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Date: 19 August 1993
By Bruce Lambert
Bruce Lambert
Robert C. Maynard, a trailblazer for minority journalists who was the first black editor and owner of a major daily newspaper in the United States, died at his home in Oakland, Calif., on Tuesday. He was 56. He died of prostate cancer, a family spokesman said.
Date: 19 August 1993
By Walter Goodman
Walter Goodman
High among the reasons given by Palestinian deportees for accepting Israel's offer to let about half of them back into the occupied West Bank and Gaza next month was the deportees' lack not of food or shelter but of coverage by the news media, meaning television. The hundreds of men stranded in rough country between Israeli and Lebanese army checkpoints aroused initial sympathy from television news, but viewers have not seen much of them in recent months. A Palestinian spokesman attributed the diminished attention to a purposeful blackout by the United States, but it probably has more to do with the competition for the camera's interest in a time of upheaval around the globe and hard going at home, and possibly with a developing viewer resistance to powerful images on the screen.
Date: 19 August 1993
By Thomas J. Lueck
Thomas Lueck
Seth Kantor, a Washington correspondent whose steadfast refusal to disclose his sources led to court tests that defined the concept of "qualified privilege" for journalists under the First Amendment, died on Tuesday while undergoing tests in a Washington hospital. He was 67. The cause was cardiac arrest, the hospital said.
Date: 19 August 1993
By Bloomberg News
Bloomberg News
Citing the need to cut costs in the midst of a paper industry slump, Bowater Inc. said it would close certain paper-making operations at its mill in Millinocket, Me., putting 200 people out of work. The company, based in Greenville, S.C., said it would take a $10 million pretax charge in the third quarter to cover the cost of the closings. The layoffs will take place over the next 12 months.
Date: 19 August 1993
By Bloomberg News
Bloomberg News
Moving beyond its Pennsylvania base for the first time, Keystone Financial Inc. signed a letter of intent yesterday to buy WM Bancorp, Cumberland, Md., in a stock swap valued at about $69 million. After the acquisition of WM Bancorp's 21 offices, Keystone Financial will have a total of 115 offices in Pennsylvania, Maryland and West Virginia. Keystone's shares closed down 25 cents at $29.50 in Nasdaq trading yesterday.
Date: 20 August 1993
By Bloomberg News
Bloomberg News
The Aritech Corporation of Hickory, N.C., agreed yesterday to be acquired by a subsidiary of the privately held Berwind Industries for $6.25 a share, or about $21 million. Aritech, a maker of home security products, had sales of $60 million in 1992. Aritech's stock price soared $2.375, to $6, in Nasdaq trading, where the 66 percent gain was the biggest of the day.
Date: 19 August 1993
By Bloomberg News
Bloomberg News
Kohlberg Kravis Roberts & Company said it planned to cash out part of its $1.9 billion investment in Autozone Inc., one of the first major leveraged buyouts in the United States. Autozone, a Memphis-based chain of 723 auto replacement part stores, filed with the Securities and Exchange Commission to sell 5.5 million shares in a secondary offering. Kohlberg Kravis took the company public two years ago at $23 a share. Those shares are now trading above $50.
Date: 20 August 1993
By Bloomberg News
Bloomberg News
The Norfolk Southern Corporation has offered 600 nonunion employees a voluntary retirement program. Norfolk Southern, which owns the Norfolk Southern Railway, said about 13 percent of nonunion employees who are age 55 or older this year were eligible. A company spokesman would not speculate on how many employees would accept the offer. Shares of Norfolk Southern rose $2.125 yesterday, to a 52-week high of $69.625, on the New York Stock Exchange.
Date: 20 August 1993
By Bloomberg News
Bloomberg News
The stock price of Clayton Homes Inc. continued a two-day slide that began after two of its directors resigned over the handling of a two-month-old Tennessee sales tax investigation. Investors apparently are worried that similar investigations may sprout in other states. The stock fell as much as $4.875 yesterday before closing at $25.25, down $2.625, on volume of more than 1.82 million shares. Since closing at $30 on Tuesday, the stock has fallen 15.8 percent.
Date: 20 August 1993
By Bloomberg News
Bloomberg News
National Medical Enterprises Inc. of Santa Monica, Calif., has filed suit against 19 insurance companies, charging that they were harming its business by ducking payment of legitimate mental health care claims. The action is the latest in an exchange of suits that began last July, when insurers filed multimillion-dollar complaints against National Medical charging widespread insurance fraud in the operation of its psychiatric hospitals.