Word: rfc
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Best to fare in reorganization are the holders of $13,715,000 in equipment trust certificates whose loans went to keep MOP in first-class operating condition. They will be paid dollar for dollar. RFC, which lent MOP $23,134,800 to keep above water, and now has an additional $8,630,000 interest claim, gets $25,994,000 in bonds, the balance in cash and preferred stock. Holders of senior bonds get niggling amounts of cash, trade in the balance of their bonds for new MOP's prime security, ten-year collateral trust notes. Some junior bonds...
...parceled out among former bondholders and other creditors, and will take a lot of combining and buying before any group can establish such control as Alleghany Corp. once had. Among the new stockholders ordered by ICC to change part of their loan money into risk money (in addition to RFC) : Metropolitan Life (present bond holdings: $20,627,000), Prudential ($19,761,000), Northwestern Mutual ($12,602,000), New York Life ($11,845,000), Equitable Life ($8,942,000), a J. P. Morgan & Co. syndicate (loans plus interest...
...makes annual lectures on the trial of Christ, was providentially reading a tome on the mathematics of the pyramid about the time Associated called. He was hired at $10,000 a month, but it was not certain whether he would get more than one month's pay. Unless RFC granted a $26,500,000 loan to Associated's sub-subsidiary NY PA NJ Utilities Co. (Nypan), unless SEC allowed Associated's No. 1 subsidiary (Associated Gas & Electric Corp.) to pass $557,000 up to the top of the pyramid as dividends or as interest on a note...
Last week RFC and SEC spoke out. The answer in both cases was no. RFC refused its loan. SEC ruled that the No. 1 subsidiary could not pay Associated the necessary sum because it had not been earned. This decision Mr. Whiteford had seen coming because he well knew that SEC was more concerned about Associated's operating and sub-holding companies (with outstanding securities of $539,139,000 in the hands of the public) than it was about Associated at the top of the heap...
...Most spectacular performer and No. 3 in profits was Continental Illinois, headed by onetime FDIC Boss Walter Joseph Cummings. During the year in which Continental Illinois retired the last $25 million of $50 million of preferred stock held by RFC, the bank wound up with a net profit of $16,526,010, including $6,882,388 in profits on securities...