyed her property to him. Father Divine announced he would take a boatload of his followers...
...Fellow members of the Bohemian Club, august sanctuary of San Francisco tradition, most of them shared a mellow view of architecture and were damned if they would kill themselves advancing the modern cause in new materials and organic form. New York City's 1939 Fair already had a lien on the World of Tomorrow. Chairman Kelham and crew therefore plumped for a pleasuredom on "Treasure Island," an imaginative. quasi-Oriental "Never-Never Land...
Devised by the Wall Street house of John J. Bergen & Co., Ltd., the new issue is composed of $4,000,000 in 5% debenture shares to be sold at $25 each. Convertible into stock at fixed intervals, the debentures carry no lien but Sunray Oil covenants not to create any mortgage, pledge or lien upon its shares unless the new debenture shares are equally secured. In having no fixed maturity, the new issue is like a consol or certain British "debenture shares." Where the new issue is unique is in Sunray's contract to set aside a sinking fund...