Two receiverships last week made news: ¶ Studebaker Corp., famed automakers of South Bend, Ind. were put in receivership, but not by the slow and common process of financial decay. Considering the general state of the automobile business, Studebaker had not done badly (loss for the first nine months of 1932 was $4,390,000). Last week it claimed assets exceeding liabilities by over $70,000,000. It entered a friendly receivership for technical reasons. Last autumn Studebaker attempted to acquire White Motor Co. (TIME, Sept. 26). When 95% of the White stockholders agreed, Studebaker borrowed $14,900,000 on...
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