Word: payout
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Dates: during 1960-1969
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...interest per year on the initial outstanding debt of $1,000,000. The sale called for the principal to be paid off within five years. Normally, such an undertaking would require prodigious amounts of cash: annual payments of $175,000 for five years and then a liquidating wallop payout...
...rather unusual for a company to declare a $55-per-share dividend. When the payout is voted by a board filled with newcomers from another company that has just acquired control, eyebrows go up all around. Last week they were raised when Manhattan-based Great American Insurance Co. decided to dip into its $300 million surplus to distribute a total of about $171 million in securities. Reason: National General Corp., a Los Angeles-based moviemaker and would-be conglomerate, recently picked up 75% control of Great American Holding Corp., the fire and casualty insurance firm's parent holding company...
...Apart from some first-rate television journalism, the networks have been thoroughly overtaken by Hollywood, which, ironically, nearly went bankrupt when TV started. Last week ABC and CBS together agreed to pay $92 million for 110 movies from 20th Century-Fox, Paramount and Metro-Goldwyn-Mayer. Top (and record) payout was ABC's $5,000,-000 for two showings in 1971 of the Burton-Taylor film Cleopatra. 20th Century-Fox, after fretting over the most costly ($31 million) production in movie history, can now thank TV for putting Cleo into the black...
Continental w111 immediately pick up $100 million in working capital now held by the coal company; that will have the effect of reducing Continentals 148 million stock payout to only $48 million. As for the "future" payout of $460 million, that will be financed by a Wall Street syndicate or other big lenders so that the coal shareholders will get their cash immediately. Continental should be able to liquidate that loan within ten years from the coal company's earnings and depreciation. Meanwhile, it can deduct the annual interest on the loan-some $27 million-from its taxable income...
...increase the speed of typesetting, the New York Post's Mrs. Dorothy Schiff said that her paper could not meet the "enormous tribute" demanded by the local I.T.U. boss, Bertram Powers. The union insisted on a 50% share in wage savings, but Dolly Schiff balked at any payout so long as the Post is financially rocky-and she chucked the computer...