Indiana Gazette from Indiana, Pennsylvania on October 5, 1979 · Page 4
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Indiana Gazette from Indiana, Pennsylvania · Page 4

Indiana, Pennsylvania
Issue Date:
Friday, October 5, 1979
Page 4
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P(ipe4—Saturday, December 22, 1990 / ^Ehc ^nbinm* owner can't repay $20 million loan times in eight years. FNN provides stock quotes, business and financial YORK (AP) — Infotechnolo- Jy 'Inc., owner of United Press International and Financial News Network, says it could not repay a $20 J million loan that was called in agement employees agreed to a 35 percent pay cut for 90 days to give the news service time to find a buyer. UPI, founded in 1907 as United Press, has changed ownership three news, and sports information on a s The lenders, Security Pacific National Bank and MidLantic National Barik, now have the right to foreclose on Infotechnology's 46 percent stoek interest in FNN, a cable television network. v the FNN stock was placed as collateral for the loan, which originally was due next July. The banks did not say whether they would exercise their foreclosure option. . Security Pacific said in a statement: "The credit is in default and the banks have moved to protect their interests." . An Infotechnology spokeswoman said Friday the company's lack of cash made it impossible to pay the principal and interest on the loan, which was called in by Los Angeles- Based Security Pacific. MidLantic is based in Laurel, N.J. T The banks did not say why they called in the loan early. , The Infotechnology spokeswoman, who asked not to be named, said the company believes the banks will not foreclose on the loan. She said Infotechnology would continue seeking buyers for its media subsidiaries to raise cash. The development was the latest blow to Infotechnology, whose FNN subsidiary reported a $72.5 million loss for its 1990 fiscal year. UPI, a news wire service, reportedly has been losing as much as $2.5 million a month. Last month, UPI union and man- Christmas trappings existed eons ago •SEATTLE (AP) — Aaaah, chest- huts roasting in volcanic fires, 48 rnillion years ago. 'Christmas didn't start in this part of the world, but there is geologic evidence that many of its trappings existed in the Pacific Northwest "during the Eocene Epoch. ' Chestnuts, and forerunners of the traditional fir Yule log, were roast- Ing in volcanic fires 48 million years ago in north-central Washington, before there were noses for Jack Frost to nip. " -"We have the oldest fossil records of Christmas trees — the fir lineage ^ the oldest records of mistletoe, of ,-holly and of Castanea (edible) chestnut, and the oldest fossil records of gooseberry, wild currant, apple, •blackberry, and pear," said Wes 'Wehr, paleobotany curator at the University of Washington's Burke Museum. "'And, oh yes, also the oldest fossil record of cranberry," he said. "I giiess what 1 need to do is find the fossil turkey, and then we're ready for dinner." 1 • Evidence of the precursors to some of today's plants, including those used to celebrate Christmas, were found the past several years at fossil sites 100 miles apart, in Republic. Wash., and Princeton, British 'Columbia. Besides plants, the Republic site has been rich in insect finds, Wehr said Friday. " "Besides other things, we're getting the only records of the North American Eocene earwigs, and we have the earliest fossil record of the cutter bee." Wehr said. The plants and insects, along with early fishes, were preserved when a heavy layer of volcanic ash suddenly fell on a shallow lake that covered what is now Republic, a town of 1,000 people. The fossils have been gathered by Wehr and other scientists from around the country at a shale cliff on the north side of Republic. He started digging at the shale rocks in 1977, after there had been occasional 'fossil finds. The site, with a small jnuseum. has gained status in pale- ontologycirclcs. Philly business slows during December PHILADELPHIA (AP) - More than half of the area's manufacturers say business has slowed this month, according to a survey by the Federal Reserve Bank of Philadelphia. December marks the 20th consecutive month that a majority of companies has expressed pessimism about the area's manufacturing outlook. According to the survey released Friday, 54 percent of the companies said business was weakening, while only 15 percent said it had improved. Almost all measures of business activity tracked by the survey show further slackening in the demand for manufactured goods this month. Order backlogs were shrinking as both now orders and shipments decline. ' Employment measures showed another decline in December, as about 40 percent of the firms said they were cutting back on working hours and employees. A slight majority of the companies expected business to improve. Forty-one percent predicted a turnaround in the next six months, while 33 percent expected business to continue declining. FBI arrests man in million-dollar fraud scheme cable TV network to more than 35 million homes served by 3,500 in the United States and Canada. Separately, Infotechnology said its stock would be removed from the National Market System listing but will remain on the National Association of Securities Dealers listing. Infotechnology said NASD had approved an exception to filing re- quirements. The exception relates to FNN's failure to meet Securities and Exchange Commission net worth requirements, and to late filing of its quarterly financial report for the period ending Sept. 30. The NASD granted Infotechnology a filing extension until Jan. 15, a deadline the company said it expects to meet. PHILADELPHIA (AP) - The FBI has arrested an Arcola man in a multimillion-dollar scheme to sell non-existent Xerox machines to leasing companies. John Frank Rodgers was charged with mail fraud, wire fraud and money laundering. Wayne Gilbert, special agent in charge of the FBI's Philadelphia office, said Friday that agents also arrested Rodgers' co-conspirators, Thomas Becker of North Kingston, R.I., and Randy Hilgert of Madison, Conn. Gilbert, in a statement, said the three men engaged in a pyramid scheme, collecting money to buy Xerox machines for leasing companies and then acting as middlemen and supposedly leasing the machines to Rhino Copy, a subsidiary of Becker Associates, a Bridgeport company Rodgers managed. "The monies collected from the alleged purchase of these non-exis- tent machines are then utilized to make monthly rental payments to the victim leasing companies," the statement said. "The scheme is possible because, in the leasing business, most leasing companies purchase their equipment from a distant vendor, for lease to a distant end-user, and they never take possession of, or often times even see, the equipment they lease," Gilbert said. f ScasonN Greetings | Enjoy a wonderful holiday I QUALITY MEDICAL CARE AT CONVENIENT a HOURS AND COMPETITIVE PRICES I Indiana Med-Care hull.m. m .* 349-8800 s 2259 Canterbury Offices (Across From Shop 'n Save) i MORE DAYS STOREWIDE COUNTDOW SALE FREE GIFT WRAP Remember, all you last-minute Santas, when you purchase your gifts at The Bon-Ton, we'll wrap them in gala holiday paper and add a bow, and it's absolutely free! 25-30% on misses' holiday sweaters 25-30 % on misses' blouses 30-50% onpetites'activewear $5-^9 on juniors' novelty fleece tops an add'l 25% on misses' active jackets 40% on dazzling holiday jewelry 50% on selected fashion costume jewelry 25% on vinyl handbags 42% on Connie 'Thunder'lined boots 25% on3pr. Maidenform panties ¥3Save 30% on misses' warm sleepwear & robes 30% on girls' 7-14Levi's Dockers 30% on boys' 8-20 casual pants 14.99 Mikael York fancy dress shirts 30% on men's Italian sweaters 30% on men's tri-blend dress slacks £j Save 25% on entire stock decorative pillows ^SttVC 50% on musical soldier nutcrackers Sale does not include Certified Value merchandise. Celebrate A Special Christmas At THE BON<TON Service With A Style USE YOUR BON-TON OR POMEROY'S CHARGE MASTERCARD. VISA OR AMERICAN EXPRESS IN ANY OF OUR 3? BON-TON STORES SHOP SATURDAY 9AM-10PM; SUNDAY 9AM-7PM; MONDAY 8AM-4PM

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