The Cincinnati Enquirer from Cincinnati, Ohio on September 29, 1983 · Page 52
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The Cincinnati Enquirer from Cincinnati, Ohio · Page 52

Cincinnati, Ohio
Issue Date:
Thursday, September 29, 1983
Page 52
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Thursday. September 29. 1983 THE CINCINNATI ENQUIRER BUSINESS C-11 BU Business Digest MGIC Being 'Monitored' By Potential Suitor ; A large insurance firm has said it may be interested in buying MGIC Investment Corp. from Baldwin-United-but not for a long time. Northwestern Mutual Life Insurance Co., which, like MGIC, is based in Milwaukee, said it is "monitoring" the situation. But John Caspari, a spokesman for Northwestern, said the firm wouldn't consider making a bid before Baldwin's financial reorganization is complete. Baldwin, which bought MGIC last year for $1.2 billion, filed for bankruptcy Monday. "We're not poised to make an offer," Caspari said. "It would be impossible to assess MGIC's attractiveness as an investment until then." Caspari said Northwestern has assets of $14 billion, making it Wisconsin's largest financial services firm. Stock Market Drops For Second Day In Row The stock market posted its second straight loss Wednesday in a relatively quiet session on Wall Street. Brokerage and financial-services stocks, among Tuesday's most notable losers, encountered more selling. The Dow Jones average of 30 industrials dropped 6.00 to U41.97 on top of Tuesday's 12.80-point decline. Volume on the .New York Stock Exchange totaled 75.82 million shares, down from 81.10 million in the previous session. Analysts said the market had been ripe for some selling after a 45-point runup in the Dow Jones average from mid-September through Monday. The advance ' carried the Dow Jones industrials to record highs, but the broader measures of stock price trends did not surpass the peaks reached three months ago. Gannett Won't Buy Television Station The Gannett Co. and the Chronicle Publishing Co. of San Francisco announced they have called off their earlier agreement for Gannett to acquire KRON-TV. A Joint announcement by the two companies said they "have mutually agreed" to cancel the proposed transaction. Gannett Broadcasting Group President Jeff Davidson said Chronicle officials had decided KRON-TV is no longer for sale. When the agreement in principle was originally announced, it called for Gannett to pay approximately $100 million in cash and transfer its Oklahoma City station, KOCO-TV, to the Chronicle company. Senco Products Reorganizes Structure Senco Products Inc. stockholders approved the formation of a new parent company, called Sencorp. Effective Oct. 1, Senco Products Inc. will be a wholly-owned subsidiary of the new firm. George C. Juilf s, president of Senco Products, said employee policies, benefits and other procedures will not be affected by the reorganization. Carlisle Says Sales Up But Profits Down Cincinnati's Carlisle Corp. announced projected sales of $107 million for the third quarter ended Sept. 30. The comparable figure last year was $92.6 million. But Carlisle President Malcolm C. Myers told a group of security analysts Wednesday he expects earning to decline as much as 20. Myers cited competitive price pressure for specialty wire and cable products and magnetic computer tape as reasons for the earnings decline. Two Local Banks To Offer Use Of Electron Visa Card BY JIM SHELTON Ehquirer Reporter Fifth Third Bank and Central Trust Co. have agreed to participate In a program to Introduce electron Visa cards In the Cincinnati area, spokesmen for the banks said Wednesday. r lThe electron card is the first global payments device designed only for electronic use in automated teller machines and merchant terminals. The card contains three card-reading technologies, making it adaptable to the general retail, supermarket and banking Industries. i The pilot program is scheduled to begin In selected areas of Ohio, Florida, Oregon and the Washington D.C. area, according to Fran-cine B. Schall, vice president of VlsaU.S.A. " "WE'VE AGREED to Join the. group," said Harold Glrkin, senior vice president at Fifth Third. "We think this looks like a good Idea." Because all electron transactions will be computer authorized, banks can issue the card to a broad customer base. When used widely, the electron card will reduce check volumes and provide greater control over fraud losses, Visa said. I A E. rx Thank you for your patronage over the past TO years. Lome in Friday, September 30. and have vour first draft beer or cocktail at "Very Old Fashion prices. In addition, our homemade Dutch Apple Pie will be served with our compliments with each lunch and dinner. FALL SPECIAL! Greater Cincinnati Airport Applies to first day of three day or longer rental. Applies to all cars weekdays & weekends. "X For HtumtioM (606) 283-3571 J REWT-A-CARj Clay Stinnett, senior vice president for retail banking at Central Trust, said his company had no plans to Issue the cards for several months, but does plan to get Involved eventually. The company wants to find the correct customer market for the cards and plan accordingly, Stinnett said. Fifth Third is also conducting preliminary research before Its first "limited issuance," Glrkin said. SCHALL SAID Visa expects 5 million cards to be in use by mld-1984 and 30 million within the following two years. The program will expand to about 10 regional markets. The objective of the program Is to validate the efficiency, security and improved customer service which is anticipated from electronic transactions. r-THURSDAY'S DEADLINE? -i Ute Our Temporary Bookkeeper., Accountant!, EDP Pro't , Word Procewor acwimlemps Downtown 621-8367 Tri-County 772-8367 N. Kentucky 431-8367 SPECIAL PURCHASE EPSON RXS0 a m MM fff'l 1 1 1 1 1 LIMITED QUANTITIES DAISY WHEEL LETTER QUALITY 17 CPS BIDIRECTIONAL LOGIC SEEKING INTERCHANGEABLE WHEELS CR-1 $743 CR-II Phone 721-0077 CDrVyFLJTZ."3iETC ON THE SKYWALK BETWEEN STOUFFER'S & RACE ST. nnKsWjawaBMB Baldwin Biggest Case For U.S. Judge BY WAYNE BUCKHOUT Enquirer Reporter The 33-year-old Judge who will untangle the financial affairs of Baldwin-United Corp. has handled only three business reorganizations of more than $1 million in his brief term on the bench. Randall J. Newsome, who will complete his first year as a U.S. Bankruptcy Court Judge on Oct. 15, is nonethless determined not to let his lack of experience affect the disposal of a case that promises to become one of the most complex reorganizations in U.S. history. Baldwin's assets were $9.4 billion at the end of 1982. "My responsibility is to put all the energy I have into carrying out my responsibilities in this case," Newsome said. "Whether I get a wonderful reputation or not isn't of much concern to me." Newsome said he didn't ask for the Baldwin case just as he never seriously contemplated a Judicial career until U.S. District Court Judge Carl Rubin called and urged him to apply for the opening created by the May, 1982, death of Judge Leonard Gartner. IN CINCINNATI, Chapter 11 business reorganization filings are divided between Newsome and Judge Burton Perlman by drawing slips of paper bearing each judge's initials from a box. Judge Perlman had been getting a disproportionate number of the cases drawn recently, New- Pride Cast Medals Gets $417,000 Loan The Development Financing Advisory Board approved Wednesday a $417,000 loan at 7 for 12 years to Pride Cast Metals Inc. of Cincinnati. The loan money is earmarked to help buy buildings, make improvements and purchase equipment at another plant owned by O.P.W., a division of Dover Corp. The advisory panel, In a separate action, disapproved in a 3-3 vote a $850,000 loan to Goodall Properties Ltd., another Cincinnati firm. The company sought the loan in part to renovate its building in the Queensgate II area. The project would have created 124 jobs. The matter is subject to reconsideration later. UNIVERSITY COLLEGE OF CONTINUING EDUCATION A Non-Credit Course SELLING AND PERSUASION Begins October 8, 2 Sessions Saturdays 9:00 a.m. - 4:00 p.m. Call 745-3335 for Information O Advertisement Local Store Offers Free Horn e Com p u ter With Carpet Purchase The personal computer, which is rapidly becoming as Indispensable a fixture in the American home as the microwave oven and the TV set, will be the focus of attention at Harry's Corner's four stores for two weeks beginning September 23rd. Reason? During this period, the well-known carpet store is offering a FREE Texas Instruments home computer and a software cartridge on home finances to anyone who purchases fifty sq. yds. or more of carpet made of Antron nylon, the fiber that resists soil and static shock. Of fer ends October 8th 100 CPS BIDIRECTIONAL SUB & SUPERSCRIPT EMPHASIZED, CONDENSED, ETC. GRAPHICS CI 2 CPS) '593 IN STORE FINANCING h t - -rtgBT- (-v JUDGE RANDALL NEWSOAAE . . . to handle Baldwin case some said. When four of Baldwin's creditors filed a Chapter 11 petition against the company in Cin-' cinnati Monday, "There were a lot more RJNs than BPs in the box that's how I got this case." Newsome admitted some nervousness about wading through more than 200 Baldwin subsidiaries on a chart that rivals video games in complexity and transactions that, according to Baldwin President Victor H. Palmieri, "surpass the minds of men." "I don't think you can have a case like this filed and not have apprehensions about it," Newsome said. THERE ARE "one or two" U.S. Bankruptcy Court Judges younger than he, Newsome said, but he hasn't looked to see whether they are handling cases as complex as Baldwin. But friends and colleagues say he is a well-trained lawyer with all the determination and intellect needed for the assignment. "I can think of no one who is better equipped for the Job," Rubin said of Newsome, his former law clerk. "He was maybe the best clerk I ever had a most extraordinary person who was always prepared to say 'You're wrong' if I was and many times he convinced me." Newsome, who was reared on a farm outside the Dayton suburb of sn I NEW! RADIO SHACK'S WHISPER-QUIET TRS-80 COLOR INK JET PRINTER Cat. No. 26-1268 High-Resolution Text and Graphics Prints in Seven Colors Uses Replaceable Ink Packs NEW! TRS-80 7QQ00 if TS-V XV-V Cat. No. 0T 06.1257 AS LOW '45 PER MONTH DWP-210 Prints Over 200 Words Minute Clean, Sharp Characters Give "Electric Typewriter" Look Uses Interchangeable 100-Character Printwheels 7 Computer Centers () and Expanded Computer Departments to Serve You Better OHIO Fairfield, 7255 Dixie Hwy Cincinnati. 9725 Montoomerv Cincinnati, 16-18 Convention Way (onSkvwalk) Cincinnati, Beechmont Mall Hamilton, Hamilton Center West A DIVISION OF TANOV CORPORATION .Mt AW . atAfr. ."f J6b jjttot.jfto. -J.,JB j3fr Vandalia, "wanted to be a lawyer from the time he was eight years old," according to his mother, Sultana Newsome. "He was always very interested in what young minds were doing or saying," she said. David DeVita, who became a close friend of Newsome's when both worked at the Cincinnati law firm of Dinsmore & Shohl, described Newsome as "Intelligent, decisive and hard-working, with a good sense of fairness." DEVITA SAID Newsome handled a great deal of labor and affirmative actions cases during their early years at the firm-always on management's side and often for Dismore & Shohl client Procter & Gamble Co. Later, New-some went on defend insurer Liberty Mutual Insurance Co. against asbestos manufacturers claiming the insurance company should pay claims filed by asbestos workers who became ill from contact with asbestos fibers. Newsome has little financial and no business background, other than that he collected as a lawyer. And he says he knows nothing of Baldwin-United's problems other than what he has read in the newspapers. He adds, however, that from the press coverage "You'd have to be awfully ignorant not to know what was going on up on Gilbert Avenue," Baldwin-United's headquarters. Newsome was graduated from the University of Cincinnati Law School in 1975 after earning a political science degree from Boston University, where, he admits only after prodding, he earned a Phi Beta Kappa key. "He's not the kind of guy who sits around and tells you he's done Hospital Goods Strong demand for Hill-Rom hospital equipment and "significant increases" In sales and profitability at Batesvtlle Casket Co. contributed to an 11.7 gain In revenues at Hillenbrand Industries for the third quarter, company officials announced. The companies, both subsidiaries of Batesvllle-based Hillenbrand, registered record performances for the period, the company said, noting successful marketing progrms and opera AS LOW AS '41 PER MONTH A drop-on-demand ink-jet printing system that lets you quietly print text and graphics in yellow, violet, red, green, cyan, magenta and black! A screen print utility allows spectacular multi-color printouts of TR&80 Color Computer displays produced from any graphics program. DAISY WHEEL PRINTER T r:::::;;;::.., AS Per Now you can have full-featured letter-perfect printing at an incredibly affordable price! Ideal for use with Radio Shack's SCRIPSIT15 and SuperSCRIPSIT word process ing programs. Printwheels lation. 10 or 12 characters 793-8688 (14 mi. North Franklin, Towne 381-4664 KENTUCKY 232-0220 Florence, 7727 863-7219 PRICES j6k-iJ&Ml&LjJ0t, . vb4 JI&td0BiM this and that," Roger Makley, a -Dayton lawyer and close personal t friend said of Newsome. - THE JUDGE is single, earns" nearly $60,000 a year, recently pur-! chased a home In Kennedy Heights and plays golf to about a 10 handicap, a figure he expects ! will double as the Baldwin case consumes more of his time. ",; A patron of the arts, Newsome regularly attends the Cincinnati Symphony and serves on the sym- I phony's corporate sales commit- tee. He reads often, favoring "old j stuff" like Steinbeck and Hemlng- way. ; Newsome said he expects to add more accounting and flnan- cial tomes to his reading list to-T prepare for the Baldwin case, but won't try to become expert in el- ther area. He doesn't expect any relief from the other bankruptcy case&t on his docket because of Baldwin, " but said he's determined to make -sure that the court clerk's office Isn't Inundated by the sheer col u me of filings anticipated In ' the case. HE'S PUSHING for at least two more clerks in the court clerk's office, plus some document retrelval system more sophisticated than the aging Xerox machine thft; court relys on now. Beyond that, he says, he hopes the case will finally prod the government to buy him a word', processor he and Judge Perlman' can share. His assistant's correcting typewriter probably won't be , enough to handle the volume of paperwork the Baldwin case. "There are darn few cases that ' have more zeroes behind It thari this one," he said. Boost Revenues tional efficiencies at Batesvllle, Casket. Another subsidiary, American Tourlster, suffered lagging sales until the end of the quarter, but . officials said they expect contlnu-, ing Improvements In luggage sales through 1984. ; Qlr. Augl 1983 1983 Chfl. Revenue 104,467 (93,485 11.7 Net Income 9,468 S7.2IB 431.1. Per Share $ 94 $.72 i 30.5 Nine Months Revenues $31110 1292,785 -i.S Net Income $24,63 121,816 -t 13 Per Share 2.44 12.18 12.8 000 omitted. SALES LEASING SERVICE TRAINING CGP-220 H",ML,1M 'f7.ll till simply "drop-in" for easy instal per inch, or proportional pitch. of I-275) 874-5994 Mall 423-8468 Mall Rd 371-2811 APPLY AT PARTICIPATING STORES ANO DFALFRS

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