William F Farley

Down in West Point, Ga., the townsfolk are wondering what ever happened to the Bill Farley who strutted up and down their streets, pumped their hands and convinced them that he would watch over West Point-Pepperell Inc., the community's pride and joy. "When he comes to town, the women swoon over him," said Terrell Whaley, manager of WCJM radio in West Point, where he has been putting town news out on the airways and over the grapevine for 30 years. "They say he looks like a movie star."

Farley Resigns as West-Point Pepperell Chairman: Chicago industrialist William P. Farley said he has resigned as chairman and chief executive of textile maker West Point-Pepperell Inc. to devote more time to his duties as head of Fruit of the Loom Inc. Holcombe T. Green Jr., who heads an Atlanta investment partnership, was elected to succeed Farley as chairman and interim chief executive. Farley also resigned as chairman and chief executive of Pepperell's parent company, Valley Fashions Inc.

Farley Debtholders May Push for Bankruptcy: A group of Chicago financier William Farley's creditors is threatening to force him into bankruptcy court on Wednesday if there is no progress in deadlocked negotiations over $172 million of defaulted notes. Farley's holding company, Farley Inc., owns Fruit of the Loom, the underwear, socks and sweat shirt maker. Farley's biggest problem is the heavy debt load from a never-completed buyout of textile maker West Point-Pepperell Inc.

Down in West Point, Ga., the townsfolk are wondering what ever happened to the Bill Farley who strutted up and down their streets, pumped their hands and convinced them that he would watch over West Point-Pepperell Inc., the community's pride and joy. "When he comes to town, the women swoon over him," said Terrell Whaley, manager of WCJM radio in West Point, where he has been putting town news out on the airways and over the grapevine for 30 years. "They say he looks like a movie star."

Famous test pilot Chuck Yeager joined eight other men Friday night as winners of the 1986 Horatio Alger Awards for turning adversity into triumph. "People don't realize how important it is to be in the right place at the right time," Yeager told reporters before a $350-a-person dinner to honor the nine recipients. "I never did any career planning in my life, and I still don't," said Yeager, a retired Air Force brigadier general who was first to break the sound barrier.