The DLM leadership had expected that a huge attendance would be followed by generous donations. Millennium '73 was free, unlike other DLM festivals that charged sizable fees. Despite fundraising before the event, lower than expected attendance and mismanagement left the DLM in serious debt, estimated at $682,000. Individual members also carried debts incurred for traveling expenses.
The festival was financed with short-term credit that began coming due right after the event. Seeking payment, creditors, including the Astrodome management, pursued the DLM and repossessed property belonging to the mission. By mid-1974, NBC reported that about $150,000 was still owed and that 25 vendors had received no payments at all. Members of the DLM took on extra work in order to raise money at Maharaj Ji's suggestion. The debt forced the sale or closure of the DLM's printing and other businesses, the temporary shutdown of their newspaper and magazine, the disbanding of Blue Aquarius, and the shelving of new initiatives. In 1976, a DLM spokesman said that the debt had been reduced to $80,000 and that the mission was on a sound financial footing.
Other articles related to "debt, debts":
... Subordinated debt is debt that ranks lower than ordinary depositors of the bank ... Only those with a minimum original term to maturity of five years can be included in the calculation of this form of capital they must be subject to proper amortization arrangements ...
... When a consumer becomes severely delinquent on a debt (often at the point of six months without payment), the creditor may declare the debt to be a charge-off ... charge-off.) A charge-off is considered to be "written off as uncollectable." To banks, bad debts and even fraud are simply part of the cost of doing business ... However, the debt is still legally valid, and the creditor can attempt to collect the full amount for the time periods permitted under state law, which is usually 3 to 7 years ...
... Global debt underwriting grew 4.3% year-over-year to $5.19 trillion during 2004 ... It is expected to rise in the coming years if the spending habits of millions of people worldwide continue the way they do ...
... The Ottoman public debt was a term which dated back to 4 August 1854, when the Ottoman Empire first entered into loan contracts with its European creditors shortly after the beginning of the Crimean War ... willingness to constantly refinance its debts ... as part of the Decree of Muharrem which reduced the overall public debt, the Ottoman Public Debt Administration was established ...
... In economics, consumer debt is outstanding debt of consumers, as opposed to businesses or governments ... In macroeconomic terms, it is debt which is used to fund consumption rather than investment ... It includes debts incurred on purchase of goods that are consumable and/or do not appreciate ...
Famous quotes containing the word debt:
“This is the debt I pay
Just for one riotous day,”
—Paul Laurence Dunbar (18721906)
“Capitalism is an art form, an Apollonian fabrication to rival nature. It is hypocritical for feminists and intellectuals to enjoy the pleasures and conveniences of capitalism while sneering at it.... Everyone born into capitalism has incurred a debt to it. Give Caesar his due.”
—Camille Paglia (b. 1947)
“Good government cannot be found on the bargain-counter. We have seen samples of bargain-counter government in the past when low tax rates were secured by increasing the bonded debt for current expenses or refusing to keep our institutions up to the standard in repairs, extensions, equipment, and accommodations. I refuse, and the Republican Party refuses, to endorse that method of sham and shoddy economy.”
—Calvin Coolidge (18721933)