New York skyscraper disaster

Article Abstract:

Mitsubishi bought 80% of the Manhattan Rockefeller Center in 1989, but in 1993 it is losing $200 million. The buildings were mortgaged to the Rockefeller Center Properties trust in 1985, but rent for office space has halved, preventing the predicted break even point. The property is worth less than its underlying mortgage. The 12 older buildings are valued at $400 million less than in 1992. Investors fear Mitsubishi may default, but it would be expensive. The property trust has the chance to convert its loan to 71% ownership in 2000.

Real estate investment trusts, Finance, Buildings and facilities, New York, New York, Mitsubishi Corp., Rockefeller Center, Rockefeller Center Properties Inc.

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The man who left GM standing at the altar

Article Abstract:

Basque engineer Jose Ignacio Lopez de Arriortua, known as Inaki, left General Motors (GM) after 10 months improving its procurement system. Jack Smith offered him the post of president of GM's North American operations but although Inaki, 52, initially accepted, he took the job of chief of worldwide production for Volkswagen. Lopez offers more productive cost-control techniques than Toyota. He is passionate about his Purchased Input concept Optimisation with Suppliers (Picos) system.

Motor vehicles and car bodies, Motor vehicle parts and accessories, Officials and employees, Appointments, resignations and dismissals, Automobile industry, General Motors Corp., Lopez de Arriortua, J. Ignacio

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Zuckerman makes news in New York

Article Abstract:

Literary socialite Mortimer Benjamin Zuckerman plans to buy the down-market, unprofitable New York Daily News for 10 million pounds sterling - $18 million. The ex-Maxwell tabloid's circulation is 750,000, rivalled by the New York Post and Newsday. Zuckerman is interested in journalism; he is a contributing editor of the weekly US News which he owns. He intends to hire 60 new editorial staff, build a colour printing plant and to make the Daily News lively and popular.

Newspapers, Biography, Periodicals, Personalities, Journalism, Editors, Tabloid newspapers, Editorials, New York Daily News (Newspaper), Zuckerman, Mortimer B.

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