Daily Press from Newport News, Virginia • Page 15

HM fltCSS The Times-Herald SaturdayJuly 15, 1989 B5 flnsiniss Ticker Texas airline to begin flights at NN From staff and wire reports Dow: Up 16.50 bean. The Peninsula's "strong economic base" and large population made Patrick Henry an attractive proposition, Moreland said. "The reception has been wonderful," she said. "This is fun for us." Emerald hopes to offer expanded flight packages in the coming months, Moreland said, possibly involving hotel accomodations. "We are looking at actively doing some more things with Patrick Henry Airport," she said.

"We think the expectations we have will be met and then some." Emerald has a fleet of five DC-9 air Moreland said the Patrick Henry agreement marks the company's first expansion in scheduled service. "We're very excited about it," she Emerald began operations in 1978. The Austin-based company started as a scheduled-service airline throughout the state before deciding to switch to charter service in 1984. The airline resumed scheduled service this February. The airline offers scheduled flights in Texas, Louisiana, Oklahoma City and Las Vegas.

Emerald also offers charter service in 90 cities throughout the United States, Canada and the Carib planes, each with a 90-passenger capacity. The airline employs 260 Moreland said the airline uses a sim-'. plistic fare structure with one-class seating. There are few flight restrictions, she said, although reservations must be made three days in advance. She added that there are no minimum or maximum stays.

Moreland said Emerald normally avoids hub terminals. "There is a niche for the smaller regional airlines like us," she said. By NEIL CORNISH Staff Writer NEWPORT NEWS Emerald Airlines, a small, Texas-based company, will offer scheduled flights at Patrick Henry International Airport beginning in August. Emerald will offer non-stop flights twice a week to Orlando, and Atlantic City, N.J., and one-stop flights to New Orleans beginning Aug. 9, said Vicki Moreland, company sales and service director.

Round-trip fares on the DC-9 jets are $128 to Atlantic City, $198 to Orlando, and $238 to New Orleans. 2575- 2550 -m, 2350 JJ.L1UJU JU JnJJL I JujLI 30 3 5 6 7 10 11 12 13 14 Court hearings ended today in what is seen by some as the media battle of the Company loses round for Time century. Paramount Communication Inc. attempt to block Time acquisition of Warner Communications Inc. was denied in Delaware Chancery Court, Here are events leading up to the court decision; NYSE: 819 advances, 659 declines Volume: 183.48 million Amex: 293 advances, 265 declines Volume: 11.32 million 500: 331.84, up 1.89 Gold: New York Comex, $370.80, down $6.20 Silver: $5,207, up 0.012 Oil: West Texas Intermediate, $20.32, down 3 cents Dollar: 140.85 yen, up from 139.45 1 Hi Paramount Paramount bids $10.7 billion for Time in a hostile takeover attempt, killing Time's merger with Warner, All 3 stocks fluctuate Time and Warner announce I ft.

Rally continues with 9 th gain NEW YORK The stock market ran its July record to nine gains in nine sessions with an afternoon advance Fridav as traders sorted through a 1 -Merger is a share for share swap and Warner would own 60 of the merged company. The merger is seen by some as a sign that Time isvulnerable for a takeover. 2-Paramount (formerly Gulf Western) offers Time shareholders $175 per share At the time of the offer, Time stock is less than $130 per share. The next day, Time stock shoots up 44 points to $170 per share. Time has 57 million outstanding shares.

reality." Allen, disputing Paramount's contention that Time directors put the company up for sale by agreeing to, a friendly merger with Warner last March, turned down a request by Paramount and some of Time's biggest shareholders for an injunction against the. bid for Warner. The shareholders also were appealing the judge's decision. "There has never been the slightest subjective interest in selling to or submerging Time into another entity," Allen wrote in a 79-page decision. The judge agreed with Time's contention that the pro-! posed merger with Warner was the culmination of two years of negotiations, and as such represented a long-term business decision.

Allen said he concluded the i plaintiffs hadn't shown a rea-', sonable probability that they possessed the right to require Time's board to abandon or delay the Warner transaction. Time is offering to pay $70 a share in cash for half of Warn By JOYCE M. ROSENBERG AP Business Writer NEW YORK Paramount Communications Inc. lost a pivotal battle in its hostile $12.2 billion bid for Time Inc. Friday as a Delaware judge refused to block Time's $14 billion tender offer for Warner Communications Inc.

But Chancery Court Judge William T. Allen halted Time's $70 a share offer, which had been scheduled to expire at midnight Monday, for 10 days to give Paramount time to appeal his ruling to the Delaware Supreme Court. The Supreme Court held a hearing Friday afternoon to decide whether it would hear the case. If Paramount loses before the state's highest court, it will pave the way for Time and Warner to merge, forming Time Warner the world's largest communications company. Paramount, which is offering $200 a share for time, has said it would not pursue a buyout of Time Warner.

Time called Allen's decision, "a very big step toward making Time Warner Inc. a 'A 1 Time rejects Paramount's offer and announces It will buy Three Time shareholders sue to block shareholder's meeting. Request is denied. Various other lawsuits have Paramount ups its offer to buy Time to $12.2 billion or $200 per share. Warner for $14 billion? A haan fllari 4 "7s St er's 200 million outstanding shares and later exchange $70 Please see Blocked, B6 3-Time oilers $70 per share tor the $55.50 per share Warner stock.

Time stock drops 6 I2 points. Some shareholders fear Time will go into debt and express preference tor the Paramount olfer. Purchase ol Warner does not require Time shareholder 4- Paramount sues Time tor illegal defensive tactic, iime sues Paramount tor blocking merger with Warner. Three Time shareholders (Cablevision, Literary Partners and E. Jerrold Perenchio) sue Time to block purchase ol Warner.

Warner sues Citibank tor contCct of interest in representing both Warner and Paramount series of new statistics on the state of the economy. Several reports from the government Friday morning lent support to the widespread view that the pace of economic activity was continuing to slow, fulfilling a primary goal of the Federal Reserve's credit policy. Mass. credit rating cut BOSTON Citing financial disar-' ray, a major bond rating agency cut Massachusetts' credit rating Friday for the second time this year, a move that could add millions to borrowing costs. The decision by Standard Poor's Corp.

to downgrade Massachusetts bonds from AA- to A represents a harsh assessment of the fiscal policies of Gov. Michael S. Dukakis and the legislature. I Calls to Dukakis' office were not im-1 mediately returned Friday. Standard Poor's ratings are a mea-r sure of the risk associated with buying state bonds.

The lower the rating, the higher the interest rate the state must offer to entice investors to buy bonds. 1 McPizza to get tryotit OWENSBORO, Ky. The same people who brought you McNuggets and McRibs are testing a new product I "McPizza." McDonald's which operates I the nation's largest fast-food restaurant chain, will begin test marketing its 14-! inch traditional pizzas at four stores in Owensboro within about 60 days, a spokesman said. McDonald's will serve a pizza in five minutes, operations manager Steve Cross said. Paramount says it won't pursue a merger buyout 1 nm Paramount sues Time for illegal defensive tactics in Its bid for Warner.

Court rules in favor of the decision, but if the company fails before the Delaware Supreme Court, Paramount says it won't pursue the combined Time-Warner Inc. "The Time-Warner deal effectively precludes any bidder at all and absolutely precludes any bidder at a price near $200 a share and that of course includes us," Paramount stated. Paramount has millions of dollars in expenses from the Time bid to pay off, but the company still has plenty of cash available and analysts expect Davis to try to buy an Please see Davis, B6 By JOYCE M. ROSENBERG AP Business Writer NEW YORK If Paramount Communications $12.2 billion bid for Time Inc. fails, Paramount Chairman Martin Davis likely will turn his attention toward another acquisition target but observers say he also may have to protect his own company from possible unwanted bids.

A Delaware judge on Friday rejected Paramount's request for an injunction against Time's $14 billion tender offer for Warner Communications Inc. Paramount is appealing Called 'America's corporate battleground," Delaware's Chancery Court may hand down definitive ruing on the rights of shareholders versus management perogatives. More than halt ol the Fortune 500 companies are incorporated Delaware. IPi ime 1 Paramount plana appeal Dataware Supwn CowlTima slock dosad at 145 1M. down43M; Paramount 57 down Wamar at 64 up I ICqht-Riddar Tribune Newt Area residents have bought most WYAH stock God found in the Old Testament Centennial in return asked that CBN "not for compensation, directly or indirectly, engage in.

operate or control, have an ownership interest, and not as a representative consultant" be involved with another independent UHF tele stations to concentrate on its other businesses. The sale means the station will focus less on religious programming. Bottom said earlier this week. Among those changes, the station will start showing reruns of the late-1960s "Batman" television show beginning Monday. According to the FCC file.

CBN as part of the purchase agreement asked that Centennial replace the call letters WYAH within a year after taking ownership. The call letters stand for "Yah-weh." a form of the Hebrew name for Commission in March. The file was made available to the public Wednesday when the FCC approved the sale. The Portsmouth-based independent television station had been owned since 1961 by the Christian Broadcasting Network Inc. and operated by a subsidiary.

Continental Broadcasting Network Inc. It was the first station to broadcast CBNs "The 700 Club." the program that helped catapult the Rev. M.G. "Pat" Robertson to prominence. CBN had said last year that it wanted to sell its television and radio By JOSEPH PRYWELLER SUff Writer PORTSMOUTH Hampton businessman Raymond B.

Bottom Jr. has a 72 percent share in the company that bought WYAH, Channel 27, for $10 million. Centennial Communications other owners, five area business people, each own 10 percent or less. Bottom is a former co-owner of The Daily Press Inc. This and other information came from a series of application papers filed with the Federal Communications vision station in Bottom Hampton Roads for a three-year period.

Please see WYAH, B6 Sovran to buy bank NORFOLK Sovran Financial the Norfolk-based parent of Sovran Bank, said it has agreed to buy Peoples Bank of Tennessee for an exchange of shares valued at $10.5 million. Sovran said Peoples, a community bank in Van Leer, has assets of $59.5 million and shareholders' equity of $5.09 million. The agreement calls for Peoples Bank's shareholders to receive 10.94 shares of Sovran common stock for each of their 25.000 shares. Since moving into the Tennessee market in Nashville in 1987, Sovran has expanded its presence by acquiring community banks outside Memphis, Chattanooga and Knoxville. Cooke sells cable firm LOS ANGELES Jack Kent Cooke, owner of the Daily News and the Washington Redskins, announced an agreement lo sell his cable holdings hich reach 675.000 subscribers to a consortium of six buyers.

Cooke's company. Jack Kent Cooke Inc, based in MiddJeburg. didnl disclose the value of the sale, announced by Cooke CableVision on Thursday. The buyers of the Woodland Hills-based cable company are Tele-Conv munications Inc, InterMedia Partners. TCA Cable TV.

Falcon Cable TV. Chambers Communications and an entity including members of the John J. Rigas family. Slowdown signs continue Wholesale prices fVceni cfvaroe Producer Pnof Km lor VWrd jooas, aeasan Retail sales Varf chaTX tt'dS. iGM us.

aduseC ar vosonal, tendaf and kaong dsjr Cfemxx. 15 13 U-iiJ- CS1 i cy" i PoQ17 I partments and the Fed. the government said that in June: Wholesale prices, as measured by the producer price index, dropped 01 percent instead of rising mildly as most analysts had predicted. May's PFI had soared 0 9 percent, so the June fi cures represented an abrupt shift-But hat looked at irst like very god news on inflation did not look quite so good on second glance. Labor ard Commerce al said the rFI rose a hefty 07 percent hen lines in the sditiJe energy and fwd raa-pm-'-nts were removed re-- flea see Data, 4 wholesale inflation, industrial output and retail sales.

The falling measures of both industrial and consumer activity indicated the economic slowdown picked up speed last month, but Neal Soss. chief economist for First Boston Corp. said he didnl think they implied a recession is in store. "We are tumbling fast, but from a hieh level" that gives Federal Reserve officials a lot of room to head off a recession by bringing interest rates down, he said. They have plenty of time and Ier.ty of power la a jumble of repwts from Labor and Commerce de- Numbers imply faster downturn By JOHN BOYD Journal of Commerce WASHINGTON It might hare looked for a while as though the sky was falling when the government uncorked a batch of declining economic figures Friday, but in the end analysts said there is still just a slowdown under way.

Economists and financial markets look a hile to sort through the important June statistics that showed a drop in i i jisonDiniiai JSCDJfMMJ Chan tvtyW 13 trrv Mr irm tocs 0 9 -CI" i-v? 311. -C? ycos -i SO.FC pmm. -jrm Sv WK1 r'smm.