Reno Gazette-Journal from Reno, Nevada on April 9, 1974 · Page 5
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Reno Gazette-Journal from Reno, Nevada · Page 5

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Location:
Reno, Nevada
Issue Date:
Tuesday, April 9, 1974
Page:
Page 5
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Stardust, Fremont Hotel corporate sale planned Reno Evening Gazette Tuesday, April 9, 1974 5 ws vt,UAS IAP) An offer to buy all of the stock of Kecrion Corp, owners of the Stardunt and Fremont hotels, at a total price of nearly $61 million is to be made by an attorney from San Diego, Calif, a spokesman has announced. Delbert Coleman, major stockholder in Recrion and the tirtn s former chairman said Alan Glick, U2. principal owner of the Hacienda Hotel here, agreed to make the offer Monday. Coleman said Glick agreed to buy 31 per cent of Recrion stock, now held in trust for Coleman and his family, and to make a further cash tender offer of $44 a share lor the remainder. Click, who owns the Saratoga Development Co, in the San piego area, is said to have placed $2 million in escrow to back up his offer. A Recrion statement said if Glick does not olhcially make the offer within four months, this money will be paid to Recrion as "liquidated damages." City, county, railroad solve bill disagreements If Click's offer is made formally after four months, the statement added, he will be required to make further escrow deposits of fuOO.ooo for each additional month to be used as "liquidated damages" should his offer fail to materialize later. Coleman, part owner of the Atlanta Braves baseball team, said that Click's offer is conditioned on his offering to buy all of Recrion's common stock at the $44 price and his buying at least DO per cent of all the company s issued and outstanding shares, including those held by Coleman. The City of Reno, Washoe County, and the Southern Pacific Railroad have come to terms, resolving a series of unrelated issues in a single stroke. The Southern Pacific will get $40,194 it has been asking for months as payment for the Mayberry Drive railroad crossing. Washoe County's treasurers will get about $7,000 more from Reno for acting as the city's treasurer. And Reno will finally collect a three-year-old $18,000 assessment against the Washoe County Fairgrounds for two blocks of street pavement. Washoe County Commissioners earlier approved a city-county agreement worked out by City Manager Joe Latimore and County Manager Russ McDonald. McDonald told the commissioners county tax agents planned to turn over EXPERIENCED Clothing Qalcscnan Uccdcdi 323-0429 or 323-0174 EASTER CANDIES km Assorted Chocolates , , .1 lb. $2.35 W. Easter Greetings Box $1.75 Am Chocolate Covered Marsh-mallow Eggs $1.10 Purple Foil Baskets $1.65 igs3 1 Hat a tax deed for the fairgrounds to Reno for failure of the county to pay the street levy. The county had balked at Eaying the assessment ecause the land is owned by the State of Nevada, from whom the county has a long-term lease, The state also refused to pay. The railroad problem arose when the county arranged to have Southern Pacific install a signal crossing on Mayberry Drive. The land was annexed to the city before the signal was installed. The railroad has refused to pay more than its legally required 10 per cent share of the costs of installation, leaving a $40,000 bill owed the railroad by a local government. The additional payment to the county treasurer's office will supplement $1,800 owed the county for city treasurer services, HOT FLASH A freak heat flash struck temperature rose to 158 Coimbra, Portugal, in degrees fahrenheit for 120 September 1933, when the seconds. INSTALL THE ORIGINAL koirky THE ONLY ONE-PIECE FLAPPER TANK BALL Fill oil conventional flush valvei. Per. Uct sea! endi drip drip ol water. Over 10 million In uie. Get Korky ot plumbing and hordwore itorei. 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