The Palm Beach Post from West Palm Beach, Florida on December 5, 1997 · Page 47
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The Palm Beach Post from West Palm Beach, Florida · Page 47

West Palm Beach, Florida
Issue Date:
Friday, December 5, 1997
Page 47
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Page 47 article text (OCR)

THE PALM BEACH POST FRIDAY. DECEMBER 5, 1997 3D Disney boss uses options to sell 5.4 million shares nWpjnrs-cfinel ' ' in i in iiinnnT-r i , i i.ih iiiii'iiimi mm vSWIwimw-. Tlie Associated Press i? BURBANK, Calif. In one of the largest stock option transactions by a corporate executive, Walt Disney Co. Chairman Michael Eisner sold 5.4 million shafes of Disney stock Wednes f ' t day." Eisner sold the- shares, which had a market value of $514 million, to Goldman, Sachs and Co., which will resell them to other year, will undoubtedly provoke much discussion," Eisner said in a news release. Eisner used his options to buy a total of 7.3 million shares at 1989 prices or slightly above. He immediately sold 5.4 million shares, and will keep 1.6 million to add to his own holdings of Disney stock. He will also give away 300,000 shares to the Eisner Foundation, a charity to which Eisner donated 1 million Disney shares last month. Disney said in a statement that proceeds from the shares he sold will go toward estate planning as well as taxes and paying for the costs of the transaction. The options allowed Eisner to buy Disney stock at $17.14 per share for 5.5 million shares, and $19.64 per share for another 1.8 million, said Disney spokesman John Dreyer. Disney shares (NYSE: DIS) closed at $95.19 Wednesday. The deal put Eisner in the range of $1 billion in earnings since he was named Disney's chairman and chief executive officer in 1984, Crystal said. An open road. Your Audi A4 1.8 T gobbling asphalt with its 20-valve turbo engine. Devouring curves with its front-wheel drive. Eisner ri It was not clear exactly how much Eisner made- from the transaction, but rGraef "Bud" Crystal, an executive compensation expert who helped 'draft Eisner's contract, said it was uhhke-ly that Eisner was paid the fylK market value for the giant share bloc. , ' "The exercise of the stock Options granted to me in 1989, which are due to expire in about a And giving you the punch of six cylinders with the fuel economy of four. So, naturally, you're the only one that needs refueling. A no-charge scheduled maintenance plan keeps it running lean, too. So go ahead. Anywhere. This is one German sports Q sedan that is satisfied with eating roads. And leaves your wallet be. Get ready for the ride of your life? Audi The Audi A4 1.8 T. From $24,290 BRAMAN MOTORCARS 2901 Okeechobee Blvd. West Palm Beach, FL 561-684-6666 Audi Advantage 3 year or 50,000 miles no-charge scheduled maintenance. "Manufacturer's Suggested Retail Price of 1998 Audi A4 1.8 T Sedan of $23,790, including 5-speed manual trans., plus $500 destination charge. Limited availability. Actual price set by dealer. Taxes, license, title, documentation fees, dealer prep., finance charges and options additional. "Audi," "A4" & the four rings emblem are registered trademarks of AUDI AG. 1997 Audi of America, Inc. To find out more about Audi, call 1-800-FOR-AUDI or visit our website at: In brief I ijsy 3 ayes: I 'falm Beach Post Staff and Wire Reports Singer eliminating 6,000 foreign jobs NEW YORK The Singer Co., -the world's biggest sewing machine maker, is eliminating nearly 6,000 jobs or 28 percent of New Sharp SF 2020 With Document Feeder & Two Untversal Paper Drawers For only $89.00 per month Includes 50,000 free copies 848-1644 or 848-4770 AWARD-WINNING REPORTING OF TEAM SPORTS OF ALL SORTS EVERY DAY IN THE PALM BEACH POST To subscribe, call 820-4663 or 1 -800 654-1 231 . its work force to become more competitive. Hong Kong-based . bmger also plans to close seven , plants and about 100 retail outlets 0ver the next three years. The job i cuts: and closings are all coming w n:i m wasHi! mm m m g r mw ma mm . outside the United States. Community Bank starts IPO at $10 ,TEQUESTA Independent vommunity Bank has started its initial public offering of between 450,000 and 800,000 shares of rJommon stock at $10 per share. The Florida Department of Banking has conditionally approved the group's formation, and the group expects Federal Deposit Insurance Corp. approval after the offering, it said. The stock will be fraded over the counter. Able Telcom acquires Comsat subsidiary '.;;v Able Telcom Holding Corp. 0i (Nasdaq: ABI E: $9.44) has acquired the assets of a subsidiary of Comsat Corp. (Nasdaq: CQ: $23.06) and will lay fiber-optic ca- ftfafrr thp TpYae and Alahama transportation departments. Die i "y ) OR GET A FREE SELF INSTALLATION KIT. Now when you buy a DSS mini-dish system and subscribe to DIRECTV, you'll get $ioo off professional installation from your participating retailer. , leicom win assume, me Mcwn-;J ney, Texas, subsidiary's contracts ! that also call for installing and . maintaining communications towers for wireless providers. ;J Able expects to make $29 million J over the next two years from the acquisition. U.S. Energy gets OK :j for water-heating idea WEST PALM BEACH Ne-vada regulators gave the go-ahead ;! to a water-heating project partially funded by U.S. Energy, a West Palm Beach independent power and , environmental consulting I firm. Using superheated subterra-J nean water vapor, the Reno Ener-) gy Geothermal District project will heat factories and offices in an ! industrial complex. U.S. Energy (Nasdaq: USEY: $3.13) holds a 'J note convertible into a 50 percent equity interest in Reno Energy. Drugstore chain to use ; Sensormatic theft tags PROGRAMMING PACKAGES START AT ONLY $19.99 A MONTH! ACCESS TO MULTI-CHANNEL HBO, STARZL SHOWTIME AND 18 OTHER PREMIUM MOVIE CHANNELS FROM USSB 6. DIRECTVI LOCAL CHANNELS ARE AVAILABLE WITH AN OFF-AIR ANTENNA! (reception msij vary based on rjeoqraphk location) EQUIPMENT PRICES AREAS LOW AS $199! MML" Mk mm m " CHANNEL CAPACITY. OVER 175 Over 150 Up to 165 From 40-80 NFL SUNDAY TICKET." " YES " Z " Up to 13 goimt Sunday ' No NO HO during regular season. 1 REGULAR SEASON SPORTS SUBSCRIPTIONS YF , for nsa, nfl, nhl, mlb. mls, LU No Limited Limited Collogo Football and Basketball, UP TO 50 " s PAY PER VIEW CHANNELS. I nv) 10 16 (oge) BOCA RATON Le Groupe Essaim, a Canadian drugstore chain, has recommended that its members and suppliers begin to use Sensormatic Electronics' (NYSE: SRM: $16.56) anti-theft tags, the company said Wednesday. Based in Quebec, Le Groupe Essaim has 187 drugstores. SOURCE: Marketing materials and published research"" OWN THE BEST SELLING MINI-DISH SYSTEM WITH OVER 3 MILLION SOLD! 31 COMMERCIAL-FREE, CD QUALITY MUSIC CHANNELS. Only DIRECTV displays artist and song titles. SEE A DEMO TODAY AT ELECTRONICS RETAILERS EVERYWHERE, INCLUDING: DIRECT CABLE TV (954) 938-4455 (800) 711-8316 JUVj r.Pan Am, Air Alaska Hto operate seaplanes t MIAMI Pan Am Corp. ;(AMEX: PAA: $3.12) and Air Alaska Thursday announced they have j formed a joint venture to acquire tthe Pan Am Air Bridge and operate its fleet of five seaplanes. Air ; Alaska will hold 70 percent of Pan Am Air Bridge with Pan Am regaining a 30 percent share under ;;the plan. Pan Am Air Bridge provides scheduled seaplane service to Bimini, Walkers Cay and Para-SdiseJsland in the Bahamas. :HEARx headquarters "sells for $1.3 million J WEST PALM BEACH The 13,000-square foot HEARx Ltd. headquarters in Northpoint Corporate Park recently sold for $1.3 million to local investor Paul J. Birmingham. HEARx, a hearing-aid services company, will remain Ibased in the building. All Locations Soiinddvicc on m Bt Eictronica D I R ECTV. SATELLITE TV AT ITS BEST All Locations All Locations Also available for apartmants. "Limited-Imw otter tor new DIHfcCW tesiflential subsenbets who activate service between 1259 and 12698 One per household Cei titicates will be included with your tirst bill. Up to 6 certificates may be redeemed per month. Certificates expire on 123198. Void if copied Customer is responsible tor any applicable taxes. No cash value. Not for resale, valid only for private viewing subscribers. Certificates are not transferable. Vend where prohibited. In some rural areas programming may be provided by affiliates ofthe National Rural Telecommunications Cooperative In these areas, pncinq and programming may vary from that desenbed above Offer may not be valid in NRTC areas '$1 00 off installation is a kmrted-time otter for new residential subscribers who purchase a DSS system from a participating retailer and subsenbe lo Select Choice programming $1 9 99) or above between 101 797 and 12898 Taes not included. -"Prices are determined moependently and may vary. ""DIRECTV, DISH Network and Primestar statistics sourced from published marketing materia o lhar respective owners Cable statistics sourced from the Television & Cable fact Book. Warren Publishing, Washington DC.-1996 edttion and Broadcasting i Cable. November 25, 1996. Programming, pricing, terms and conditions subject to change Blackout restrictions appty to sports programming Most sports subscriptions continue automatically at a special renewal rate each year (ecap) NFL SUNDAY TICKET), provided DIRECTV canes the service, unless you can to cane before the start ot the season. To receive sports programming and to order pay per view programming by remote, a DIRECTV subscnption a required and your DSS system must be continuously connected to a land-based phone line A $5 00 order assistance tee applies to phone-in orders Commercial locations require an appropriate license agreement. Commercial signal theft is subteci to cwl and criminal penaltiei Hardware and programming sold separately DIRECTV programming is provided m accordance with the terms and conditions of the DIRECTV Customer Agreement, a copv of which n provided with your first DIRECTV bid Equipment specifications may vaiy m Alaska NFL SUNDAY TICKET is a registered trademark of NR. Enterprises. L P DISH Network a trademark of EchoStar Commumcation6 '"vfporcn pnmestar n a regisiered service mark ol Pnmesta Partners, L P USS1 U a registered sert mark of Drifted Stales SaWMe Broadcast Comparry. kx Al ott"arJefnarks or servce marks are the property ot the respectrve owners DIRBV inc. DIRECTV, DSS, Select Choice and 'Saiekte TV At Its Best' are trademarks ot fRECTV, Inc., a unrt ot Hughes trortics Op

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