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Difficulty:
5%
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Question Stats:
83% (01:09) correct
17%
(01:11)
wrong
based on 765
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The company is negotiating to sell its profitable credit card subsidiary, which it plans to use money from to acquire some of the mortgage-servicing operations that are being sold by troubled savings institutions.
(A) subsidiary, which it plans to use money from
(B) subsidiary, from which it plans to use money
(C) subsidiary, and it plans the use of money from that
(D) subsidiary and plans to use money from that sale
(E) subsidiary and plans the use of money from that sale
(A) subsidiary, which it plans to use money from
(B) subsidiary, from which it plans to use money
(C) subsidiary, and it plans the use of money from that
(D) subsidiary and plans to use money from that sale
(E) subsidiary and plans the use of money from that sale
https://www.nytimes.com/1989/06/09/business/lomas-to-sell-credit-card-bank-operation.html
Lomas to Sell Credit Card Bank Operation
By THOMAS C. HAYES and SPECIAL TO THE NEW YORK TIMES
The Lomas Financial Corporation said today that it had agreed to sell its credit card bank subsidiary for $500 million in cash and preferred stock to an investor group led by Merrill Lynch Capital Partners. The price is the highest ever paid for a credit card business.
Heavy debt, protracted losses in Texas real estate and rising interest costs earlier this year left Lomas pressed for cash. The company said the sale of the unit would reduce its debt by $1.7 billion, to $3.9 billion, just below the goal of $4 billion set by Lomas's chief executive, Jess Hay. The deal will remove $1.3 billion of the unit's outstanding debt from Lomas's books, and Lomas plans to use about $400 million of the proceeds to further reduce debt.
Some analysts said Mr. Hay was negotiating to sell Lomas's profitable leasing unit and would use money from that sale to shop for some of the mortgage-servicing operations that are being sold by troubled savings institutions. Lomas owns a large and profitable mortgage-servicing company with a $21 billion portfolio. Hint of Another Deal
Lomas to Sell Credit Card Bank Operation
By THOMAS C. HAYES and SPECIAL TO THE NEW YORK TIMES
The Lomas Financial Corporation said today that it had agreed to sell its credit card bank subsidiary for $500 million in cash and preferred stock to an investor group led by Merrill Lynch Capital Partners. The price is the highest ever paid for a credit card business.
Heavy debt, protracted losses in Texas real estate and rising interest costs earlier this year left Lomas pressed for cash. The company said the sale of the unit would reduce its debt by $1.7 billion, to $3.9 billion, just below the goal of $4 billion set by Lomas's chief executive, Jess Hay. The deal will remove $1.3 billion of the unit's outstanding debt from Lomas's books, and Lomas plans to use about $400 million of the proceeds to further reduce debt.
Some analysts said Mr. Hay was negotiating to sell Lomas's profitable leasing unit and would use money from that sale to shop for some of the mortgage-servicing operations that are being sold by troubled savings institutions. Lomas owns a large and profitable mortgage-servicing company with a $21 billion portfolio. Hint of Another Deal
30 Jun 2018, 16:16
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gmat1393
Sure thing! In (B), "from which" seems to be referring to the credit card subsidiary. But this makes it sound as though the company is using money from the credit card subsidiary to acquire new operations. This is illogical - how could a company use money from a subsidiary it no longer owns? (D), on the other hand, makes it clear that the company used money from the sale of the subsidiary to make the acquisitions.
I hope that helps!
General Discussion
15 Mar 2008, 17:46
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Bookmarks
The company is negotiating to sell its profitable credit card subsidiary, which it plans to use money from to acquire some of the mortgage-servicing operations that are being sold by troubled savings institutions.
(A) subsidiary, which it plans to use money from
(B) subsidiary, from which it plans to use money
A + B are out because of improper reference of which.
(C) subsidiary, and it plans the use of money from that
that --> should point to SALE ( mebbe) and not verb sell
(D) subsidiary and plans to use money from that sale
OK.
(E) subsidiary and plans the use of money from that sale
wordy
D ????
(A) subsidiary, which it plans to use money from
(B) subsidiary, from which it plans to use money
A + B are out because of improper reference of which.
(C) subsidiary, and it plans the use of money from that
that --> should point to SALE ( mebbe) and not verb sell
(D) subsidiary and plans to use money from that sale
OK.
(E) subsidiary and plans the use of money from that sale
wordy
D ????
