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21st of April 1994 News
Ειδήσεις όπως εμφανίστηκαν στην πρώτη σελίδα των New York Times στο 21 Απριλίου 1994
May It Please the Public; Lawyers Exploit Media Attention as a Defense Tactic
Date: 22 April 1994
By Jan Hoffman
Jan Hoffman
Almost as soon as William M. Kunstler and Ronald L. Kuby took over the defense of Colin Ferguson, the man charged with murdering six Long Island Rail Road commuters, they got on the horn. In short order they held a news conference, appeared on talk shows and wrote an op-ed article in The Daily News, telling anyone who would listen that they would introduce a "black rage" insanity defense for their client. This month, Nassau County prosecutors, complaining that the lawyers had violated a state ethics rule, asked a judge to order both sides to stop speaking about the case to the news media. Judge Donald E. Belfi granted the request temporarily, while he considers Mr. Kunstler's challenge to it.
Full Article
VALUEVISION INTERNATIONAL ENDS BID FOR NATIONAL MEDIA
Date: 22 April 1994
By Bloomberg News
Bloomberg News
Valuevision International Inc. said it was dropping its $150 million offer to buy the National Media Corporation because of National Media's failure to meet certain conditions of the merger agreement. Valuevision, which operates a home shopping service, declined to elaborate on its reasons for ending the merger with National Media, a producer of infomercials based in Philadelphia. Valuevision, based in Minneapolis, holds 8.6 percent of National Media's stock. After spurning Valuevision's overtures for months, National Media finally agreed to be acquired for $11.50 a share in March. The news of the collapsed merger was disclosed after the close of trading.
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FOURTH FINANCIAL AGREES TO ACQUIRE OKLAHOMA SAVINGS
Date: 21 April 1994
By Bloomberg News
Bloomberg News
The Fourth Financial Corporation of Wichita, Kan., said yesterday that it had reached an agreement in principle to acquire Oklahoma Savings Inc., parent of Stillwater Federal Savings Bank, for about $10 million in stock. The purchase price would equal about $23 a share on a fully diluted basis, Fourth Financial said. The exchange ratio for Oklahoma Savings shareholders has not been determined. Oklahoma Savings shares rose $5.875 yesterday, to $20, in Nasdaq trading, where its 41 percent climb was the best of the day. Fourth Financial was unchanged at $27.25 a share.
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CATALYST SEMICONDUCTOR SHARES TUMBLE ON LOSS REPORT
Date: 22 April 1994
By Bloomberg News
Bloomberg News
Shares of Catalyst Semiconductor Inc. plunged 42 percent after the company said intense price competition in the flash memory chip business resulted in a loss in its fourth quarter. Catalyst, which was taken public less than a year ago at $11 a share, closed at $2.75, down $2, in Nasdaq trading of more than 1.1 million shares. Late Wednesday, Catalyst reported a loss of $23.8 million, compared with net income of $500,000 in the quarter a year earlier. The loss included $21.6 million in reserves related to restructuring, legal costs and inventory.
Full Article
ITT SAYS PURCHASE OF ITALIAN HOTEL CHAIN IS IN DOUBT
Date: 22 April 1994
By Bloomberg News
Bloomberg News
The ITT Corporation said yesterday that its $535 million purchase of the Italian hotel chain, Ciga Hotels S.p.A., might collapse because increases in Ciga's stock price had made it unlikely that a group of creditor banks could fulfill their agreement to deliver 50.1 percent of Ciga's shares. As a result, Sheraton Hotels, a unit of ITT, yesterday recalled all employees who had been overseeing the transition at Ciga's 35 hotels in Europe. Sheraton has offered 740 lire, or 46 cents, a share, for the debt-laden Ciga. But the value of Ciga's stock has reached 1,300 lire in heavy trading during the last six days on speculation that Sheraton might increase its offer, a spokesman for ITT said.
Full Article
JOINT VENTURE TO DEVELOP VIDEO, PHONE AND DATA SYSTEM
Date: 21 April 1994
By Bloomberg News
Bloomberg News
The General Instrument Corporation and the DSC Communications Corporation announced a definitive agreement yesterday to develop a telecommunications system that would blend video, telephone and data services. The effort could enhance the prospects of both companies to crack the multibillion-dollar market for upgrading telephone networks and cable systems to provide simultaneous video, data and voice communications. Called Cablespan, the system will combine DSC's fiber-optic system -- now primarily used by telephone companies -- with General Instrument's broadband telecommunications architecture aimed at cable television operators. DSC's stock rose $2.125, to $55.50, in Nasdaq trading, and General Instrument's stock fell 75 cents, at $47.125, on the New York Stock Exchange.
Full Article
FLEET'S CHAIRMAN HAS 'OPEN MIND' ABOUT MERGER
Date: 21 April 1994
By Bloomberg News
Bloomberg News
Fleet Financial Group Inc.'s chairman and chief executive, Terrence Murray, said yesterday that he had an "open mind" about merging with another banking company. Mr. Murray told shareholders that "it is fair to say that every major financial institution is on our computer screens" as a potential merger partner. Fleet Financial, of Providence, R.I., the nation's 15th-largest banking company, is said to have discussed a merger with the Bank of New York Company, the NationsBank Corporation, and the BankAmerica Corporation in the last six months. Mr. Murray would not comment on the reports. Shares of Fleet Financial fell 62.5 cents, to $37.375, on the New York Stock Exchange yesterday.
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FIGGIE PLANS TO SPIN OFF RAWLINGS SPORTING GOODS UNIT
Date: 21 April 1994
By Bloomberg News
Bloomberg News
Figgie International Inc. plans to raise as much as $132 million through a public sale of stock in the Rawlings Sporting Goods Company. Figgie, of Willoughby, Ohio, plans to sell 7.8 million shares of Rawlings stock for $15 to $17 a share, according to a filing with the Securities and Exchange Commission. The sale represents Figgie's entire interest in Rawlings. Rawlings's income before interest and taxes totaled $6.9 million in 1993, down from $11.9 million in 1992. Net revenue rose to $139.5 million from $135.4 million.
Full Article
A Builder Is Accused
Date: 21 April 1994
By Bloomberg News
Bloomberg News
A German property management company has accused the vanished construction executive Jurgen Schneider of embezzling millions of marks in rental payments. In a criminal complaint to the Frankfurt public prosecutor, Maedler K.G., operator of one of Mr. Schneider's developments, contended today that Mr. Schneider pocketed millions in rental income.
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Volvo to Focus on Vehicles
Date: 21 April 1994
By Bloomberg News
Bloomberg News
The president and chief executive of Volvo, Soren Gyll, said today that the company would put all its efforts and financial resources into its core vehicle operations and sell or spin off its other operations. In a speech at Volvo's annual shareholders meeting, Mr. Gyll said the changes would be completed in 1996.
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