Word: marcs
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...milieu that abounds in shadowy figures, Marc Rich is one of the most elusive of all. Probably the world's biggest independent dealer in crude oil, Rich, 49, leads an intensely private life, is rarely photographed and gives no interviews. His money, however, talks. He was the secret partner in the $722 million purchase of 20th Century-Fox in 1981. He is believed to be the "mystery buyer" who the same year tried to corner the global market for tin. The Belgian-born Rich, whose family fled to New York during World War II, found his calling 30 years...
...profits from its subsidiary in New York City to its headquarters in Switzerland. The department's probe has resulted in a prolonged legal face-off with the firm. The latest crisis came last week, when Federal Judge Leonard Sand threatened to freeze up to $55 million in Marc Rich & Co. assets at some 20 domestic banks and companies, a move which would have paralyzed the company's U.S. operations...
...evaluate the charges, the grand jury demanded to see some of Marc Rich & Co.'s files. The firm refused, contending that a Swiss company need not honor a U.S. subpoena and that, in any case, the transactions among its divisions were made according to fair-market prices. Last fall Judge Sand issued a contempt citation against the company. He ordered a $50,000 fine for each day that it failed to release the documents, a penalty that could total $27.5 million by the time the grand jury disbands. In June, Marc Rich & Co. secretly sold its U.S. division...
...company's troubles have become public, some customers say they are shying away. The firm has changed its name in the U.S. to Clarendon Ltd. and has taken down the Marc Rich signs around its Fifth Avenue offices. Rich himself has moved out of his Park Avenue apartment, and is believed to be working out of the Zug offices. Two weeks ago, Clarendon sent out notices telling its customers it would conduct business as usual during the freeze, but since then Judge Sand has prohibited those reassurances on pain of further contempt citations...
...increasing pressure finally compelled lawyers for Marc Rich & Co. to agree late last week to deliver the contested documents within two weeks. But Rich, who was once described by a former colleague as being "like granite," may find new ways to go on stonewalling his accusers...