The Record from Hackensack, New Jersey • 19

WEDNESDAY, MARCH 23, 1988 THE RECORD Texaco stockholders back leorsanization the Associated Press visions that would free officers and advisers of Texaco, Pennzoil the former Getty Oil the Sarah Getty Trust, and the J. Paul Getty Museum from all liability arising out of the court fight that resulted from a Texaco-Pennzoil battle over Getty Oil. Texaco filed for protection from its creditors last April 12, saying it was forced into the move by a requirement that it post a multibillion-dollar bond while appealing the $10.3 billion judgment held against it by Pennzoil. A Houston jury had awarded the judgment in November 1985 after finding Tex allow the company to emerge from bankruptcy court protection. After receiving the vote results, U.S.

Bankruptcy Court Judge Howard Schwartzberg heard comments on the plan from various parties, none of whom offered any opposition to the proposal Later, he recessed the hearing until this morning. Even though the plan received more than the two-thirds vote needed from shareholders, Schwartzberg is not bound by the results. The final decision on whether the plan was fair and equitable rests with the judge. aco had interfered wrongly with Penn-zoil's agreement to acquire part of Getty. This past December, Pennzoil agreed to accept $3 billion in cash from Texaco to drop the judgment.

The settlement was the keystone of the overall bankruptcy reorganization plan, which would require Texaco to pay its other creditors an additional $2.5 billion. While some shareholders first opposed dropping liability for executives in the Pennzoil matter, others were unhappy with anti-takeover provisions of Texaco's charter and bylaws that they argued entrenched management. If Schwartzberg confirms the plan, Texaco could emerge from bankruptcy protection by mid-April, which would be a year after it sought protection from creditors under Chapter 11 of the federal bankruptcy code. Texaco was the biggest company ever to seek refuge in the bankruptcy courts. Shortly before the hearing began, Harvey Miller, the bankruptcy lawyer representing Texaco, announced that attorneys for dissident shareholders had dropped their opposition to the reorganization plan.

Those stockholders had objected to pro WHITE PLAINS, N.Y. Dissident stockholders dropped their opposition to Texaco financial reorganization plan Tuesday as a federal judge opened a hearing on whether to implement the proposal. Texaco, the nation's third largest oil company, announced that the plan was overwhelmingly supported in a vote by shareholders. It said 96 percent of the shares voted 174 million out of 181 million backed the plan, which would 1 jiiiiumii i jim iiu hum iiw uii hj iu.ii uuw ui. m.ii JBa nry Trump's copters fly for the high roller House OKs; bill to shield flight crews in strikes By Mitchell Pacelle i Record Business Writer i By Mitchell Pacell Record Business Writer i Donald Trump took time out from his battle with Merv Griffin over Resorts International Inc.

Tuesday to launch yet another project emblazoned with his own name: Trump Air. Trump Air will use three newly refurbished black helicopters "the same model used by the president of the United States," he said to ferry passengers from Manhattan to Atlantic City. "We've decided to go totally said Trump at a press conference at Manhattan's West 30th Street Heliport, from which the three scheduled 45-minute flights per day will depart. "It's the kind of equipment I'd be comfortable in." A Trump representative said Trump had spent $1 million to refurbish each of the three 24-passenger helicopters, which previously had been operated by Resorts International Airlines Inc. Trump said Trump Air would offer more flights.

Trump said he expected "high rollers" to gravitate to the "super luxury" service, adding that for good custom- The U.S. House of Representatives Tuesday passed a bill that prohibits U.S. airlines from using foreign crew members to replace unionized American crew members who are on strike. "This reinforces the fact that one of the protected rights of American workers is the right to strike," said Rep. Marge Roukema, R-Ridgewood, who introduced the bill.

"This right is meaningless if employers can hire foreigners as strikebreakers." Roukema, the ranking Republican on the House Labor-Management subcommittee, introduced the legislation as a result of the March 1986 strike by TWA flight attendants. Trans World Airlines began using London-based ticket agents to replace American flight attendants on international flights in order to give the company time to hire U.S. replacements, said Joan Wages of the International Federation of Flight Attendants. About 30 flight attendants living in Roukema's district complained to the congresswoman. "We investigated and found there was a loophole in the law," Roukema said.

Traditionally, "non-immigrant aliens" holding temporary visas allowing them to work in the United States are denied permission to replace American workers on strike. Current law, however, did not cover one category of non-immigrant aliens: aircraft See CREWS Page A21 KLAUS-PETER STEITZTHE RECORD "It's the kind of equipment I'd be comfortable in," says Donald Trump of his refurbished Trump Air helicopters. era of his own casinos, "the service will be "very inexpensive." Trump Air will need a 50 percent to 60 percent load factor to break even, Trump said. A $49 fare is available to customers booking 10 days in advance and staying at a Trump-controlled Resorts International hotel, said Trump Air's general manager, Paul Allen. The general one-way fare is $125, although various promotional packages can be had for $99 or $109, he said.

Trump also announced he plans to initiate scheduled flights from Wall Street later this year. He also plans to extend service to Atlantic City from Washington, Philadelphia, and Baltimore. Trump acquired control of Resorts International last year by purchasing nearly all of the gaming concern's Class stock, which gave him 88 percent voting control in the company. Trump has bid to take the company private by acquiring the remaining outstanding Class A and shares for $22 per share. On Tuesday, Griffin raised the value of his competing bid to $295 million, or $45.73 per share.

See TRUMP Page A-21 Campeau raises its offer to Family carves culinary empire From The Record's wire services SMALL BUSINESS By Victor E. 8aason Record Business Writer shares in a tender offer, and pay $73 for the remaining shares after the two companies are combined. Federated's shares jumped $2,125 to $69 on the New York Stock Exchange as investors welcomed the tenacious Canadian development company's comeback bid. Although Wall Street has, for the most part, favored the all-cash Campeau offer, the Canadian group has suffered a number of big setbacks in the past week. It failed in its efforts to have the courts strike down Federated's "poison pill" shareholder rights plan, most recently on Monday.

The plan allows Federated to issue new stock at half the price to shareholders if an unwanted suitor gains 15 percent or more of the company's shares. Attorneys for Campeau have said they may appeal the ruling allowing Federated's poison-pill plan to stand. Campeau had previously offered $75 a share for 80 percent of Cincinnati-based Federated, and $44 a share in cash for the rest. NEW YORK Campeau which lost its advantage in the battle for Federated Department Stores sought to regain the edge Tuesday by sweetening its bid to $6.5 billion and proposing a friendly merger to the Federated board of directors. Toronto-based Campeau said it was offering $82 a share in cash for about 80 percent of Federated's stock and $37 a share in cash for the balance.

The blended value of the bid comes to $73 a share, said Campeau up from the previous blended value of $68 a share, or a total of $6.18 billion. Campeau's new offer tops the blended value of a rival two-tiered ca8h-and-securities bid by R.H. Macy Co. Inc. of about $70.50 a share, or $6.3 billion, said Wall Street analysts.

Both offers are due to expire on April 4. Campeau also sent a letter to the Federated board, proposing a friendly merger under which it would pay $73 for 70.5 million layed family loyalty into financial security, but they face a turning point. Fighting increasing competition from other Chinese takeout establishments, they are planning to pool their money to open their first sit-down restaurant in Bergen County. Along with his parents, Shu operates two Lin's House restaurants in Teaneck and Saddle Brook. Shu's mother, Josephine, is a Lin.

His father, Jen Jen Shu, a Presbyterian minister with a congregation in Manhattan, also works in the restaurants. "We are a very close family. We keep in touch. Let's say we find a company with shrimp that's cheap well tell every- body," said the 32-year-old Shu, referring to the two uncles, an aunt, a sister, and a cousin who run the other six take-out places, which are See FAMILY Page A-21 By day, Carol Eng works in the personnel department of Morgan Guaranty Trust Co. on Wall Street.

Yu Ping Shu, meanwhile, is a Coldwell Banker real estate salesman in Paramus. By night, these well-paid professionals usually will be found working behind counters in Chinese take-out restaurants. Eng and Shu are members of a hard-working, closely knit family called the Lins, who own and operate eight Chinese take-out restaurants in Bergen County. And like most of the Lins, they hold two jobs: an outside job, and a family job in one of the restaurants. The Lins, headed by three sisters and two brothers (two more sisters have take-out restaurants in England), have par Jf '1 STEVE AUCHARDTHE RECORD Part of a family that has turned fidelity into fortune, from left, foreground: Jimmy and Matilda Loy, and Sammy and Ellen Lin.

SMALL DUSIfJESS RIIEFS GOURMET LUNCH SERVICE STARTS UP FEAST a gourmet lunch delivery service, has opened at 130 Kinderkamack Road in Park Ridge. Helen Wankel and Renee Roff will arrange for an elegantly boxed and ribboned gourmet lunch to be delivered anywhere in northern Bergen County. For more information, call Feast Inc. at 930-8710 between 1 p.m. and 5 p.m.

SMALL BUSINESS WORKERS' COMPENSATION "Small Business and the Financing of Workers' Compensation" is a study conducted by professors James Chellus of Rutgers and Robert S. Smith of Cornell on the alternatives to the current rating system used in the price-fixing of workers' compensation insurance. A copy of the report is available for $6 from the NATIONAL FEDERATION OF INDEPENDENT BUSINESS FOUNDATION, 600 Maryland Ave. S.W., Washington, D.C. 20024.

BUSINESS SUPPLY COMPANY OPENS Andy Budris, Jeff Pruden, and Larry Towner have opened MARATHON BUSINESS SYSTEMS a facsimile equipment and business supply company. Marathon is located at 41 Vreeland Ave. in Totowa. LAURA HERRMANN The Record welcomes news items for its small-business column. Items should be sent to The Small-Business Editor.

The Record. 150 River Hackensack, N.J. 07601. NEW OWNER FOR CHILDREN'S BOUTIQUE Cathy McGfynn is the new owner of THE LOLLIPOP GANG, a children's clothing boutique at 31 Sylvan Ave. in Englewood Cliffs.

The store began a year ago. To celebrate the arrival of new spring and summer fashions, Snow White and Mickey and Minnie Mouse will be at the store from 10 a.m. to 4 p.m. Saturday. Lollipop has a selection of imported children's clothing in sizes infant through size eight.

NEW CHIROPRACTIC CENTER Dra. Michael T. Landolfl and Joan M. Wheatiey have opened THE DUMONT CHIROPRACTIC CENTER at 457B Washington Ave. in Dumont.

They offer 24-hour emergency home care in addition to daily hours. Both doctors graduated from the Sherman College of Chiropractic, Spartanburg, S.C. Both are members of the Parker Research Foundation and are student referral counselors for prospective chiropractors. I STEVE AUCHARDTHE RECORD Cathy McGIynn Is the new owner of The Lollipop Gang, a children's clothing boutique in Englewood Cliffs. I.