St. Louis Post-Dispatch from St. Louis, Missouri on April 13, 1991 · Page 23
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St. Louis Post-Dispatch from St. Louis, Missouri · Page 23

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St. Louis, Missouri
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Saturday, April 13, 1991
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Page 23
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is flpfi 1,3 1991 BEsT COPY AVAILABLE ST. LOUIS POST-DISPATCH SATURDAY, APRIL 13, 1991 Forced Bai ought l!iThree Banks, Y&A Group Wa in On Missing Executive i.a'stinark loans. The stock was selling as high as $20 a share at mid-1990. 1 1 st lis now for $2 to $2.50. . Tii? banks said the Cheeks are not paving their bills. The bankruptcy petition automati-sa 1 1 y freezes the Cheeks' assets until a hearing, normally scheduled within 20 ? By Jim Gallagher i c . Of the Post-Dispatch Staff ..v!,.i,Y&A Group and three St. Louis banks asked a judge Friday to. force h missing former Y&A President Mai-fcolm Cheek into personal bankruptcy. v, i-... jhe petition 5 cheek owes $1.14 j mill inn in canarota Inane frnm.VJP. A t - yxA , ill "i t -.ii crease ai '' the bankrj;i Family r Cliet-k ; r tal for V:. ' Cheek haa t ey in St. Lhh. VV. M.t l ; tal Dant? in C to person ur the bank aK-appearand: mortgage mi home a1; coll; Check - ii for-"injPi'tic Y&A," Pi.-:- "He ri,','-day ami ri i ways iciis i.i Capita) :!k: K in its pci Y&A b.:ii;! i r $35().0ii(! !',' ' Cheek, v.-' firm on ' fired afH'i :-' Chief r;r ,'ir'' said the ('!') Cheek's ;f.'r. Merran V:: Mercantile, Enterprise and Landmark banks. I'i.i G i But previous legal filings and bank-,';,tog sources indicate that Cheek may .o ,0we more than $3.7 million to 11 or more Missouri banks, one private in- ..yestorand Y&A. " .'.'" Lending sources said the FBI has ;'v! requested records of Cheek's bank "-' -loans. Enterprise Bank received a federal subpoena for records of a loan made to Cheek in June. iHK: Cheek, 41, was last heard from "tKMfirch 5 when he checked into a hotel K? in New York City. His disappearance prompted the (Isys, said Y&A attorney David v. ar field. If a judge grants the banks' request, f trustee would be named to control v assets. T!,f list of banks that lent to the t eeks goes far beyond those in the I'ankrupicy petition. Vnited States National Bank of t hylon also lent to Cheek, although li.o amount was reportedly a small p .rtnf the total debt. U.S. National purchased a piece of a licT.er loan to Cheek made through - f saant Bank, according to sources. "I "ek sits on the board of directors i f ,ligiant,'and, according to federal r s ids, owns about 1 percent of its s Allegiant, a small bank in north : t. Louis, was bought last year by a s.r.jup of St. Louis investors. . .V tenant's chief executive, Michaeh ' ie. ueclined to comment. As previously reported: The couple are in default on a ' -m i! of $824,878 in three personal ims from American Bank of St. engineering firm to announce a $7 , i ? r , j owe it 5! million annual loss, and the combined ; shock sent the company's stock price ' plummeting by 85 percent. The three banks said loans totaling U $810,000 were shared by Cheek and Kis wife, Stephanie. The banks also filed involuntary bankruptcy petitions against Stephanie Cheek. Stephanie Cheek left the Cheeks' Town and Country mansion after Cheek disappeared. She is thought to be living in Atlanta. Her lawyer, Warren Davis, said the (i banks and Y&A were "just trying to t Kevin ManningPost-Dispatch Ed Wright reads Friday outside Busch Stadium while waiting for the box office to open. Baseball Fans Suffer Cold, Rain For Tickets of ere;!!' Cheeks u maie in J. Enterpi-owe $2:-M The Chi collateral Hanley By Ann Scales Cobbs Of the Post-Dispatch Staff "I'm a baseball fanatic," Ed Wright said. No explanation was necessary. Wright was one of about 10 Cardinal baseball fans who spent Friday night In the cold and rain outside of Busch Stadium waiting for 9 a.m. today, when $4 bleacher seats go on sale for Thursday's home opener. Some fans were In lawn chairs; others were in sleeping bags wrapped in plastic covers. They had coolers filled with fried chicken, soda, beer and other refreshments and Walkmans to catch the Blues hockey game dangling from their necks. Some said they wanted tickets in Section 589 the left field bleachers known as the Pit, where one "sees balls fly right over the pitcher's shoulders," said Robert Frost, 29, of St. Ann, who brought a change of clothes and dry socks. "We're like one big family," said Teddy Clemons, a 28-year-old home health care nurse from St. Louis. "We lie a lot," another man added. "We've been waiting all winter to see each other," said Frost, a route-man for a vending company. Wright, 41, an apartment manager, said he has done several all- nighters for bleacher tickets for season openers. "I went to the Field of Dreams in Iowa," he said. "It's just the innocence of the game once you get pass all the stuff about contracts and disputes." Cardinals spokesman Jeff Wen-ling said bleacher tickets were sold in advance only for opening games. Sale of the tickets will continue through gametime Thursday. Wehling said reserve tickets also were available for the opener against the Philadelphia Phillies. Wehling said the game was expected to draw about 47,000 fans; the stadium has 56,227 seats. let;is!atie -! , gaining o v' gamin; iiiihKi. spokesman lis . The cuuci ' Leondii..'u .' informer u' ; derfooss' of ';.?. -phia orV:)ni,'eJ i testify to h--i the tiinie- fas,: led by Nfcoe. Scarfo The rj'i :'!t,t Fridii) a s a life seiHi'Scss: Jersey lora! ii1 Scarfo. The ra kfi"t ' etti's tesiS'i:."''. have ivi'.un wr caniRaii',ntur'"e is set for July x. In a prep: r. said the unii n . case "bfMTiust r. lengthy ana ');;! tion of the fe.te-the best ini.s e He pi ami -?. i court-anneiiui" .:, absolute and categorical denial of a ay kind of inappropriate conduct v-natsoever." "Nor were there ever any allegations that a single cent of the International Union's funds were at issue at nay time," Hanley said. Cut federal court records and testimony before a U.S. Senate investiga-h tis panel charge strong ties between 1 1 niley and organized crime figures across the country; 1 he union was founded in Chicago i, .liter the sponsorship of Joseph "Joey I i.ves" Aiuppa, a mob boss who chart-red the union's first local as Prohibitum ended, according to the records. Today, the union is based in Wash-inw:n. Hanley'S son, Thomas Hanley, h a.:s the union's Local 1 in Chicago s.r,! sits on the union's Chicago Until 1988, the international's pen-, , and welfare trust funds were ad-M;mrsicre.d by a firm in Naperville, 111. . H it the company had to stop doing is i.-mess with the union as part of a ." .lenient of a suit by the U.S. Depart-neat of Labor claiming "gross over-' is." fs" for dental benefits. , From page one A. ' :?;A legislative representative of the international, Jack Lavin, said Friday from Chicago that the ruling would not influence the union's organization of employees aboard floating casinos in Illinois. "What has Atlantic City got to do with Illinois riverboat gambling?" Lavin asked. Legislation creating riverboat gambling in Illinois gives the state no power to regulate labor unions that represent casino workers. The first floating casino in Illinois has been scheduled to open in Alton on July 4. But the need for the Illinois r "Gaming Board's approval of certain 'changes enacted by the Alton gam-tabling operators may cause the target i iiate to be pushed back, the board said ;a.t a meeting earlier this week. Children From page one "Nothing will succeed without the private sector, the public sector, the service delivery groups and the education establishment through the St. Louis area getting together," said the Rev. Michael Garanzini, an assistant professor of education at St. Louis ity group members increases the likelihood that minority children will face serious social and educational risk," it said. At a news conference at St. Teresa of Avila Church, 3636 North Market Street, participants in Project Respond said that release of the report was just the beginning of their efforts. They announced the start of the Project Respond ' Educational Pilot Program, or PREPP, to provide individualized social services and educational help to 25 11-to 15-year-old children in the area bounded roughly by Jefferson and Newstead avenues, Natural Bridge Road and Delmar Boulevard. The three-year pilot project is financed by the Montfort Missionaries, a religious community based in New York. University, another advisory board member. The group's report was researched and written by Richard H. Patton, senior research analyst for the Public Policy Research Centers at the University of Missouri at St. Louis. Patton used statistical evidence to identify areas of the city that have large numbers of children at risk for such problems as teen-age pregnancy, early death, leaving school early, health problems, delinquency and drug use. He found that the ZIP codes with the greatest concentration of children with grave social problems are all in predominantly black north St. Louis: 63106, 63107, 63113, 63120 and 63136.- The report said that the effect of race on a child's prospects cannot be discounted. "The often discriminatory manner in which society treats minor f The gaming board has been await-I ihg resolution of the case in New Jer-'Sfiy before deciding whether to seek TWA T ' urther delay in Transportation nae-nt approval of the route i decision that could come any-alter the Tuesday deadline for tinal comments. erieaii has hired a powerful lob-Robert Strauss, to represent its sis; Tracinda countered this bv hiring the law firm of former Majority Leader Howard Bak-atmy the government, tat's good for American Air-is not necessarily good for .a," Tracinda asserted in its Better Hi lHT:' John F ',,- port m N ."-and ;i,sW.v cities. " Itiiv. Kennedy to i Tracus.ls strenj!''1;: T ' ern, fiH-i-.f:.. The ass;-nounced lis: 757s wn.'iii from banl'i . was proof r buying TWA. Inn si : jets to TV- A . first sit-p is s The ai:r repi; r' a.'i-d fiesL '.!. and for, tht ; I I 1 ! .7 iv I IS Professional Interior Design "Our Business Is ;r r X5 irVSjm From page one change for a two-thirds stake in the company. TWA's unions have offered $411 million in concessions over three years in return for a one-third stake. Tracinda said in its filing Friday that its plan for restructuring and expanding TWA includes: i Increasing service through St. Louis to 13 U.S. cities, and initiating service from St. Louis to 13 other U.S.-cities. Adding non-stop flights from St. Louis to nine international destinations, subject to approval by foreign governments. Using commuter aircraft instead of jets on some routes from St. Louis, and adding 24 cities to its local Trans World Express system. fLOIwl0 Designed To Keep Your Home . ' Id I M LSf & Business Looking Its Very Best!" L!j.L.......y :.J i i?sinda's new strategy was sup-by TWA's three unions, which resent the airline's pilots, machin-, and flight attendants. On Friday, M tmdjian and Tracinda lawyers , : : i led more than 20 key staffers r rnbers of Congress who have 'ported Kerkorian's plan, i nt Scott, the head of the TWA unit sr Air Line Pilots Association, told fisuip that Icahn-would be willing neonate a deal once the threat of a 1 ! it by American was lifted, i tsmk it's the only way to save craft by I' Arne-is: Samuel Skinner Secretary of transportation TWA," said Scott. "The creditors are chasing Icahn. . .This Tracinda team has an; excellent chance to convince creditors that a reorganization and buyout is what the doctor ordered." Residential & Commercial Interiors For AH Your Interior Needs! DRAPERIES CERAMIC TILE FURNITURE (Custom) UPHOLSTERY WALL COVERINGS PARQUET FLOOR BED ENSEMBLES SHUTTERS CARPET BLINDS (All Types) AREA RUGS ART GLASS VINYL FLOORING -PICTURESPRINTS ACCESSORIES .PAINTING . Quality Service Affordable Prices ! .V ST. LOUIS POST-u: FOR CONSULTATION 878-3852 900 N. Tucker Blvd. 63101 ' .. : St. Louis, MO 63101-1099 (USPS: 476-580) Founded by JOSEPH PULITZER, Dec. 12, 1878 Published daily by the Pulitzer Publishing Co. Second Class postage paid at St. Louis, MO Mon.-Fri. 8:30-5 Sat. 9:30-3:00 By Appt. Only. MEMBER OF THE ASSOCIATED PRESS and AUDIT BUREAU OF CIRCULATIONS. The Associated Press is entitled exclusively to the use for republication of all the local news printed in this newspaper as well as all Associated Press news dispatches B , C t City D I t . , rases The Choice Is Yours.. ?f' SB"? 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Ttiurs & Frf . tH! ! ix in-Home Estimates iO.3 Bank Financing Sunroom Salesman Available Other Days By Appointment BEST COPY AVAILABLE

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