Word: wolman
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Rumors have been circulating for nearly a year that Millionaire Jerry Wolman's financial empire is on the verge of crumbling. Last week in Philadelphia. 40-year-old Wolman, onetime boy wonder of the construction industry and still the owner of 52% of the National Football League's Philadelphia Eagles, admitted that he is indeed in big trouble. Stung by the morning Inquirer's speculating on his finances, Wolman called a press conference at the unusual hour of 8:30 a.m., presumably to give the more friendly afternoon Bulletin his side of the story. He announced that...
...Wolman's plight was brought into the open by a lawsuit for the relatively piddling amount of $174,000, the balance of a $600,000 bill the American Seating Co. claims he owes it. The corporation had put 15,000 seats in Philadelphia's Spectrum, a Wolman-constructed, $12.5 million sports arena. If Wolman's 300 other creditors follow American Seating's example, the chain-smoking entrepreneur, who values his assets at $92 million and his liabilities at more than $85 million, could be wiped out. Says he: "I can't tell how close...
Destination Unknown. Wolman had his first brush with creditors in 1949 at age 22, when he and his brother opened a grocery store and could not pay $5,000 in bills. He issued promissory notes, then piled into a 1938 Chevrolet and drove off with his wife-destination unknown. Only a chance pickup of a Washington, D.C.-bound hitchhiker led them to that city, where he took a $75-a-week job in a paint store. His wife went to work for an insurance com pany. From their combined incomes, Wolman paid off the creditors, and in 1952 he decided...
...managed to convince subcontractors that they would get their money, then borrowed $700,000 to build an apartment house in Arlington, Va. This time he hit pay dirt, and in nine months realized a $200,000 profit. As the Government grew and the housing demand picked up, Wolman's fortunes soared. Just 16 years after arriving in Washington, he was worth $35 million, on paper. His real estate holdings stretched from Philadelphia to Chicago, where the John Hancock Life Insurance Co. helped finance a Wolman scheme for a 100-story office-residential building...
Some of the new owners already have interests in other sports: the Pittsburgh franchise goes to a syndicate that includes Jerry Wolman, owner of pro football's Philadelphia Eagles, and the Los Angeles franchise was won by Jack Kent Cooke, who also owns pro basket ball's Los Angeles Lakers. For the privilege of playing in their league, each of the new owners must pay $2,000,000 to the old owners. And there are certain incidental expenses. Take the case of St. Louis, where the only ice arena in town belongs to James D. Norris, the onetime...