Репродукција субота, 23. април 1994.

Lawyers' Publicity Ban Eased in Rail Killings

Date: 23 April 1994

By Jan Hoffman

Jan Hoffman

Warning lawyers on both sides to follow a state ethics rule, the judge in the Colin Ferguson case yesterday nonetheless rejected a request from prosecutors to issue a complete ban on remarks to the news media. The decision to lift a ban that was temporarily in place was a qualified victory for William M. Kunstler and Ronald L. Kuby, who are representing Mr. Ferguson, the man charged with killing 6 commuters and wounding 19 others on a Long Island Rail Road train on Dec. 7.

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Newspaper Wars of Litchfield County

Date: 24 April 1994

By Anne Longley

Anne Longley

IN just six months, Torrington's once mild-mannered daily paper has gone from covering the news to making it, angering readers, devastating longtime employees and providing a field day for the local and national press. When the Journal Register Company of Trenton, N.J., bought the paper, The Register Citizen, in October, it immediately cut about 20 jobs from a total of around 130, made employees contribute more to health insurance payments, refused to honor contracts with composing room and press room employees and cut some workers' pay.

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JENNY CRAIG POSTS A THIRD-QUARTER DEFICIT

Date: 23 April 1994

By Bloomberg News

Bloomberg News

Jenny Craig Inc. yesterday reported a fiscal third-quarter loss of $8.7 million, or 30 cents a share, because of a cost-cutting plan that included the closing of more than 30 diet centers. In the comparable period a year ago, the company had net income of $10.5 million, or 38 cents a share. Revenue for the company, which is based in Del Mar, Calif., fell by 27 percent, to $96 million, from $130.8 million in the comparable period a year ago, because the number of new clients declined. The 11-year-old company said the estimated loss from the planned closings, as well as litigation and provisions for franchises, had reduced by $12.9 million the pretax profit in the third quarter.

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UNITED WATER AND GWC IN A STOCK SWAP MERGER

Date: 23 April 1994

By Bloomberg News

Bloomberg News

United Water Resources Inc. said yesterday that it had completed its stock swap merger with the GWC Corporation, creating the nation's second-largest public water utility. Under terms of the $200 million transaction, GWC will become a wholly owned unit of United Water. The merger almost doubles the size of United Water, based in Harrington Park, N.J., and paves the way for the company to expand its operations out of the New York metropolitan area. GWC, based in King of Prussia, Pa., currently operates in 14 states. United Water currently serves northern New Jersey and southern New York State. Lyonnaise des Eaux-Dumez, which owned about 82 percent of GWC's shares, now owns about 25 percent of United Water's equity. Lyonnaise is one of Europe's largest water purveyors.

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MET LIFE FIRES OR DEMOTES 7 SALES MANAGERS

Date: 23 April 1994

By Bloomberg News

Bloomberg News

The Metropolitan Life Insurance Company yesterday fired or demoted seven sales managers in Tampa, Fla., whose sales practices were under review for possible deception, a lawyer for five of the managers said. The sales managers, who together supervised about 100 agents, were not given a reason for the actions against them, Jonathan Alpert, the lawyer, said. Most were questioned about their sales practices by Met Life lawyers at a meeting earlier this month, Mr. Alpert said. The company also asked the managers to produce some of their sales literature last fall, he said. "Not a single policyholder was ever misled by my clients," Mr. Alpert said. "Every customer knew he was buying life insurance."

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ARMCO IS SET TO CUT 200 JOBS TO SAVE $15 MILLION

Date: 23 April 1994

By Bloomberg News

Bloomberg News

Armco Inc. said yesterday that it would cut 200 jobs, or 3 percent of its work force, by this fall under a plan to save $15 million a year. Armco's chief executive and president, James Will, announced the job cuts at the company's annual meeting in Pittsburgh. He said most of the job cuts would be in administrative positions. Pittsburgh-based Armco, a leading producer of stainless and electrical steel, has 6,600 employees, down from 9,800 before the company began a restructuring in 1992. Separately, Armco said it had signed a letter of intent to sell its Tex-Tube division, a Houston-based maker of piping for oil and natural gas transmission, to an undisclosed Mexican company.

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Rules Proposed On Derivatives

Date: 23 April 1994

By Bloomberg News

Bloomberg News

The nation's top securities firms have proposed a system of voluntary regulations for trading in derivatives. The firms plan to work with the Securities and Exchange Commission on concerns about derivatives, contracts whose values are based on the movement of an underlying index, security or commodity.

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Judge Accepts Resorts' Reorganization Plan

Date: 23 April 1994

By Bloomberg News

Bloomberg News

A bankruptcy judge approved Resorts International's reorganization plan today. The plan gives note holders more than a third of the company's equity and halves the 22 percent stake of the entertainer Merv Griffin. The prepackaged plan, filed under Chapter 11 of the United States Bankruptcy Code, gives 36.5 percent of the company's equity, plus cash, new debt and a stake in the company's Bahamas resort, to holders of $482 million in notes. Mr. Griffin, who was the casino operator's largest shareholder, could regain his stake by exercising warrants and options. He remains chairman of the company, which is based in Atlantic City.

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Oil Jumps to $17.14 a Barrel, Highest Price in 5 Months

Date: 23 April 1994

By Bloomberg News

Bloomberg News

Crude oil prices jumped to a five-month high yesterday amid continuing expectations that a rebound in the world economy would reduce supplies as production stagnates. "There's been a sea change in the perceptions of the market," said Al Levine, oil economist with Smith Barney Shearson. "I think we could see this market rally through the end of the year" to $18.50 a barrel.

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Dollar Mostly Firm but Dips Against Yen Ahead of Talks

Date: 23 April 1994

By Bloomberg News

Bloomberg News

The dollar edged down against the Japanese yen but was steady against most other leading currencies yesterday as traders waited to see whether world economic leaders would try to curb the yen's recent rise. Finance ministers and central bankers from the Group of Seven industrialized nations are to meet in Washington tomorrow and there was some speculation that they might consider currency policy.

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