Lincoln Journal Star from Lincoln, Nebraska on August 18, 1996 · 43
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Lincoln Journal Star from Lincoln, Nebraska · 43

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Lincoln, Nebraska
Issue Date:
Sunday, August 18, 1996
Page:
43
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5E Page design: Rebecca Roberts Batie Lincoln Journal Star Sunday, August 1 8, 1996 BUSINESS WeaverChip maker hopes buyout will end money woes Pastor pays to settle solicitation charges Continued from Page 1 E Weaver's parents, EM. and Phyllis Weaver, started the firm by making potato chips at home in 1932. Ed Weaver Jr. took over the firm in 1958 when it was at 610 L St., with 20 employees and annual sales of $300,000. In 1964, Weaver Potato Chip moved to Center Park Road. The plant has undergone four expansions. Weaver Potato Chip Co. makes just about every kind of salty snack except pretzels. Weaver products include corn, tortilla and nacho chips, cheese curls and popcorn. The company gets half of its income from making chips and other snacks sold under Russ's Market, Super Saver, Hinky Dinky, Old Fashioned and other labels. The past few years have not been easy for Weaver. In 1992, despite offers from large corporations, he sold his controlling interest in the company for $1 million to employee K. Thomas Dunn. Weaver said he wanted to turn over the firm to a local owner in order to protect his workers, many of them longtime employees. At age 65, Weaver thought he had retired. Less than two years later, and unhappy with Dunn's management, he reassumed control of the firm. He said he found the company more than $6 million in debt and has spent the past two years trying to reduce it. Now 68, he said he returned out of concern for employees. Weaver said he wanted to preserve their jobs and their pension funds, which are tied to the company's fate by an employees stock ownership plan. "I would feel that I was letting them down if I hadn't," he said. in,, m Your Free Information Service! Last fall Weaver had received commitments from Norwest Bank and CIT Corp. of Kansas City, Mo., for $2.7 million in loans. He then received a $750,000 loan from city and county officials, which came from federal community development block grants. Weaver blamed much of the company's recent cash flow problems on Norwest, but the firm could not have been helped by the decision of Hy-Vee and Baker's supermarkets to take their private-label business to Guy's Potato Chips of Kansas City, Mo. Largely as a result, Weaver said the company's sales will slip from $10 million last year to between $6 million and $8 million this year. "We're back to the level we were at six or seven years ago," he said. Weaver has the controlling interest in the company. The only other board member is Edgar Meredith of Dallas. Employees own 27 percent of the company's stock. Weaver said that trying to save the company has been the toughest thing he has gone through in his 50 years of business. "Miserable would describe it well," he said, with slight smile. "It just seems that nothing works out the way it ought to." The company's financial condition "affects everything you are doing," Weaver said. "It kinds of grinds you down." MONEY MATTERS 1000 Stockline 1 003 How to use StocMine 2020 Financial News Headline 201 5 Stock Market Report 2025 Most Active Stocks 2035 Money Rates 2040 Commodities Reports 2030 Precious Metals SPORTS SHORTS Local Sports Coverage 4050 High School Sports 4055 Regional College Sportslina 4100 Husker Hotline Schedules & Scores tor AH Comhusker Teams National Sports Coverage 2045 Sports Headlines 8830 Tennis 8835 Golf - 8840 Ski Report Professional Sports Coverage 2050 NFL Report 2055 NHL Report 2060 Baseball Report 2065 NBA Report 2070 College Report Schedule I Standings 8805 Major League Baseball 8810 NBA 8815 NFL 8820 NHL 8825 College Standings INFO-CENTER 2005 Work) ft National News 2000 Local Weather 3100 National Forecast 4190 PoboaQ&A 4720 Public School Meal Menus ROAD CONDITIONS 2250 Interstate Road Conditions LOCAL ENTERTAINMENT 4700 Lincoln Theatre Movie Reviews 4725 Area Fine Arts i Theatre News 4775 Local Concert Connection 4800 Loca1 Music Reviews ft More TELEVISION 3745 ABC Tonight 3750 CBS Tonight 3755 FOX Tonight 3760 NBC Tonight 1725 Cable Tonight 4740 Soap Operas FUN FACTS 1300 Joke of the Day 1340 Ifs Your Birthday 2095 Entertainment Newt 2100 Music Work) 2145 Movie Reviews 2155 Lottery Result 4730 Horoscope Menu TIME OF DAY 1444 Current Time TRIVIA 3780 General Trivia 3785 Show Bit Trivia 3790 Sports Trivia HEALTH 4 NUTRITION Sexual Health 2400 AIDS 2401 Condoms ft AIDS 2402 How You Get AIDS OAni Svmokvns Of AIDS 2459 Sexually Transmitted Aging 2404 Behavior Changes 2405 Drugs ft the Elderly 2408 Elderly Dry Skin 2407 Medication Side E fleets 2408 Osteoporosis 2409 Sexuality ft Aging Myths 2410 Taking Care of Car Grver Cancer 2411 Breast Self-Exam 2412 Ovarian Cancer Sign 2413 Skm Cancer 2414 Skin Moles 2413 Testicular Cancer Children 2416 Attention Deficit Disorder 2417 Bed Wetting 241( Ear Infection 2419 Lazy Ey General ' 2420 Allergy Shot 2421 Asthma 2422 Backache 2423 Chicken Pox 2424 Hearing Loss 2426 Insomnia 2427 Migraine Headaches 2428 Mumps 2432 Strep Throat Nutrition 2444 Counting Calorie 2446 Eating Disorders 2447 Heartburn 2446 Reducing Cholesterol 2449 Salt ft Blood Pressure r St As for the employees, Weaver said, "We're trying to keep their morale up. We're all kind of hanging in there and hoping this thing straightens out and gets better." He acknowledged that the company Mas contributed to the employees' pension fund for the last couple ofyears. The company's contributions are voluntary and based on profits, he said, "but there haven't been any." The events of the past few years have devalued employees' stock. Weaver said. "The objective is to build the value of the stock back up by successful operation and that will restore their pension plan." Weaver said that he and the employees appreciate the expressions of support from the public and other business people since the bankruptcy plan became public last week. People have written and called, and some have even volunteered to work at the plant. One is now giving tours. Weaver's wife, Lois, is helping by working as the company's receptionist. Weaver, a former three-time Lancaster County Republican Party chairman and organizer of the Nebraska Leadership Council and other conservative efforts, said his Christian faith is helping him get through the days. "Whether or not the company succeeds is not up to Ed Weaver," he said. "It's up to the Lord." WASHINGTON (AP) - A New York City pastor has been ordered to repay $189,000 to settle charges of misusing money solicited from church members and radio program listeners, the Securities and Exchange Commission said. Rufus L. Jackson, pastor of the defunct Zoe Tabernacle Church, was charged with raising more than $300,000 from 145 people who bought securities in Kingdom Industries Corp., a company that was supposed to invest in real estate, SEC said. Eric Schmidt, SECs assistant regional director in New York, said Jackson solicited some of his former church members at so-called "success seminars." The gatherings were recorded, and Jackson promoted the tapes on his radio ministry, Schmidt said. The SEC charged Jackson with fraudulent offer and sale of securities in Kingdom Industries. The agency said Jackson misused or diverted more than $200,000 of investor funds to cover his personal expenses, the expenses of his church or to invest in another company. . CardsBanks pleased with first test of cash alternative Continued from Page 1E al Olympic Park, said he took in about $200 a day from customers with smart cards. "Compared to what we're doing overall, we're doing only 1 percent of sales" from the cards, he said. Nearby, Jock's and Jill's Sports Grill did not accept the card. Assistant manager Terry Deardon said few patrons asked about them. "In the two weeks prior to and during Olympic activity, I've received a maximum of 10 requests for the cash card," Deardon said. Visa said there were 260,000 smart card transactions in Atlanta in July, up from 50,000 in June. David Melancon, a Visa spokesman, said a survey by the credit card company indicated that 70 percent of Atlanta residents were aware of the card and that 21 percent would use one. The major complaint was that too few stores accepted the cards, he said, Some cashiers did not know how to process the card. And there was one case where someone spilled a soda on one terminal and knocked out a bank of them. The New York test, planned during the last three months of this year and focusing on a 30-block area of the Upper West Side, will take smart cards a step further. Most of the cards distributed in Atlanta were disposable; Visa wants to see how New Yorkers respond to cards that can be reloaded at ATMs. "While Atlanta was about awareness, New York is going to be about really testing how people live with this in an everyday environment," Melancon said. CORRECTION FOR THIS WEEK'S SALE CIRCULAR MEN'S AND WOMEN'S ADIDAS UTE XT ATHLETIC SHOES & MEN'S NORTHCREST THERMAL MESH HENLEY ARE NOT AVAILABLE DUE TO THE VENDOR'S INABILITY TO SHIP; RAINCHECKS WILL BE ISSUED FOR A LONG SLEEVED HENLEY. WE APOLOGIZE FOR ANY INCONVENIENCE THIS MAY HAVE CAUSED. SvJ09BSM.i'?afB "As the CEO of a major hospital, lean tell you this-First Bank Jits our business banking needs with surgical precisixmr -LYNN WILSON, CHIEF EXECUTIVE OFFICER BRYAN MEMORIAL HOSPITAL, LINCOLN, NE m , jew v .- 1 0 W . h . v - . 1 1 - t X -f i fK 1 -"joy s rktU i The day-to-day operations of a major hospital like Bryan focus on the joys and drama of life: New babies brought safely into the world. Lives saved. Surgeries performed. Yet, there is another side to Bryan. The business side. And in its own way, it can be as dynamic as the medical side. "Obviously the number-one priority of any hospital is the quality of care it provides to the community," said Lynn Wilson, CEO of Bryan. "But with the current tumultuous business climate in the health care industry, the dollars-and-cents of running a hospital are always an issue." An enthusiastic scuba diver, Wilson says that a diver's underwater partner is critical to the success of each dive. And First Bank's business banking has been a critical partner in Bryan's success. "With First Bank, you're right away dealing with greatly expanded services and capabilities. The most dramatic example for us has been institutional investing through FBS Investment Services," he said. "The diversity of choice in that area has been a quantum leap." In addition, Bryan has multiple checking accounts with First Bank, including a payroll account for over ,2,000 hospital employees. "We make extensive use of First Bank's Cash Management Services, too, such as CashFax Plus? It's an on-line system that lets us manage and handle cash without even picking up a phone. It's a tremendous help, and it's something we never had access to before. Quite simply, our money now moves faster and easier than ever." Lynn Wilson isn't the only business person in Nebraska who appreciates the advantages of doing their business banking with First Bank. To find out " more, call your local First Bank. ' First Bank eiflftSFBSMpmherrmC BEATRICE BELLEVUE BLAIR COLUMBUS DAVID CITY ELKH0RN FREMONT GERING GRAND ISLAND HASTINGS KEARNEY LINCOLN NORFOLK NORTH PLATTE OMAHA SC0TTSBLUFF FBS Investment Services, Inc. Is a securities broker-dealer affiUate of First Bank, a subsidiary of First Bank National Association (Minnesota) and a member of the NASD and SIPC, and investment products offered through ISI are not deposits or other obligations of, or guaranteed by, First Bank or any bank, are not FDIC insured and are subject to investment risks, including possible loss of principal invested. '1 VI r tm m-.-.-mm m m - , , . t r tr er 1 '

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