The Palm Beach Post from West Palm Beach, Florida on March 28, 1998 · Page 27
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The Palm Beach Post from West Palm Beach, Florida · Page 27

West Palm Beach, Florida
Issue Date:
Saturday, March 28, 1998
Page 27
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A PAGE 6B SATURDAY, MARCH 28, 1998 Codes for 24-hour financial updates Page 7B The Palm Beach Post BUS Marie giving up driver's seat of bus charter company Miami, he said. Tippett's son, a brother and two grand The new owner, Coach USA, owns and operates buses in 22 of the 25 largest cities in the United States. By Sanjay Bhatt Palm Beach Post Staff Writer manage the company she founded in 1983 with one $285,000 bus. She and her family will continue to own and operate Tippett Travel Inc. "It's wonderful because now I don't have to worry about taking orders and getting parts," said Tippett. Coach USA (NYSE: CUI, $45) hasn't announced the deal, but a company source confirmed it Friday. Tippett said the company grossed $2.5 million last year and was profitable, but she declined to say how much it made. Last year, the company bought a fleet of bus companies: Le Bus of Miami and Orlando, World Transportation of Orlando, Gray Line of Orlando and Fort Lauderdale, Classic Lines of Hialeah and Golden Isles Coaches of Jacksonville. Coach USA also bought two taxi companies, P&S Transportation of Orlando and Metro Transportation Services of Miami. Please see MARIE'S 13B daughters help run the business. Tippett said Coach USA will pay a "very fair" price for the company, and the new owner's nationwide network will keep her busy through the slow summer season. Coach USA was founded in 1995 "as a shell company with a view to consolidating the motorcoach industry," said Doug Cerny, senior vice president and general counsel. It entered Florida in August 1996, when it bought American Bus Lines of based Marie's Charter Bus Co. to Coach USA of Houston for an undisclosed amount. Coach USA, an aggressive startup, owns and operates more than 3,400 buses and other high-occupancy vehicles in 22 of the 25 largest metropolitan markets in the United States. The name on Marie's 28 buses won't change, and Tippett will stick around to LAKE WORTH Those ubiquitous "Marie's" buses will get a new owner Monday when a national charter company rolls into town and buys the 15-year-old family-owned business. Yes, there really is a Marie Marie Tippett and she's selling Lake Worth- Shopping in The Great Indoors i . i .. ! (. V r w . 4 r v l a a i - ft ..... f' , " I ' t :.: V i : l - ' 4. J Boca-based VOC faces dumping charges VOC has been charged with illegally disposing of five 30-gallon drums of methylene chloride by falsely labeling them as biological waste. : .1 . .. . ' ' ( . J- V w1 - .,..;.,.J jUcijw-slj . . MteiM( Mi . ;rf, - fit. t ' " I . 1 ' - i f i t . ' I f 1 I X - v I, -www F ! 7 (f-l r , -i r::'..; - j i w -i ' t . - . 1 J 2 . 1 -f ' I U 11 pw? ff E ' I IV, I I j ; V .... CO' Oj': j cJy . THE ASSOCIATED PRESS HIGHLANDS RANCH, Colo. - Danene Hansen and her 9-month-old tomers who want the convenience of having all home items in a variety daughter, Anna, test flooring samples in The Great Indoors, a one-of-a- of price ranges under one roof. If successful, Sears hopes to open an-kind Sears home store in a Denver suburb. The store is targeting cus- other store this year and as many as 200 in the next decade. By Stephen Pounds Palm Beach Post Staff Writer BOCA RATON VOC Analytical Laboratories, a ; company that does environmental testing for other companies trying to comply with state and federal regulations, was itself charged with illegally dispos-I ing of hazardous waste, according to court papers" filed this month. I The charge couldn't come at a worse time. VOC, ; which does environmental testing of water, soil and wastewater for Fortune 500 companies and govern-. ment agencies, filed for Chapter 11 bankruptcy pro-, tection in February. The company's chief executive said the federal charges are overblown. "We're getting hosed here," Alex Moreno said. Two weeks ago, VOC was charged in U.S. District Court in West Palm Beach with illegally disposing of five 30-gallon drums of spent methylene chloride. The chemical is used in a process to extract pesticides and other compounds from water samples in environmental testing, said Karen Thompson, a state , environmental specialist. It also is a common solvent in paint strippers. Long-term exposure to methylene chloride can ; cause brain and liver damage, and may be cancerous, according to the U.S. Environmental Protection Agency. Lower exposure can cause headaches, fatigue and unsteadiness. In an inspection in April 1997, the state Department of Environmental Protection discovered that VOC was labeling the chemical as biological waste rather than as hazardous waste, Thompson said. The requirements are more stringent for hazard-' ous waste, Thompson said. Biological waste can be burned, but hazardous waste must be picked up by a certified hauler and taken to a designated hazardous waste treatment or storage site. The state ordered VOC to stop sending the chemical to South Florida incinerators. But according to court documents, the company was found illegally disposing of the chemical again on Feb. 4, and the EPA filed charges a month later. The agency said VOC was attempting to save money by having the methylene chloride incinerated. The company disputes the charges, but won't' fight them. Please see 0C13B PhyMatrix makes change r in its strategy For one, the firm will try to form partnerships with teaching hospitals -: to manage their physicians. By Phil Galewitz Palm Beach Post Staff Writer WEST PALM BEACH Just two years ago, Abe Gosman's PhyMatrix Corp. was riding high after one Intel's new CEO tenacious, in high gear Craig Barrett fits well in the chip maker's hard-driving corporate culture, taking risks with precise moves. By Mark Leibovich i s " -V The Washington Post Intel Corp.'s next chief executive tious and aggressive guy" and contrasted his own cautious style to his successor's proclivity to take risks. "His ambition has to be to take Intel up a level from the beginning of his domain to the end," Grove said. "I'm not once rode a bicycle 600 miles, from Utah to Mexico, a trip that peaked at an altitude of more than 9,000 feet. early leaders Robert Noyce, Gordon Moore and Grove. Industry watchers say Barrett's biggest challenge will be to forge an identity separate from Grove's while building on his legacy of unmatched prosperity. Tony Scott, technology director at A.T. Kearney Inc., an executive search firm in Redwood Shores, Calif., said he expects the transition to be seamless, though Barrett is hardly a Grove clone. "Craig is probably more driven than paranoid," Scott said. While Barrett lacks Grove's visionary stature, the company has entered a new phase suited to Barrett's skills, analysts said. "Barrett is a master of small steps Craig Barrett's career ascendancy at the computer-chip giant has fol Barrett lowed a similarly exacting path. He executive of the Santa Clara, Calif., company, whose chips are the brains in 80 percent of personal computers. While Grove is a computing pioneer and philosopher, Barrett is described by colleagues as a mechanical and methodical manager, the details lieutenant to carry out Grove's big and usually realized ambitions. "He (Barrett) treats Intel's manufacturing process like Stonewall Jackson's campaign in the valley," said Dan Hutcheson, a friend of Barrett's who runs a computer-chip research company in San Jose. "He makes his people march . . . farther than anyone else could." Grove called Barrett "a very ambi- thrived in a series of positions over two decades and, with his blunt and hard-charging style, came to personify Intel's hyper-driven culture embodied by the "only the paranoid survive" mantra sure exactly how he's going to do this. But that's his challenge." Grove is expected to remain active at Intel, retaining his role as the company's in-house visionary and freeing Barrett to keep his focus on the nitty-gritty. He is not expected to make major changes at the 30-year-old company, which has been dominated by its of chief executive Andrew Grove. Barrett, 58, reached his profes sional summit this week when he was appointed to succeed Grove as chief Please see WXVU12B G UL L Dow closed at: 8.796.08, down 50.81 NYSE composite: 569.80, down 2.41 ; Nasdaq: 1.823.62, down 4.92 Amex: 738.33, down 1.06 Toronto: 7.622.53, up 53.22 Dow: Minute by minute T f '"-., 900, I ! . I 1 1 1 1 L A I ot the year s most successful initial public offerings raised $107 million. With health-care magnate Gosman at the helm and the physician practice management in- K J ausirv Promising rocketing P -vr 7 I growth, Wall Street was in love. . 880 W -J 860 8840 800 V V 1780 J r- 1 1 1 1 1 10 11 12 1 2 3 4 a.m. p.m. Securities regulators unveil top 10 scams average investor faces By Marcy Gordon The Associated Press WASHINGTON State securities regulators have identified the top 10 frauds ensnaring average investors these days, including high-pressure telemarketing of risky stocks and scams using the Internet The list was released Friday by the North American Securities Administrators Association, known as N ASAA, in connection with the start of a joint government-business campaign for investor education. "America is facing a true financial literacy crisis, and what investors don't know can hurt them," said NASAA President Denise Voigt Crawford, who also is Texas' securities commissioner. "Wall Street can be a mean street for people who aren't careful with their money." With the stock market still booming, consumers need to get the facts, plan for the future and avoid fraud, state and federal regulators say. Led by the Securities and Exchange Commission, a lltasesee fVMifylM Considering an investment? Tips for investors from Denise Voigt Crawford, president of the North American Securities Administrators Association and Texas' securities commissioner: Get the facts by checking up on your investment professional, his or her firm or the investment product being offered by calling the appropriate local, state or federal regulator. Find out whether the investment professional is licensed to sell in your state and what, if any, disciplinary record he or she has. Hang up on aggressive "cold" callers selling by telephone and never let yourself be pressured into making an investment over the phone. Always read prospectuses for mutual funds or other investments. If you don't understand an investment, stay away from it. It may be that it doesn't make any sense. If an investment sounds too good to be true, it probably is. I A ' ) I It wouldn t last V- sk On Friday, with PhyMatrix; 1 ......!, ) : : . . n i , i i sunn udumg nrai ns oj-wetK low and nearly $3 below its IPO price, ' Dow: week by week 000 bosman Chairman Gosman said he is " changing the 3-year-old compa- - ny's strategy. West Palm Beach-based PhyMatrix will no longer focus on buying and managing doctors' practices. Instead, the company will try to form partnerships with teaching hospitals to manage their physicians, build a clinical trials business and continue growing its health facility development subsidiary. Further, the company will buy more ancillary health services, 800 600 400 200 000 7800 7600 7400 12-29 1-12 1 26 2-9 2-23 3- 3-23 B'ea' m 'teste mwet hoirfv$. -i- llcast see PHYMATRtV; 3B 1

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