The Miami News from Miami, Florida • 8

8A. Th Miami Now Friday. April 13. 1984 Wometco mow in-private hands; will sell mite hut not Seaqwavmm MERWIN SIGALE Miami News iuslnes tdlter WOM disappeared today. It may never be heard It- from again.

Trading In the stock of Wometco Enterprises bearing the symbol WOM, was suspended as of today's opening on the New York Stock Exchange. That marks the end of Wometco as a publicly owned firm and the end of an era. Air Florida files PDA suit; asks damages of $40 million Air Florida has filed a $40 million lawsuit that charges Naples-based Provlncetown-Boston Airlines with violating a joint-ticketing agreement and spreading "erroneous" information about the carrier's finances. The suit, filed In Dade County Circuit Court yesterday, asks that PBA be forced to accept tickets for its flights that are issued by Air Florida. It also seeks damages in excess of $40 million for alleged unfair trade practices and violation of the ticket agreement.

The action came after PBA told travel agents in a letter last week that it would no longer accept tickets from Air Florida passengers. PBA president John Van Arsdale said earlier this week that he took the action because Air Florida owed $300,000 for tickets it sold for PBA flights. Robin Cohn, a spokeswoman for the Miami-based Air Florida, said yesterday that the PBA's letter to travel agents contained "misleading and erroneous statements." Wometco Enterprises went private yesterday, sig naling a major transition for the 59-year-old company that Mitchell Wolfson guided to stardom In the corporate worlds of entertainment, broadcasting and soft-drink bottling until his death 15 months ago. i 'V rn In quick succession, the Federal Communications Commission approved the transfer of Wometco's broadcasting properties including WTVJ (Channel 4) and five other television stations and company officials signed the final papers for the $l-billion buyout by Kohlberg Kravls Roberts a New York Investment firm. A Wometco spokesman later disclosed that the 0 i 4 i.

i company will begin to solicit offers Immediately for Its movie theaters and its vending and food-service division. However, he said the Miami Seaquarlum on the Rickenbacker Causeway and the Citrus Tower west of Orlando are not for sale after all. I I I I I lit In a proxy statement to shareholders last month, 1 til Wometco said It expected to seek buyers for its vending and entertainment divisions, both of which are profitable. The entertainment division Includes the tourist attractions as well as 45 movie theaters 18 of them owned and 27 leased. f-l Industrial output slows Industrial production, the output of the nation's factories, mines and utilities, rose a moderate 0.4 percent in March, the government said today.

The increase was the 16th in a row, but the improvement was less than half that posted in January and February. The Federal Reserve Board revised earlier reports, saying January's was 1.4 percent and the increase in February was 1 percent. The production gains were described as "widespread among most materials and products." Retail chain boosts credit line Carter Hawley Hale Stores Inc. has arranged a Sann million lina nf r.rpdit from a lendina orouD Such' divestitures would ease the Kohlberg group's Headquarters of the new Wometco will remain in downtown Miami financing burden, since the purchase of Wometco is highly leveraged. But Richard L.

Lehman, Wometco director of pub lic affairs, said yesterday the tourist attractions are not being offered for sale. "At this time, it is just the the aters," he said. The Seaquarlum, he added, "is not on the block." The attraction featuring trained dol phins, a "killer wnaie and marine exhibits attract ed 525,000 people last year, down from 950,000 in 1980. from the old Wometco's Miami headquarters at 306 N. Miami Ave.

Van Myers, who was Wometco's president, will be president of WEI. Anthony J. Cassara, general manager of Kohlberg-owned KTLA-TV in Los Angeles, will be president of Wometco Broadcasting. Lehman said four partners in Kohlberg Kravls Rob- erts will serve on a seven-member board of each company. They are Jerome Kohlberg Henry R.

Kravis, George R. Roberts and Paul E. Raether. Also on WEI's board will be Myers and former Wometco directors Arthur H. Hertz and Mitchell Wolfson Jr.

Cassara, Myers and Hertz will join Wometco Broadcasting's board. "It'll be Van Myers and Arthur Hertz running the show and Mr. Cassara," Lehman said. Wometco Enterprises stock reached 46, up half a point for the day, at yesterday's close Its last trade. Wometco Cable TV stock changed hands at 29 'g before NASDAQ halted trading permanently at 2:33 p.m.

yesterday. Shareholders will have six months to exchange their stock certificates for cash, Lehman said. Instructions are being mailed to them. Lehman said two private companies emerged from the Kohlberg deal. One is WEI Enterprises which will operate cable TV, bottling, vending, theaters and tourist attractions.

The other is Wometco Broadcasting Co. which will control the television stations and subscription-TV services. Both companies will operate The transactions completed yesterday included the Kohlberg group's purchase of Wometco stock for $46.50 per share and its acquisition of the publicly held shares of Wometco Cable TV Inc. for $29.50 each. Wo metco Enterprises already owned 85 percent of Wometco Cable TV, which has 48 systems and 278,000 subscribers in eight states and the Bahamas.

Jane Bryant Quinn headed by the Bank of America. The move ap-; pears to be designed to help Los Angeles-based Carter Hawley Hale defend itself against a $1.1 billion takeover bid, or $30 a share, that was launched last week by Limited a retailer based in Columbus, Ohio. Carter Hawley Hale would say only that the new credit line was for "general corporate purposes," and it declined to say how large the previous line was, or how much of it the company had used. Teen summer jobs outlook bleak The summer job outlook for teen-agers re- mains bleak even though privately run employ-', ment programs are likely to expand from last 4 year, says the Conference Board. A strong economy, tax breaks for employers and professional planning by job coalitions including local governments, social agencies and private firms all are expected to contribute to another year of growth in summer hiring of youngsters, said the business-funded research group.

Even so, "severe joblessness among teenagers continues," and "most private-sector programs have made no more headway against youth unemployment than the government-run programs that preceded them," said Nathan Weber, author of the Do you have enough property insurance? NEW YORK A tragedy like the tornadoes that struck the Carolinas recently should send every home owner, every renter, every business owner scrambling for his insurance policy. It that were you on TV, giving interviews in front of your devastated home, could you get enough money to rebuild? Government programs offer some relief if you're caught within an officially named disaster area. But they don't offer much free cash. Mostly, you get loans that have to be repaid. 71 Quinn If you re struck by a freak torna do that levels just a few houses in a replacement-cost policy that guarantees to pay the full cost of rebuilding your home if it's destroyed.

You can also get replacement-cost coverage for your possessions. Extra insurance costs money, but not a lot more. You can lower the price by raising the amount of each loss that you're willing to cover yourself. A policy with a $500 deductible costs less than the same policy with a $100 deductible. A household inventory can be done by camera.

Take pictures of everything in your rooms and drawers, list prices where you know them, and keep everything in a safe deposit box. If you're thrown back on federal-disaster insurance, you may qualify for a smorgasbord of modest programs. If your house is destroyed, the government will find you a place to live for up to a year rent free (although you pay utilities and other costs). There are limited funds (maybe $2,000 or so) for immediate home repairs. Families that don't qualify for much other can get up to $5,000 in cash.

The Small Business Administration makes disaster loans, but the interest rate isn't as low as it used to be. Middle-income people pay 6 78 percent; higher-income people pay 12 34 percent. And the loan has to be repaid, so it adds to your present burden of monthly payments. That's why a good insurance policy is so important. It will pay for rebuilding your house without putting you any further in debt.

percent, and have a fire that partly destroys the house, your reconstruction bills may be only partly covered. You may not have bought enough insurance to cover the contents of your house or apartment. For homeowners, the standard coverage is 40 to 50 percent of the home's insured amount enough to cover partial losses, but probably too little to cover a total wipe-out. A standard policy also won't cover any more than $1,000 or $2,000 worth of silverware, $500 for all your jewelry and furs, and a nominal amount on art, antiques and Oriental rugs. You may not be covered for certain important things.

A standard policy, for example, may cover valuables if they're stolen but not if they break. A personal computer may be covered if it's in your den, but not if it's in the office of a business you conduct from home. Your jewelry may be covered if it's obviously stolen, but not if it disappears mysteriously. You may not have a household inventory. After a fire, a tornado or a theft, you'll need lists of what you owned, so the insurer can decide how much it owes you.

When taking inventory from memory, many people forget some of their possessions. Many can't prove that they owned something out of the ordinary for example, that their rug was an Oriental rather than a standard broadloom. As a result, they may not get as much from the insurer as they ought to have. A good property-insurance policy today should have some sort of inflation protection either an automatic increase in coverage every few months, or a neighborhood, you probably won get any federal aid at all. Nor is there outside help for a one-person tragedy, like a fire.

The only way to walk away financially whole from a calamity is to have enough property insurance a test that tens of thousands of Americans would fail. Dollar advances; gold mixed The dollar rose against most major currencies in early European trading today. Gold prices were mixed, gaining $1.20 a troy ounce in London to $380.20, but falling $2.20 in Zurich to $379.80. Earlier in Hong Kong, it dropped $1.62 to $383.83. At the New York Commodity Exchange yesterday, it slid $3.90 to $379.40.

Silver prices fell 7 cents in London to $9.14, after dropping nearly 13 cents to $9,145. One of four oversights in your insurance coverage might leave you short, if disaster struck: Your house might be insured for too little money. For full coverage, up to the limits of your poli cy, the insurer may require that your house be covered for at least 80 percent of its replacement cost. That doesn't mean 80 percent of market value; it means 80 percent of what it would cost to rebuild your house today from scratch. If you're covered for less than 80 Florida notes Jartran a national truck-rental firm headquartered in Miami, said it is entering the car-rental business, beginning in Dallas Radice THE BUSINESS AND INDUSTRY FORUM Profit picture rosy at Southeast, Sun Fort Lauderdale, canceled a planned public offering of 750,000 shares because its stock has fallen to "an unrealistically low level.

Major Realty Orlando, reported a net loss The string of mostly favorable earnings reports by of $485,000, or 8 cents per share, in its third Florida financial institutions was maintained yesterday quarter ending Feb. 29, compared with a loss of as Miami-based Southeast Banking Corp. and Orlando- $326,000, or 6 cents per share, in the year-earlier based Sun Banks Inc. issued rosy figures for the year first quarter. Southeast, the parent of Southeast Bank, said it was quarter Cellular Technology Highland is pleased to present TH3(0M So IPETEISS the author of the best seller EMSOT IF EMEIILEMCE Lessons From America's Best-Run Companies in a lecture-discussion with Beach, says the FCC has granted licenses to its able to Increase its income from loans and other opera High Tech Communications Corp.

unit to oper ate radio paging systems in Des Moines and Chi tions and to control expenses, thus producing a 17.8 percent gain in net income to $16.3 million, or 80 cents per share. In the 1983 first quarter, Southeast earned $13.8 million, or 78 cents per share. Sun, which acquired Flagship Banks Inc. of Miami cago. People in business on Jan.

1, reported that net income rose to $19.2 million, or 88 cents per share, from $11.4 million, or 74 cents per share, in the 1S83 first quarter. This year's figure included an after-tax gain of $2.6 million, or 12 Vandye J. Forrester has been named director at Tinsley Public Relations, a division of Tinsley Advertising. At Tinsley Advertising, Linda Shields and Zaya Paz-Hernandez have been cents per share. Theodore Hoepner Norman R.

Weldon Elton M.Carey Richard Montalbano Board Chairman CEO President CEO Board Chairman President Sun and Flagship Banks Cordis Corporation Wometco Enterprises, Inc. ShearsonAmerican Express Merwin Sigale promoted to media supervisors Cache Inc. has appointed Rhona J. Guberman sales promo tion director Joseph P. Lacher has been Presented in cooperation with the Greater Miami Chamber of Commerce.

-Eflmfla9 AprSfl Mf elected secretary and assistant treasurer of Southern Bell, effective June 1 Louis A. Weil III, 43, has been named chairman and publisher of the nine newspapers in Gannett Co. Westchester Rockland Newspapers in New York Miami-Dade Community College Mitchell-Wolfson New World Center Campus 300 N.E. Second Avenue Conference Hall 2:00 p.m. $50.00 per person state Veronica A.

Haggart, a member of the International Trade Commission since March 1982, plans to step down when her term expires in June. Etcetera Limited capacity Forty-eight hour cancellation notice required for refund. For further Information, contact The Center for Business and Industry at 577-6820. Reservation accepted by mall. Htoai-Daor k) oooil occmomo) eeowkMtw ceKweaisy cetloet tm4 oms not olfcnoiloth, oo SW basis of kMOkap DETACH AND MAIL Lynn R.

Williams has defeated former U.S. millhand Frank McKee and becomes the first Canadian elected president of the million-mem Money Market Funds Fundi with assets of $100 million or more thai ri available to Individual Investors. April 13, 194 7-Day 30-Day Assets Viaid Yield Fund (tmllllon) Current Current Alliance Capital Dtumi 112.1 t.O t.4 Capital Pmarvatlan MtJ l-S I.S Cath tqulvalent MtM Cat Management Tnrtt Ml Cash Reserve Management M2S.I CalumtMe Dally Incame 49.1 I Currant Interest 7M.4 Dally Cash Accum. Class Dally Income 4U.7 f.1 Delaware Cash Reserve 1,34. 4 Dreyfus Liquid 74U 4 3 FedFund 1,251.1 .4 Fidelity Cask Reserves 1431 .4 11 Fidelity Daily Income VIS.

4 4 II First VarlaMe Rate 427.1 4 2 I. Franklin Moray Fund 45 4 4 2 4 Fund6vernment Investors 4.J 4.1 II Government Investors Tryst 122 4 4 4 1 ftredlson Cash Reserves 427. 4 2 4 4 1.0.$. Cash Management tM 4 14 John Hancock Cash Mgt Trust 177.4 14 I I Kemper Money Market 14721 (.4 Legg Mason CskRsrv. Trust 114.4 14 17 Lksuid Capital Income U57.I 4.4 41 Lard Abbott Cash Rear 121.

4 2 Mast. Cash Mgmt Trust 75.4 4 4 4.1 Merrill Lynch Government U74.1 41 4.1 Morrill Lynch Institutional 4U.1 41 41 Merrill Lynch Reedy Assets 11,504 4.1 Midwest Income 15. Is I Money Market Managanvom 2S 4 4 4 14 Mutual of Omaho 17 4 4 2 4 4 National Liquid Reserve M'l 1 4 4 41 N.B.L. Cash Mgmt Acct 704.4 4.4 4.1 Opponholmor Monetary 4 4 4 Falne Webber Cashfund 44t 4 4 41 Pvtnem Daily Olv Trust 171.1 41 4 2 Reserve Fund 1,472 41 14 tcuddor Cash Inv Trust 44. 4.1 4.1 Shoerson Delly Dividend 1,71) 1 4 4 4.4 $te4nRe Cash Reserve 444 4 4 41 T-Fund 404 4 41 TampFund 4,111.1 4 7 44 United Cash Management 1147 4.1 4.1 vanguard Mny Mkt.

Trust I 171 4 4 4.1 Webster Cask Rosen 1,114.1 4 1 I MOHy FUND AVIRACI (All Funds) fit, t.M Vlolds represent enmioHied total return to shareholders tr seven-end 10-day ported. Past returns not necesseniy indicettv of future yietds. Investment gueiity end maturity may vary among funds, arereg term to next rot odiustment data. ber United Steelworkers of America union. The final and uncertified results in the USW's March 29th election showed Williams received 193,686 Enclosed is $.

for. seats at $50.00 each. votes, or 58.8 percent, and McKee received (Make check payable to M-DCC-CBI) 823 votes, or 41.2 percent The Outlet Providence, R.l.-based owner of WCPX-TV in Or Name: lando, has had its name changed by its new Company Organization: owner, Rockefeller Center to Outlet Communications Inc. Barclays Bank Internation Zip Address: Phone: al, London, says it will build a $200 million, 36-story North American headquarters on Wall Street American Telephone Telegraph Co. yesterday inaugurated its new international video-conferencing service between New York and London.

Return Address: Center for Business and Industry Miami-Dade Community College 300 N.E. Second Avenue Miami. Florida 33132 From Miami tows avtrt unricn tnd other sources Bay Lynch.