The Honolulu Advertiser from Honolulu, Hawaii • 31

Stock tables D4 Stock report D5 Shipping D6 A The Honolulu Advertiser Thursday, July 23, 1987 D-3 Raw Sugar Futures With milk import battle won, Safeway Stores drops lawsuit U.S. (Nurctt common month) 3i.sa.. (Stpt.) World (Nurttt common month) i .24 1 (Oct.) Today's Briefing By Anne Harpham Aavertiter Money Section Editor Safeway Stores yesterday told U.S. District Judge Martin Pence it is dropping its long-pending antitrust lawsuit which had sought unspecified damages from the state Board of Agriculture and Oahu dairy farmers. That is the only legal action still in the courts as a result of Safeway's successful and lengthy fight for a license to import its Lucerne milk.

Safeway filed suit in February 1984, 13 months after it first applied for a milk license. In March 1983, the board of agriculture voted its intent to deny the application. Safeway asked for a hearing, which was held in September and October of that same year. Hearing officer Jack Suwa, then the director of agriculture, recommended the license be granted. On Feb.

7, 1984, the board voted to reopen the hearing. That prompted Safeway's lawsuit, which argued that the grocery chain had been denied constitutional and civil rights bring in Lucerne milk, and spent a "substantial" amount of money on its legal fight. Safeway has refused to say what it spent on legal fees in its milk case. Safeway decided to drop the suit, Cooper told Pence yesterday, because it "is in the business of selling groceries and is not in the business of litigation." Safeway, Cooper said, feels it accomplished its primary purpose the importation of Mainland milk. Safeway feels it is an integral part of the local economy and does not want the continuing litigation to put it at odds with other segments of the economy.

Cooper told Pence. Pence commended Safeway for taking the action that brought about its license to bring in Mainland milk. Safeway's action. Pence said, benefitted Hawaii consumers. Pence also said he commended Safeway for dropping the suit, saying the Oakland-based grocery chain "clearly achieved what it intended." No qualified bids for Josef Cooper Mission accomplished and had been the victim of an antitrust conspiracy.

In May, Pence ordered the board to make a decision and told the board it could only consider whether Safeway was qualified to distribute milk. The board then granted the license. The only issue left in the suit Some people in the audience, however, said they were ready to bid on the station but never got a chance. They contended the auction officials didn't announce the requirement to register to bid, and they objected to the required cash deposit equal to 10 percent of the purchase price. Carl L.

Schuele, president of a radio station in Santa Barbara, who said he also owns KLEI here, said he was ready to bid and now may try to negotiate a purchase of the station. "I think the whole thing got hung up on a technicality," he said. "How was I supposed to know I needed to register to bid?" Auction officials countered that all auction procedures and requirements were clearly spelled out in literature made available right up until the auction was to begin. The station was to have been sold earlier this year to a group of its employees. But the group Judge Martin Pence Says consumers won after that ruling by Pence was the question of damages.

Safeway never specified the amount it was seeking, but attorney Josef Cooper said yesterday it would have sought a "seven-figure" amount. Safeway, he said, lost potential profits during the 1V6 years in which it was not allowed to KORL failed to secure financing for the sale. The failed sale, which was hoped to raise enough proceeds to pay off some KORL debts, put the seller into a financial squeeze. In May, KORL's holding company which was formed for purposes of the sale and functions as a subsidiary of Heller's Pacific Communications filed for protection from creditors under Chapter 11 of the federal bankruptcy code. Bankruptcy court documents listed the value of KORL's assets at $1.25 million and its debts at $1.36 million.

Heller had hoped yesterday's auction would raise enough money to satisfy creditors and give the station financial security to continue operating. "We're not sure what effect (the auction's cancelation) will have on the station itself," said Heller, adding she couldn't say for sure whether KORL will remain on the air. She said the owners will not attempt another auction. 10 17 94 IS 12 July Icahn would receive $20 in cash per share for his portion of the company's 30 million shares outstanding and a combination of retained common stock and new preferred stock in the resulting company. The cash to finance the deal would come from a sale by Drexel Burnham Lambert Inc.

of $800 million in TWA debt securities, approximately $600 million of which would be used for the cash portion of the deal. The remainder would be used to retire other TWA obligations. Toshiba still trying Toshiba Corp. said it has informed the U.S. Defense Department of its decision to take part in the final bidding for a contract to produce laptop computers despite widening American anger at the Japanese electronics giant.

professional and technical support to observatories and a tracking station on Haleak-ela. Earlier this week, Castle Cooke Inc. broke ground on its Mililani Technology Park in central Oahu. The state also is developing another high-tech park, the Hawaii Ocean Science and Technology Park, at Keahole Point on the Big Island. New director Budget Rent A Car of Hawaii announced that Bob Jar-rett is replacing Hank Koppelman as managing director.

Koppelman, who had headed the Budget operations in Hawaii for two years, left to pursue other opportunities here in the tour and travel industry. Jarrett has been Budget's zone manager for its South Central region. Budget is the largest rental car operation in Hawaii. i err ffJo' FiaCv As Kewnl WordPerfect Word Preceding Software 1 The 1 best 4)Wiltitech 768K, 610 3-in-1 AT-Style Prices rise 0.4 percent Lnited Prett International WASHINGTON Consumers paid 0.4 percent more for goods in June capping the worst six months of inflation since 1982, the Labor Department said yesterday. Energy and food costs rose the most last month, the government said.

Add June's 0.4 percent rise to similar increases this year and the CPI is on track to rise 5.4 percent in all 1987. The government also said yesterday that wages shrank by 0.4 percent in June because of a decline in average hours worked per week. COMPUTER CENTERS hawdti Largest inoepentient Computer Store Cham. Our Commitment: Servtce. InipQrtty and Satisfied Customers By Nina Berglund Advertiter Butineti Writer The Hanohano Room at the Sheraton-Waikiki was rented, the auction block was set up, coffee and pastries were offered, attorneys milled around and the staff was ready for action.

But one key ingredient was missing yesterday morning when the owners of KORL AM put their financially troubled radio station up for bid qualified bidders. Officials from Michael Fox Auctioneers who were running the show, said no one in attendance qualified as a bidder, meaning none had come forward with a required cash deposit. So they canceled the auction. It was a "tremendous" disappointment, said Mary Heller, one of the principals of Texas-based Pacific Communications which has owned KORL since 1984. "Now I guess we'll just have to try negotiating a sale," Heller said.

''MUM. New TWA proposal Trans World Airlines chairman Carl C. Icahn, who owns 73 percent of the airline, announced a plan to take the airline private and pay off its shareholders, including himself, with funds borrowed by the corporation. The plan, which would pay Icahn approximately $438 million or about the same amount he initially invested in TWA would consolidate Icahn's already substantial control of the airline. All but ,10 percent of the stock of the restructured company would be held by a company con-strolled by Icahn, with the balance held by employee stock ownership plans.

Under the plan, public would receive $20 a share in cash and they would get bonds with a face Talue of $20 for each share they hold. TWA stock has been trading in the low 30s. In Hawaii Maui deal near The Maui Research and Technology Park is close to signing an agreement with an Arizona developer who would spearhead a joint venture to develop the' 300-acre Kihei park. Don Malcolm, executive director of the Maui Economic Development Board, declined to name the companies involved in that joint venture. But he said an agreement should be concluded shortly and that the "pooling of partners" would give the project a broader base than originally envisioned.

The Maui park suffered a setback early this year when Arroyo Development a California company, pulled out as project developer. At present, Malcolm said, Avco Research Laboratories is the only firm to have signed a letter of intent to move into the park. That company is under contract with the Air Force to provide' Bankoh to expand Guam operations Bank of Hawaii said yesterday it has agreed to purchase Chase Manhattan Bank's retail banking operations on Guam. Bankoh. already Guam's largest lender, thus will add $9 million of loan assets and a $30 million deposit base.

A year ago Bankoh acquired the Guam branches of troubled Bank of America, gaining more than $75 million in assets. Chase Manhattan is the nation's third largest bank. Bank of America ranks No. 2. Citibank, largest in the nation, remains active on Guam with one internationally oriented branch.

Bankoh President H. Howard Stephenson said the Guam expansion "provides a solid framework strengthen our role in the Pacific Basin." Chase Manhattan noted its presence on Guam is smaller than in some Asian locations, saying it prefers to concentrate "on areas of international finance where we think we can add real value." Customers will be invited to have their accounts transferred to Bank of Hawaii's Agana, Tamuning or Agat branches. Thus Bankoh hopes to challenge Bank of Guam as the No. 1 holder of locally placed deposits. PENNY STOCKS An Opportunity Of th igMiei II 1 INTRODUCING THE Acer 710 360 Floppy Drives Mhz Processing Speeds Graphics Display (MDA, MGA, CGA) Keyboard (84 Keys) 1 "15900 Cz Commodore AMIGA jW by Wxdfefect seiling professorial word processor 219 95 Man merge, speii cnecner, inesaurus 'tffiffffkv i Math, outlining, indexing and sorting capabilities nr" (8) ft- nun Dyson IBM List 495.00 SS.

5.25" DS. 5.25" A GREAT PRODUCT! EPSON" 55iX 180 CPS Draft, 40 NLQ Fully Adjustable Tractor Parallel Interface One-Year Warranty HD.5.25" 1995 (Speciii Canfigunuan) Includes CPU. 512K RAM upgrade and color monitor SAVE '501 INCLUDES: Amiga 500 CPU 512K Standard RAM and additional 512K RAM for a total of 1 MB RGB Color Monitor Mouse PCXT Style Keyboard with Separate Numeric Keypad GREAT GRAPHICS AND STEREO SOUND MANY HOME AND BUSINESS APPLICATIONS TOTALLY COMPATIBLE WITH AMIGA 1000 COME IN FOR A DEMO 1095 SS. 3.5" 1395 1195 DS. 3.5" 1995 179500 1 2 MB flnve.

rorocf-rorre moniw SperryPC1To6Unz.xs 2895 S1TK 4CMB tare s. hevOoa'd Paradox 2.0 'A, s-usersi 53995 A 24995 Microsoft Windows 71 as Direc-Link 4495 Printer Muffler 80 44 9S Printer Paper rsaosiOb. 26 95 Precision 5.25" SSDS 650 Precision 5.25" DSDD G5 PATA-1 COMPUTER CENTERS '('Limited SunrOiesl Wyse pc 236 21C3 sck. 1 595:0 1.2?.'3c-ve. Torvsr grap'ves Wyse pc 236 2112 -Ut.

2195:0 1 Toshiba 321 SL 5599s Alps ALQ 224 Color Printer 5295S Panasonic 1C80 20300 Multifunction Board 51-K 1Q93S BAMFactor 19995 Managing Your Money t3M) 1299S Deluxa Paint II (Ao9G3) 6995 Adv. Right Simulator 29m downtown mccuut 41 cmr MV-S Nmt UrCV, in" wd Vt4tl per month, $18J3 Down, SALE ENDS 73187 35 Month, 18 APROJLC..