Reno Gazette-Journal from Reno, Nevada • Page 27

Business 7B Friday, February 13, 1987 Reno Gazette-Journal $9.2 billion judgment against Texaco stands The judgment was the largest in U.S. history. "Considering the type of action, the conduct involved, and the need for deterrence, we are of the opinion that the punitive damages are excessive," the appeals court said in a 162-page decision. "There is a point where punitive damages may overstate their purpose and serve to confiscate billion in punitive damages and interest of $3 million per day, the award now stands at about $9.2 billion, Texaco officials said. A state district court jury in Houston found in November 1985 that Texaco wrongfully interfered in the planned merger in 1984 and ordered Texaco to pay $10.53 billion in actual and punitive damages to Pennzoil.

spokeswoman for the 1st Texas Court of Appeals. "Texaco will appeal today's decision through the Texas court system and, if necessary, to the United States Supreme Court," said James W. Kinnear, chief executive officer of the White Plains, N.Y. -based company. The decision upheld a $7.53 billion award in actual damages.

Adding the actual damages to $1 IRS can't seize casino's assets LAS VEGAS A federal bankruptcy judge Wednesday blocked an Internal Revenue Service attempt to seize the Marina Hotel's assets for non-payment of payroll withholding taxes. Judge Clive Jones issued a temporary restraining order that allowed the Strip resort to stay open while owners try to get part of an estimated $700,000 owed to the IRS. The order expires next Tuesday and Marina attorney Gerald Gordon said the resort might be shut down then if officials don't make the promised payment of $375,000. Marina attorneys said the resort lacks the assets to cover the entire debt and that hotel officials hoped a good weekend would allow it to pay some of the money in a negotiated settlement with the IRS. No guarantee strip mines are inspected right, lawmaker says 1 F.

mt m-m'f 1 rather than to deter or punish." The court also said, however, that the remaining compensatory damages were proper and would be upheld. "Though the compensatory damages are large, they are supported by the evidence, and were not the result of mere passion, prejudice or improper motive," the court said. eral Accounting Office, the investigative wing of Congress, and was based on visits last year to strip mines by GAO personnel and inspectors from the federal surface mining office. GAO said the teams visited 82 mines in Montana, Ohio, Pennsylvania and West Virginia shortly after state officials had carried out inspections to check for compliance with the 1977 environmental protection law. "State inspectors did not cite 78 of the 129 total violations GAO and federal inspectors observed during visits to 82 sites," the report said.

The 1977 law requires mine inspectors to issue an enforcement citation for each violation- ,000 members released within a week by the Bureau of Labor Statistics, says the number of working union members declined from 16,996,000 in 1985 to 16,975,000 in 1986. That loss of 21,000 last year compares with drops of 344,000 in 1985 and 377,000 in 1984. Charles McDonald, director of organizing for the 12.8-million-member AFL-CIO, said, "My hunch is that we'll show an increase in union membership in 1987," for the first time since 1979, "although there will continue to be some slight erosion in manufacturing." 0.5 percent Non-durable goods registered no sales change overall. Sales at general merchandise stores were up a seasonally adjusted 0.5 percent from December; food stores recorded a 1.2 percent drop, and clothing stores registered a 0.1 percent increase. SEEKS PROTECTION: Kaiser Steel which has its main facilities in Fontana, shown here, has tiled for protection from creditors under federal bankruptcy laws.

WASHINGTON (AP) The federal surface mining office cannot guarantee that states are properly inspecting strip mines in order to protect people and the environment from damage, a House subcommittee chairman says. Rep. Mike Synar, made the statement Wednesday as he released a new congressional study saying that state inspectors are missing or ignoring many violations of the Surface Mining Control and Reclamation Act of 1977. Synar said this finding raises serious questions because 24 of the 27 surface-mining states carry out inspections and enforcement under the guidance of the Office of Surface Mining, Reclamation and Enforcement. The study was done by the Gen Unions lose 21 WASHINGTON (AP) Organized labor, struggling to maintain its ranks after several years of significant decline, lost members at a slower rate in 1986 according to unreleased figures that also show unionists enjoying a widening wage advantage over nonunion workers.

The Labor Department data was obtained by The Associated Press as AFL-CIO leaders concerned for years about the drop in the unionized share of the American workforce headed Thursday for midwinter meetings in Bal Harbour, Fla. The new government data, to be The auto figure also dragged down figures for durable-goods sales, which registeredd a 14.1 percent decline for the month. Except for autos, however, there was little change from December. Among other durable goods, building materials and hardware stores reported sales up Associated Press nine months of 1986. Kaiser Coal operates mines in Raton, N.M., and Sunnyside, Utah.

In a Jan. 30 interview with the Colorado Springs Gazette-Telegraph, Hendry said he would like to sell Kaiser's steel fabricating operation and develop an industrial park and a hazardous waste treatment facility in Fontana. Kaiser Steel's Fontana blast furnace, built in 1942 by Henry J. Kaiser to -provide steel for his wartime shipbuilding efforts, was the centerpiece of the powerful Kaiser industrial empire that expanded to include aluminum, cement, electronics, automobile manufacture and health care. At its peak in the early 1970s, the Kaiser Fontana plant employed 13,000 people.

department said. Auto sales were 5.3 percent below January 1986 levels. In dollar terms, the January figure of $119.3 billion was down from $126.6 billion in December. Auto sales in January totaled $25.0 billion compared with $32.3 billion in December. has accused Hendry of liqudiating troubled companies at the expense of employees.

He has been critical of Kaiser's recent decision to cut health benefits for about 6,000 retirees. Kaiser Steel's corporate offices are located in Colorado Springs, where about 100 people are employed, while its main facilities are in the Fontana, area. Kaiser Steel reported a loss of $32.6 million for the nine months ended Sept. 30, 1986, compared with a loss of $31.2 million for the same period in 1985. Fourth-quarter earnings have not been released.

Subsidiary Kaiser Coal, put up for sale Jan. 29, reported $9.8 million in earnings for the first its sales were down 38.2 percent; Ford Motor Co. sales were off 27.5 percent, and Chrysler Corp. sales were 31.6 percent below year-ago sales. Despite the sharp decline from December, the total January sales figure was a 1.7 percent increase from sales in January 1986, the HOUSTON (AP) A state appeals court Thursday upheld most of a landmark $10.53 billion jury award against Texaco Inc.

for wrongfully interfering in a planned merger between Pennzoil and Getty Oil Co. The court threw out two-thirds of a $3 billion punitive damage award. "Otherwise, the judgment is affirmed," said Kathryn Cox, a Kaiser Steel seeks protection from creditors DENVER (AP) Kaiser Steel a remnant of Henry J. Kaiser's industrial empire and a victim of the foundering U.S. steel industry, announced Thursday it has filed for protection from creditors in U.S.

Bankruptcy Court in Denver. Faced with a reported $620 million in debt and pressing creditors, the board of directors elected following a proxy fight on Jan. 7 filed for Chapter 11 reorganization late Wednesday. Under Chapter 11 of the federal bankruptcy code, a company is given a reprieve from creditors while it works out a way to pay its bills. Kaiser Steel makes steel pipe and components for offshore oil drilling platforms another hard-hft sector of the American economy.

It has not been a mainline U.S. steel producer since it shut down and sold its Fontana steel mill several years ago. In addition to its steel-fabrication business, Kaiser Steel is involved in coal production and real estate. It employs about 1,000 people. Minneapolis investor Bruce E.

Hendry, who took over as chairman after the proxy fight from former chairman Monty Rial, said the move was made because "creditor pressure was getting too great. They were demanding immediate payment. This is a positive move and will stabilize the situation." "This is no great surprise," said Rial of the Chapter 11 filing. Rial Retail sales From page 10B Domestic automakers reported last week that their January sales were down 32.7 percent compared with January a year ago. General Motors Corp.

reported "The firm has had a long-standing policy against trading on nonpublic information, and as far as we know it has been strictly observed," Kidder's statement said. "The firm itself has not been subpoenaed for any further information relating to this charge." A spokeswoman for Goldman Sachs said officials of the company were in a meeting and were not available for comment. Clark, the Merrill Lynch spokesman, said the firm had "no knowledge of any improprieties that occurred during the few months" that Tabor worked there. The rising price of Japanese products caused by the higher yen is beginning to help U.S. industry by making American-made products seem cheaper, but it will also push up inflation.

The U.S. inflation rate should hit 4.5 percent to 5.5 percent and perhaps more by the end of 1987, predicted Robert Brusca, chief economist for Nikko Securities Co. International Inc. in New York. The Finance Ministry calculated the dollar value of trade at an exchange rate of about 159 yen to the dollar in January, compared to about 163 yen to the dollar in December and about 202 yen to the dollar in January 1986.

Also Thursday, the tourism commission approved $66,095 in matching grant funds. While 47 requests were made for $352,226.18 in grants, 22 requests were honored. Total funds available were $105,336, and the commission is holding $39,271 in balance. Funds authorized in 1986-87 to the commission for the grants program total $300,000. Slot Administrator Expanding Caribbean HotelCasino is currently looking for an experienced slot manager to join our management team.

The ideal individual should have experience in lay out and design of a casino floor along with excellent marketing and motivational skills. Some experience with casino (table game) administrative functions would also be helpful. Please send resume and salary requirements to: 120 East Flamingo Rd. Las Vegas, NV 89109 Local Interviews will be held In early March. All reply will be held in strictest confidence.

This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities. This offer is made only by the prospectus. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities. This offer is made only by the prospectus. AVID RESOURCES, INC.

MINIMUM MAXIMUM 2,000,000 OFFERING PRICE: $0.25 PER SHARE AVAILABLE AT THE GALA FINANCIAL CONFERENCE -JOHN ASCUAGA'S NUGGET -CELEBRITY SHOWROOM SATURDAY FEBRUARY 14 10:00 A.M. TO 4:00 P.M. Webb earnings off PHOENIX, Ariz. Del E. Webb 1987 first quarter results will be down significantly and, barring unforeseen events, may be a loss, Robert K.

Swanson, Webb chairman, president and chief executive officer, said Thursday. Also, earnings for 1987 in total may be less than 1986 although it is too early to make accurate projections, Swanson said. First quarter earnings last year were $3.5 million, or 42 cents per share, on revenues of $59.7 million. Full year earnings were $19.6 million, or $2.37 per share, on revenues of $282.2 million. GM agrees to settle CHICAGO General Motors Corp.

has agreed to a $19.5 million out-of-court settlement with owners of 1976-1980 GM vehicles that required automatic transmission repairs. "It's been a long time coming," Arlie G. Skelton Jr. said Wednesday after a federal judge approved the settlement. Nearly eight years ago, Skelton sued GM, claiming the transmission in his Oldsmobile Delta 88 was too small for the car.

He now stands to be reimbursed for a $458 repair bill. Wire service reports Insider trade From page 10B Stanley Arkin, said after the arraignment: "That company and all of its employees, as far as we know, have always scrupulously obeyed the law in every respect." Kidder issued a brief statement on Wigton saying it did not have any information on the basis of the charges against him. A company spokeswoman declined to comment further and would not acknowledge if Tabor was also involved. Japan trade From page 10B Japanese passenger car exports to the United States rose 12.8 percent to $1.38 billion. Earlier this year, the Japanese government announced it would continue to limit exports to 2.3 million cars in fiscal 1987, starting April 1, in an effort to reduce trade friction.

Exports to the EC climbed 48.3 percent to $2.79 billion, while imports from the EC rose by 39.5 percent to $1.23 billion. All those numbers are also not seasonally adjusted. Safety rules From page 10B are taken, and prohibits variations from those itineraries, Moreno said. PSC Chairman Scott Craigie, who drafted the regulation, was not available for comment Thursday. Commissioner William Thornton said he was considering the introduction of a resolution to ask that the Legislature restudy the regulation.

NYSE ZeniffiE ZenLb Zero 36 Zurnln 1.32 Zweig 10e 214- lO'-T- '-4 46'4 lV4 From page 8B Winner 3H WiscEn 2.ii WisE pf7 75 WisG 2.55 WiscPL 3.04 WiScPS 3 Witco 1.12 WolvrW Wlwttl $1.12 WWW pf 2 WrWAr WrldVI Wrigly .94 Wurltir 52H- 101 -1 27'4 53' 53 44H1V4 9'i 44 125VIV4 Pt 17V- 49'-li4 Vt- It V4 IV t- ''4 NASDAQ From page 9B 15'. I 10' i 1 35 WyteLb 2C 60 XOMA Xebec Xicor Xidex Xidx wt Xptor Mi Xyvsn YiowF 3 VrhFn 8t 2 Best ZZBst wt WINDOW INTERIOR MARKETING COMPANY (WIMCO) 2,720,000 UNITS OFFERING PRICE: $0.0625 PER UNIT AVAILABLE AT THE GALA FINANCIAL CONFERENCE -JOHN ASCUAGA'S NUGGET -CELEBRITY SHOWROOM SATURDAY FEBRUARY 14 10:00 A.M. TO 4:00 P.M. The announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities. This offer is made only by the prospectus.

BALLOONIES, INC. MINIMUM 200,000 SHARES MAXIMUM 500,000 SHARES OFFERING PRICE PER SHARE $.50 AVAILABLE AT THE GALA FINANCIAL CONFERENCE -JOHN ASCUAGA'S NUGGET -CELEBRITY SHOWROOM SATURDAY FEBRUARY 14 10:00 A.M. TO 4:00 P.M. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities. This offer is made only by the prospectus.

THE CLEAN MACHINE, INC. 4,000,000 UNITS OFFERING PRICE: $.0625 PER UNIT AVAILABLE AT THE GALA FINANCIAL CONFERENCE -JOHN ASCUAGA'S NUGGET -CELEBRITY SHOWROOM SATURDAY FEBRUARY 14 10:00 A.M. TO 4:00 P.M. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities. This offer is made only by the prospectus.

MICRO-TECH IDENTIFICATION SYSTEMS, INC. MINIMUM 800,000 UNITS MAXIMUM UNITS OFFERING PRICE: $0.25 PER UNIT AVAILABLE AT THE GALA FINANCIAL CONFERENCE -JOHN ASCUAGA'S NUGGET -CELEBRITY SHOWROOM SATURDAY FEBRUARY 14 10:00 A.M. TO 4:00 P.M. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities. This offer is made only by the prospectus.

AUTOCARE AMERICA, INC. MINIMUM 400,000 SHARES MAXIMUM SHARES OFFERING PRICE: $.25 PER SHARE AVAILABLE AT THE GALA FINANCIAL CONFERENCE -JOHN ASCUAGA'S NUGGET -CELEBRITY SHOWROOM SATURDAY FEBRUARY 14 10:00 A.M. TO 4:00 P.M. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities. This offer is made only by the prospectus.

CHANNEL ONE, INC. MINIMUM 400,000 SHARES MAXIMUM 2,000,000 SHARES OFFERING PRICE: $0.25 PER SHARE AVAILABLE AT THE GALA FINANCIAL CONFERENCE -JOHN ASCUAGA'S NUGGET -CELEBRITY SHOWROOM SATURDAY FEBRUARY 14 10:00 A.M. TO 4:00 P.M. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities. This offer is made only by the prospectus.

MOVIES UNLIMITED, INC. MINIMUM 2,000,000 UNITS MAXIMUM 5,000,000 UNITS OFFERING PRICE: $0.05 PER UNIT AVAILABLE AT THE GALA FINANCIAL CONFERENCE -JOHN ASCUAGA'S NUGGET -CELEBRITY SHOWROOM SATURDAY FEBRUARY 14 10:00 A.M. TO 4:00 P.M. XYZ Zehntel ZenNtl Zenfec Xerox Z-egier 52a ZronUt 1 Z'tel Ziyad Zondvn Zycsd ZV9 Zymos 3 3'- 29' -7 3 6 Vfc Xerox pf5.45 56 Vfc XTRA .64 V- York in mt- Zapata 4 Zavre .32 2 Zemex .40 12Vj to.