Hartford Courant from Hartford, Connecticut • Page 119

1st ed, BOTH SIDES D2 THE HARTFORD COURANT: Wtdnndoy, April 3, 1991 builder files for Growth in production in Japan tops U.S. rate owning more than 20 percent of the corporation. Papers of incorporation on file in the secretary of state's office list two principals: Robert Musumano, president, and Kristopher Musumano, secretary. Among Colonial Land creditors are two tax agencies. The company owes $160,000 to the Burlington tax collector on properties included in grand lists dating back to 1988, and it owes $7,153 to the Internal Revenue Service.

The petition also lists $4.8 million in secured debts to creditors, several of whom filed collection suits in state court. Chief among the secured claims are those of: Bank of Boston Connecticut, Bristol office, $913,000, secured by 23 lots at Black Walnut Lane, Burlington, valued at $1.6 million. Boston Five Mortgage Co. of The fund said production contin- ued to rise in the major industrial countries as a group, though the pace slowed some last year. It was the eighth annual rise in a row.

It amounted to 1.8 percent, just half i the rise in 1989. Since the recession year 1982 the increase has been almost a third: 31.8 percent. Looking at five leading countries, the fund found industrial production increases last year in West Germany as well as Japan and the United States, but no increase in Italy and a slight drop in Britain. West Germa- ny's performance increase in 1990-1 was as strong as Japan's, a rise of 6 percent over the 1989 level. But its-total increase since 1985 was less, than Japan's 17 percent com-' pared with 26 percent.

The fund's figures apply only to West Germany, not to the unified -Germany. Two smaller countries even faster growth than Japan's. By last August, Ireland's industry was producing 53 percent more than it: did in 1980. In November, production was 51 percent more" than it was a decade earlier, in part -because of the development of the oil! wells off its coast. Associated Press WASHINGTON Japan's industrial production, though much smaller than that of the United States, has been increasing a lot faster, according to figures from the International Monetary Fund.

Since 1985, Japan's increase has been 26 percent 6 percent of it last year. The U.S. increase has been 14 percent; for 1990, the U.S. increase was 1 percent. Total U.S.

production is about three times Japan's. The U.S. Central Intelligence Agency reported that in January, production in Japan was rising at an annual rate of 10.8 percent. U.S. industry, still in a slump, was declining at an annual rate of 5.5 percent.

The CIA's figures show Japan's production taking off in 1987, growing much more rapidly than production in this country. The CIA takes the year 1980 as a base. In 1987 the two countries had reached about the same rate of growth compared with 1980, close to an 18 percent increase. Since then, Japan's curve has moved up steeply. By last November, the increase in Japan over 1980 was about 55 percent, while the U.S.

increase was not much over 25 percent. insurance reform proposals Bristol home By LAWRENCE B. RASIE Courant Staff Writer A Bristol home builder has filed for protection from creditors under Chapter 11 of the U.S. bankruptcy code after some creditors brought collection suits in state court. Colonial Land Development Inc.

of the Forestville section of Bristol, listed total debts of $6.5 million, with part of the debt secured by lots and houses in Burlington valued by the debtor at $7.8 million. The company is not related to Colonial Realty the West Hartford real estate firm forced into bankruptcy court last fall. Colonial Land Development was incorporated in April 1986. The bankruptcy petition lists Robert Musumano as controling principal Legislators kill Continued from Page Dl the bill a verbal threshold. Under Connecticut's current no-fault law, a driver needs only $400 of medical bills to sue.

Policies pay up to $5,000 of a person's medical bills and lost wages regardless of who is at fault in an accident. The proposed switch to a verbal threshold for suits would have increased the $5,000 to $50,000. But state Rep. Thomas G. Mou-kawsher, D-Groton, called the reform proposals "window-dressing We're trading a great deal in terms of people's civil rights to sue and getting very little in return." A verbal threshold will lead to costly, time-consuming legal battles over whether someone meets the threshold, Moukawsher said.

State Sen. Kevin Johnston, D-Put-nam, co-chairman of the committee, opposed a verbal threshold because, he said, "I'm not sure exactly what rights are being taken away in order to give that break rollback to the consumer." Legislators who oppose a verbal threshold today may eventually sup Chapter 11 Glastonbury, a claim of $1.7 million, secured by 27 lots and three homes at Wildcat Estates, Burlington, valued at $3.2 million. James and Harry Cleveland of Bristol, claim of $1.1 million, secured by 32 lots at Cedar Springs Road, Burlington, valued at $3 million. There are 58 unsecured creditors, including many suppliers and builders whose claims total $1.6 million. The company couldn't be reached Monday and its lawyer did not return calls.

Burlington's tax collector, Lin-nea Lomnicky, said Colonial Land owed taxes on all or part property it owns that was included on three grand lists dating from 1988. She said Colonial Land had built houses on some of the lots, but not many of them have been sold. eters" for the fight on insurance reform, said Ethan Rome, legislative and political director for the Connecticut Citizen Action Group. The group plans to pursue prior rate approval and mandated discounts for good drivers this session, he said. There is still time to work out some auto insurance legislation at the judiciary committee, said Jay Malcynsky, a lawyer and lobbyist for the Connecticut Trial Lawyers Association.

In other action Tuesday, the insurance committee approved a bill aimed at protecting the public from abuses by companies that manage health care. The bill calls for regulation of such companies by the state Department of Insurance. The companies include health maintenance organizations and subsidiaries of insurance companies that require patients to get clearance for hospital stays and other services in order to get insurance benefits. The bill sets standards that the companies must meet to be licensed by Connecticut. The case went to the U.S.

Supreme Court, which ruled in Astroline's favor in June 1990. But by then, the company had used up much of its financial resources defending itself in court. Roundup I STATE Insurance purchase The Hartford Life Insurance Cos. is continuing discussions with First Executive Corp. of Los Angeles to buy a sizable chunk of individual life insurance business.

Simsbury-based Hartford Life, part of ITT Hartford Insurance Group, is talking with First Executive about assuming about $2.3 billion of First Executive's life insurance assets and liabilities. First Executive auditors have expressed doubt about the financially troubled holding company's chances of staying in business and refused to issue an opinion about its 1990 financial statements, First Executive said Monday. "That's their situation," said Joseph Fazzino, a spokesman for Hartford Life. Advo to buy firm WINDSOR Advo-System one of the country's largest direct-mail marketing companies, has signed an agreement to buy the assets of a Chicago direct-mail firm. Advo said its cash purchase of Sun-Times Distribution Systems is scheduled to be completed by April 26.

Terms of the deal were not disclosed. Advo bundles retailers' advertising circulars into packets and mails them to 52 million households around the country each week. The company said its packets are mailed to about 2.5 million households in the Chicago area each week. Sun-Times Distribution Systems is owned by the Sun-Times which publishes the Chicago Sun-Times newspaper. Sun-Times Distribution mails a similar weekly packet of advertising circulars to about 2 million Chicago-area households, Advo said.

Results revised BRANFORD Branford Savings Bank has revised its fourth-quarter and year-end results to reflect the addition of $9.5 million to its provision for loan losses, the money a bank sets aside to protect itself against losses from bad loans. The bank said the addition increases its 1990 loss to $19 million, or $12.21 a share, from the $10.1 million, or $6.49 a share, it originally reported. The bank also said its fourth-quarter loss was $11.24 million, or $7.22 a share. The bank originally reported the loss at $2.34 million, or $1.50 a share. The addition to the loan loss provisions increases the total provision to $22.4 million in 1990.

Takeover complete MIDDLETOWN A New York company connected to takeover firm Kohlberg Kravis Roberts Co. has completed its takeover of Field Publications, publisher of Weekly Reader, the popular children's news magazine. Safety-deposit box holders at Landmark get reminder Guard service will be available for people who want escorts from; the former Landmark branches," three in Hartford and one apiece in! East Hartford and West she said. Former Landmark customers who cannot clean out the boxes before April 13 should call 282-6600 to make appointments with a repre-: sentative from the FDIC claims de--partment, Sullivan said. Sullivan said the boxes are to be opened around April 30 and their contents are to be removed for safe-; keeping by the agency until their; owners recover them.

The FDIC took over Landmark on Thursday after State Banking Commissioner Ralph M. Shulansky declared it insolvent and turned over; more than $212 million in deposits' and more than $5 million in assets to! People's Bank of Bridgeport. WHCT-TV mangement preparing for liquidation port it if its effect is better known, Johnston said. Trial lawyers and the Connecticut Citizen Action Group, a consumer advocacy group, welcomed the defeat of the verbal threshold. But state Rep.

John Fonfara, D-Hartford, said he would pursue the revision of no-fault on the House floor. Those who opposed the overhaul, he said, "were successful in taking away what I believe is the most significant way of reducing auto insurance rates that was available to us." The insurance association had agreed to a 40 percent rate rollback if the whole reform package were passed, Fonfara said. But state Rep. John G. Metsopou-los, R-Fairfield, warned that any rollback would be for one year only, and the industry could try to play catch-up in subsequent years.

"This is an issue that special interests have prevailed on," Fonfara said of insurance reform. "I think the consumer deserves better than that." Tuesday's action by the insurance committee merely "set the param versial FCC "minority preference" policy. Shurberg, who is white, contended that he was unfairly kept from bidding on the station because of the policy, which allows troubled com panies to sell their stations to minority buyers. He sued to block the sale. Richard P.

Ramirez, who is not involved in the station's day-to-day operations, but is still the station's general partner, is Hispanic. Manufacturing, W. Joseph Campbell Mary Agnes Carey Cyndle 0. Greer foreign trade, economy Inside Business Appointments, calendar, new business, corporate facts Banking Utilities Joanne Johnson Susan E. Kinsman Pamela Klein Diane Levick Lynne B.

Maston Lawrence B. Rasie Michael Remez Retailing Insurance Real estate notes Real estate Labor, workplace Robert Weisman Defense Industries, aerospace Stephen Williams Personal finance, marketing Freelance submission: Freelance articles and proposals should be submitted to Patricia E. McNerney, deputy business editorweekends at 241-3850 or toll-free, 1-800-524-4242, Ext 3850. General Information) The Courant publishes several lists in Business Weekly each Monday, including business appointments, coming events, new businesses and marketing news. To submit information for these lists, please call Patricia E.

McNerney, deputy business editorweekends, at 241-3850 or toll-free, 1-800-524-4242, Ext 3850. 1 1 Britain Former Landmark Bank customers who had safety-deposit boxes there are being reminded to remove personal belongings as soon as possible because the government plans to sell the boxes along with other former Landmark items. The Federal Deposit Insurance Corp. said it will have representatives at the five former Landmark branches Mondays through Fridays from 9 a.m. to 6 p.m.

and Saturdays from 9 a.m. to 3 p.m. That schedule will continue through April 13, Lesylee Sullivan, a bank liquidation specialist for the FDIC, said Tuesday. April 13 is a Saturday. Because the branches will be closed after 3 p.m.

on weekdays and on Saturdays, former Landmark safety-deposit box holders will have to show identification to be let in during the closed hours, Sullivan said. Managing Underwriter Advest, Inc. Underwriters a regular payment Ask your prospectus including all carefully before 1-800-DIAL VKM Introducing the kn Kampen Merritt Connecticut Insured Municipals Income Trust. Double tax-free income for Connecticut residents. Continued from Page Bl not grant the station more time, he said.

Since 1985, when it purchased the television station for $3.1 million from Faith Center Inc. of Glendale, Astroline has been plagued with legal and financial problems. From the start, the sale was challenged in court by Alan Shurberg, a Rocky Hill computer consultant, because it was granted under a contro How can we help you? We invite readers to write, call or visit to share their opinions, ideas for news stories and letters to the editor. The business-news office Is located at 285 Broad Hartford, and is open Monday through Friday from 9 a.m. to 5 p.m.

Telephone: 241-6736 or toll-free, 1-800-524-4242, Ext. 6738. Louis J. Golden, business editor, oversees all business sections. He can be reached by calling 241-3857 or toll-free, 1-800-524-4242, Ext 3857.

News releases may be sent to him at 285 Broad St, Hartford, LouhJ.CoMi Business Editor CT 06115. James Doody, deputy business editornews, supervises the business I sections that appear Tuesday I through Saturday. He can be reached by calling 241-3907 or toll-free, 1-800-524-4242, Ext. 3907. Patricia E.

McNerney, deputy business editorweekends, supervises I the Sunday business section and I Business Weekly. She can be reached by calling 241-3850 or toll-free, 1-800-524-4242, Ext 3850. Business staff members may be I reached directly by calling 241-6736 or ton-tree, i-soo-5Z4-4Z4z, txt. 6736. They Li schedule for easy budgeting.

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said Monday it has completed its acquisition of Mid-dletown-based Field Publications and its Funk Wagnalls Inc. encyclopedia affiliate in Ramsey, N.J., from Chicago-based Field Corp. K-III is not planning any changes to the Weekly Reader or to the company staff, a spokesman said. Terms of the sale were not disclosed. An analyst estimated last year that Field would sell for $275 million to $300 million.

NATION Proxy fight ends NEW YORK The 18-month-old war between Avon Products Inc. and Chartwell Associates LP ended Tuesday as the cosmetic maker and its dissident shareholder signed a standstill agreement, the corporate equivalent of a cease-fire. Under the 10-year agreement, Chartwell is ending its proxy fight for four seats on the Avon board, and both sides are dropping all lawsuits against one another. Two members of Chartwell will remain on Avon's board. Chartwell agreed not to increase its Avon holdings beyond 4.9 percent or participate in another proxy battle against Avon management.

Grumman job cuts NEW YORK Grumman Corp. said Tuesday it will eliminate 1,900 jobs by year's end, joining a growing list of defense contractors that have slashed payrolls in response to sharp Pentagon budget cuts. The maker of the Navy's F-14 fighter and the A-6 bomber said it would lay off 1,200 to 1,300 workers and cut another 600 to 700 jobs through attrition by year-end. The announcement follows staffing reductions by General Dynamics McDonnell Douglas Corp. and other defense giants squeezed by Congress' determination to cut military spending in the post-Cold War era.

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