Nevada State Journal from Reno, Nevada • 26

Business 10B riday August 26 1983 Gazette Journal ini' NV 5 Also 11 Please call with Information Bus Phone State Zip SALE 3295 SALE 2395 A member of the Sears inancial Network OSBORfl mOTORS A I i I I I I I I I I I I I I I I I banl Hnaid mei 437 South sierra Street Reno Nevada 702322 7765 1625 Sahara las Vegas Nevada 702737 5666 7107 Thomas Rd Scottsdale Arizona 602946 5492 Las Vegan signs casino lease LAS VEGAS (UPI) Veteran Las Vegas casino operator Jackie Gaughan this week signed an 18 month lease with an option to buy the now closedGold Spike Hotel Casino downtown Gaughan signed an agreement Wednesday with Nevada Savings and Loan to lease the seven story 100 room hotel and casino located at ourth and Ogden streets and said he would take a look at the profit potential before deciding whether to pur chase the property payroll but Riklis said Wednesday he envision many layoffs He also said he did not plan to sell the 1200 room resort State Gaming Control Board Chairman Jim Avance said Thursday agents are monitoring the cash flow to make sure there is enough money in the casino to back outstanding wagers But he said the resort is solvent Avance said a couple of small casinos have filed for bankruptcy since the Mapes fiasco last Decem ber He added there were no problems in either of those cases although the Riviera is much larger Last December the Mapes and Money Tree casinos suddenly closed leaving nearly 500 employ ees out of work and without two pay The closing left a number of questions about the two oper ations the most important being whether it had an adequate bankroll The clubs should have had about $500000 on hand which would have covered out standing wagers as well as pay But it and that revelation stunned the gaming enforcement establishment Gaming Control Board members admitted at the time newly licensed casinos are bound to maintain adequate bankrolls but established clubs Another problem is that under law the bankruptcy 75 DODGE CLUB CAB G422B 4WD 34 ton 8 Auto Air 2 gas tanks Was $3895 ird is following all its legal require uie xuviera DEAN WITTER SEMINAR: TUESDAY AUGUST 30 4 30 PM WEDNESDAY AUGUST 31 6:30 PM WASHOE COUNTY LIBRARY 301 CENTER ST PONTIAC BUICK OLDSMOBILE GMC TRUCKS In Reno 322 0048 In allon 423 5188 or 423 5858 i 270 Williams 21 50 Reno Highway allon Exchange of shares for units of the und is generally tax free You can sell your units back to us at any time at a price that will reflect the market value of all eight companies Plus you can get your shares back in any combination of the companies until July 1 at no additional fee may be splitting up but Dean Witter can spare you the pain and inconvenience To get the entire story on keeping your investment whole ask your Dean Witter Account Executive send in the coupon or attend our seminar 77 DODGE I DIPLOMAT B3050A 2d Auto Air Tiit Cruise Was $3695 Dean Witter can keen the breakupjrom breaking up your stock 1983 CLEARANCE Entire inventory of new cars and trucks are priced to sell are on the way! ORDER YOUR right design your new car or truck We know we can save you Bally to buy game assets NEW YORK (AP) Please send me your free Information package for Personal Investment Trust unds Pension ira Keogh Res Phone Name Address City 437 South Sierra Street Reno Nevada 702322 7765 1625 Sahara Las Vegas Nevada 702737 5666 7107 Thomas Rd Scottsdale Arizona 602946 5492y I I I I I I I I I I I I I I I I I I I I I I I I I RENO NV SEND COUPON OR CALL 329 3474 judge usually has control over a finances' leaving gaming regulators on the sidelines However in the case the Gaming Con trol Board is working with the judge to assure protect tion of the employees Control Board members are under a directive from state Gaming Commission Chairman Paul Bible who said during a meeting last week that he wanted a pol icy to deal with cases like the Mapes we have the before another big club falls into bankruptcy Asked about the Riviera throwing in the towel before that policy was formed Bible said think what I said at the commission hearing is sufficiently evident I expect them to develop a policy and sure under Avance said it was but the Riviera is getting his special attention He said the board learned costly but valuable lession with and that it has a good rela tionship with the bankruptcy judge do not anticipate any he said yarned a lot through the problems with other 1 Bills coming Due? NOW EARN GUARANTEED RATE PAID MONTHLY On 1st or 2nd Trust Deeds secured by prime Nevada Arizona properties Ideal for private investors trusts or pension plans NO EE $2500 MINIMUM 1984 life is going to get very complicated for shareholders Suddenly own shares in a smaller and seven regional telephone companies ortunately Dean Witter has a way to keep your investment in one Diece And keen votir life simnle Just exchange your shares for units of the new Equity Income und Each share gets you one unit of the und After the breakup each unit will represent all eight of the companies in the same proportion as received in the breakup It will be almost as if the breakup never occurred Exchanging your shares can be as easy as phoning a Dean Witter Account Executive And here are the benefits: Own one certificate instead of eight Get a single dividend check every month instead of quarterly checks from eight sources Your investment stays together no matter how many shares you own NEW YORK (AP) Sega Enterprises LtdGulf Western Indus Japan based com tries Inc said Thursday pany is not affected by it agreed to sell the the transaction and willdomestic coin operated continue its manufactur game assets of its 90 per ing and arcade opera cent owned Sega Enter tions prises Inc to Bally Man luaciuniig voi inancial terms werenot disclosed Barry Diller president xf Gulf and com munictions group and chairman of ParamountPictures said the com panies also agreed to jointly establish a research and develop ment unit The products would be manufactured and distributed in coin operated games by Bally and in consumer games by Sega Diller said the deal would capitalize on strength in manu facturing and distribution while allowing Sega to concentrate on the crea tive and development aspects Robert Mullane presi dent of Bally said the agreement enhance the position of Bally in the coin operated amuse ment game 1 The deal is subject to writing of a final con tract and approval of the boards of directors Gulf Western said it expected to com plete the deal by next week Mixed stock prices stop downward trend NEW YORK (AP) Stock prices turned in a mixed showing Thursday braking the slide of the past two sessions but failing to muster any strong rally Trading continued at its recent sluggish pace The Dow Jones average of 30 industrials off 1890 points Tuesday and Wednesday recovered 81 to 118506 Most other market indicators posted mod est losses Volume on the New York Stock Exchange came to 7014 million shares against 7220 million Wednesday US Steel dropped to 26 in active trading The company announced a price increase of about7 percent for its sheet and strip steel products Among other actively traded blue chips Interna tional Business Machines lost to 116 SearsRoebuck to 35 and American Telephone to (64 General Motors was unchanged at 67 Eastman Kodak by contrast rose 1 to 69The company said it believed its results (will bottom this year but added that process is not yet Court to consider bidding issue RANCISCO (UPI) The state Supreme 'Court agreed Thursday to decide whether auction eers can bid for their own property to jack up sell ring prices Reno headquartered Nevada National Leasing iCo sued Lee Hereford for refusing to pay for two backhoes and a trailer he bought at a November 1976 auction Hereford had learned that auctioneer Cliff Schick allowed the company represented by 'William Linke to bid on property it never intended 'to purchase companies to raise prices WASHINGTON United States Steel Corp and Bethlehem Steel Corp the industry giants Thurs day announced they would raise by 7 percent the price of sheet stfeel the major metal in automobiles and appliances' The announcement was the third price increase by a ma jor industry in as many days The Washington Post Gaming officials act to protect employees By KEN MILLER State gaming regulators still leery about last financial collapse of the Mapes and Money Tree casinos in Reno are moving to protect the bank rupt Riviera Hotel 1500 employees In a move that could set a precedent if other large casinos file for bankruptcy state lawyers met with a Las Vegas bankrupcty judge Wednesday and Thurs day to discuss the Riviera The Las Vegas Strip resort filed a Chapter 11 bankruptcy petitition Wednesday to allow time to restructure its debts The decision stalls foreclosure by the largest creditor the Nevada Public Employees Retirement System PERS claims the Riviera has defaulted on its $56 million loan which totals closer to $70 million with interest The Riviera made a payment to the $1 billion private fund since January In announcing the bankruptcy filing Riviera Chairman Meshulam Riklis vowed to sink $1 million into the club immediately and $10 million a year for the next 10 years if necessary PERS denied request to lower the 17 percent rate on the Riviera loan The Riviera spends about $2 million a month on its Attorney gets state OK to buy Landmark LAS VEGAS (UPI) Attorney Bill Morris was granted state approval Thursday to buy the space needle shaped Landmark Hotel Casino for $184 million if an Ohio federal bankruptcy court approves the deal Morris said he would begin operating the 450 room hotel Sept 1 and said eventually the resort would be expanded to 1100 rooms The Landmark located one block east of the Las Vegas has been operated by Toledo Ohio court appointed trustee Patrick McGraw in recent months after owner Zula Wolfram was ordered to surrender her interest Mrs husband has pleaded guilty to defrauding his Toledo brokerage firm Of $47 million and the Wolfram investment in the Landmark must be sold to make up some of the bro kerage company losses Morris a former University of Nevada regent told back to back meetings of the Nevada Gaming Con trol Board and Nevada Gaming Commission Thurs day he expected the Ohio US Bankruptcy Court judge to approve the transaction Aug 30 The Control Board imposed six conditions upon Morris including Ohio bankruptcy court approval Morris also must post a bond to cover a two week payroll and maintain a casino bankroll yet to be established by the Control Board The $184 million purchase price includes $42 mil lion to the bankruptcy trustee $42 million to buy out Passport Travel of Kansas City Mo which owns 187 percent of the Landmark and Morris assumes a $10 million debt owed to Summa Corp Mrs Wolfram purchased the Landmark from Summa Corp the holding company for the late Howard Hughes in 1978 Morris initially is borrowing $75 million from Nevada National Bank DEAN WITTER REYNOLDS INC Member sipc DUD sivuthSTEVE mohtensen 299SARLIGTON RENO NV 89505 Please reserve seats for Tues Wed Name Address Cl7 State Zip Code Business phone Homephoiie If you are currently a Dean Witter client please indicate your Account Executives name and office: beautiful but not in 1 "it llldllllludd'' 7 Boston (AP) Love in the board room standing these women arfln partners in an i creating new problems for business as women affair rather than the object a sexual fling' I climb the corporate ladder 'says a Harvard Busi ii "a But such relationships can cause jitters among ness Review editor who thinks companies should other workers i1 i a 8 heart between their executives i4 If they fancy themselves as proteges they will redirecton of the' affection as i In her article' Managers and in the a Ms Collins writes will be jealous upcoming September issue of the Harvard Busi and angry and feel abandoned To alleviate these ness Review Eliza Collins warns that love affairs feelings politicize them and assert that the between executives can ruin careers disrupt the affair disrupts the social power structure and even causeThe informal communication net domes ticpro blems for other employees1'' work may also break down as workers choose "i7 It disruptive on different says "Ms: 1 sides There will be fewer gripe sessions and less Collins the very least it is very disruptive of honest dialogue 1 informal communications networks It affects The affair may also affect the home life of other to executives especially if one or both of the These affairs can have such a widespread effect lovers are married" j' on a operations that Ms Collins sug i executives of a company and their 5 gests the less valuable of the two lovers leave the spouses get together on social occasions and the In most cases that means the woman lovers' appear couples whose marriages are' 1 8 without elaborating J' ii shaky 'can become anxious and angry 1 i they are going to both stay1 in the organiza Ms Collins says these affairs create big head pl non the anxiety of the other people is going to put aches for top officers who face the options of get 1 'ijthe romnce under more And more sheSiting involved in their personal lives Prtoers will begin to believe what Ms Collins recommends' that managers confront i' other people were saying that she is using sex the problem from a business viewpoint treating 4 as a way of advancement and that he is just havr an affair between two executives as a conflict of midhfe dalliance 'r 1 "lit'ii 1 Cite samples of cofporlatei Managers should make the lovers see that they A Jove without' naming the companies or people cannot be objective in business decisions when J1 involved Tn each case she said the Women even someone they love might be hurt by its outcome ir 'i tually Jeft i foe firm and married their company Ms Collins suggests companies issue state But the happy endings often fallowed longt'' meats of policy that view executive affairs as Priods7 interoffice gossip and backbit business conflicts and warn that the lower rank jW ta WMing person must go Ms Collins says the incidence of such problems1 matter how much everyone understands I is growing as more and more women join ithe beauty of a love relationship it survive 'U i executive ranks With better education and sociali'i'it the less valuable person a1 'i 1 ZtI ''1 A i't i j1 J1 1 fi4 1 USED CAR TRUCK SPECIALS 78 CHEVY MONZA COUPE 003 6 Auto Air Was $3895 SALE 2495 The value of your investment will fluctuate according to market prices of the underlying 8trck The und is no sponsored or affiliated wilh or any of iu affiliates I'n'lM1 irrniUtfi 7 Aa ONE SHARE aSi 1 a eo1 ((Ml 1 Mi Cyl 3m i yr ntrir'i Ki.