The Los Angeles Times from Los Angeles, California on December 14, 1983 · 73
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The Los Angeles Times from Los Angeles, California · 73

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Wednesday, December 14, 1983
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2 Part IVWednesday December 14 1983 Coe Anattes Mimes Schottenstein Takeover Bid Drew Some Criticism HRT Favors Latest McCrory Offer By I4ANCY YOSHIHARA Times Staff HRT Industries Inc the Los Angeles-based parent of Zody's stores that has been in bankruptcy proceedings for a year said Tuesday that an amended purchase offer from McCrory Corp is "higher and better" than an earlier one by Schottenstein Stores Corp HRT which filed for protection from creditors under Chapter 11 on Nov 23 1982 said in a statement Tuesday that the stock purchase and funding offer from McCrory a subsidiary of New York-based Rapid-American Corp was "more likely" to be accepted by HRT's creditors and shareholders and to be confirmed by the bankruptcy court Columbus Ohio-based Schottenstein Stores had earlier made a takeover offer which became the keystone of HRT's reorganization plan The plan however had also drawn objections from some HRT shareholders and the Securities and Exchange Commission Schotten CLOSINGS: Balancing Act Continued from Page 1 branch banking that those custom- have three or four branches It's era are lured away by competitors logical for them to do it from more "We want to be careful we don't regional facilities" have the wrong kind of overhead" The Bank of America closings are Miscoll said "If someone else comes irftw4 f 44 s11 1kt Continued from Page I have three or four branches It's logical for them to do it from more regional facilities" The Bank of America closings are part of a nationwide trend brought about by the technological innovations and the declining importance of the bank branch as a satellite of the headquarters office Automated teller machines have made it possible for banks to serve customers without hiring a teller at $1000 a month Bank of America now has more than 900 automated teller machines in operation including 166 in shopping malls airports and other non-bank sites Thus bank executives argue that customers have more rather than fewer locations available to do their banking now then they did a few years ago James P Miscoll executive vice president in charge of the California branch network said Bank of America doesn't want to lose any customers in consolidating its branches nor does it want to move so slowly into electronic non VAN VORST: Continued from Page 1 Documents show that since the bankruptcy filings the companies with Southern Cross Industries another Van Vorst Industries mattress maker that didn't file for bankruptcy protection have received a $750000-cash advance from Los Angeles-based US Bancorp Financial Inc They also received permission to use up to $41 million on which US Bancorp Financial has collateralized interest Both arrangements were approved by US Bankruptcy Judge James R Dooley on Nov 30 Business in Brief The state OKd an S&L's stock sale to a Swiss financier Beverly Hills Savings & Loan Assn said it completed the sale of 330000 common shares to Werner K Rey after receiving the necessary stock issuance permit from the state S&L commissioner As reported the shares are a 99 initial stake in a contemplated sale to Rey of a 256 interest by the firm which has been targeted for a takeover attempt by some dissident shareholders The balance will be through a convertible debenture for an additional 833333 shares whose issuance will require further approvals from the commissioner and from the Federal Home Loan Bank Board G&W shareholders voted to end cumulative board votes Shareholders bowed to a proposal by Gulf & Western management at the company's annual meeting in New York Under cumulative voting each shareholder gets as many votes per share as there are board seats up for election Under the new arrangements every share gets a single vote Using that method shareholders proceeded to elect management's 13 nominees for directors at the meeting Frank Lorenzo defended his airline's Chapter 11 petition The Continental Airlines chairman denied in bankruptcy court that the company maneuvered itself into a position to file for bankruptcy in order to cut labor costs in violation of existing labor contracts He said the airline filed for court-protected reorganization only because it was rapidly running out of cash Lawyers for the International MM of Machinists the Air Line Pilots Assn and the Union of Flight Attendants have asked dismissal of Continental's petition on grounds it was filed in "bad faith" The FTC sought comment on its used-ear dealer rule Enforcement of the proposed-rule has been delayed by a lawsuit filed Writer stein whose officials could not be reached Tuesday have three days to match the McCrory offer Under the original McCrory bid announced Nov 30 the company would acquire 55 of the outstanding common stock of the reorganized HRT for $18 million and provide a $35-million line of credit Under amended terms McCrory will also make a cash tender offer to creditors and current shareholders who are to receive 35 and 10 respectively of the common stock of the reorganized HRT Creditors and shareholders would receive the same per-share price that McCrory would pay for its 55 interest Previously McCrory had only offered to buy back the shares from creditors The tender offer would be made after the reorganization if requested by HRT The company said however that it is undecided about branch banking that those customers are lured away by competitors "We want to be careful we don't have the wrong kind of overhead" Misco 11 said "If someone else comes up with a way of delivering good quick accurate friendly service to our customers they won't be walking into our buildings anymore" Donald Mullane senior vice president in charge of 123 Bank of America branches in the Los Angeles region said the branches most likely to be closed are those in urban areas where the bank already has a number of branches Bank of America's efforts to close branches have not always worked out as planned The bank last summer said it would shut a money-losing branch in Piru a community in Ventura County where the Bank of America was the only bank in town But customer protest led to a promise to keep the branch open until another bank could be found for Pim Bank of America recently agreed to sell the branch to Citizens State Bank of Santa Paula Protection The documents state that the companies will be able to resume production once the money is received and raw materials are purchased "Most—but not all—of our plants are operating right now" the Van Vorst spokesman said adding that possibly 11 of the 13 factories in 12 states are open and "most" of the employees are working The Englander Co bankruptcy file contains about 30 claims from New Jersey employees for back wages and bonuses against the Federal Trade Commission by a used-car dealer and a court ordered the commission to seek public comment before implementing the regulation The rule would require dealers to inform prospective customers of any defects in the cars on their lots The commission voted in 1981 to require used-car dealers to make disclosure of defects and the terms of any warranty being offered Central Savings said it is looking for a buyer Central Savings & Loan Assn based in San Diego said it is talking with several potential suitors interested in acquiring the institution whose net worth is below regulatory requirements Charles W Seale senior vice president declined to discuss a specific dollar amount He said that Central prefers to be acquired by a non-financial institution Managers were named for the troubled Stardut casino The Nevada Gaming Control Board which suspended the licenses of owners Allan Sachs and Herb Tobman on Dec 4 picked Constellation Inc to run the hotel-casino Three veteran gambling figures Bill Boyd Perry Whitt and Charles Ruthe are the officers of Constellation which will cperate the Stardust under the order signed by Clark County District Court Judge Steve Huffaker The state accused Sachs and Tobman of failing to stop alleged skimming at the Stardust after an FBI affidavit in January 1982 said it was going on A federal Judge refused to block a railroad merger US District Judge Thomas Flannery rejected an attempt by Union Pacific Railroad Co and the Railway Labor Executive's Man to block the first step in the merger of Southern Pacific Co and Santa Fe Industries into what would become the third-largest railroad in the nation That step is scheduled to whether to go ahead with the tender offer portion of the McCrory bid " in view of the fact that the per-share price would be significantly below the anticipated per-share book value" According to data provided by HRT's disclosure statement filed with the bankruptcy court in New York it would appear the book value of HRT common stock would be 8887 per share compared to the 8372 a share McCrory would pay for the 55 interest in the company (The figures are based on a proposed issuance of one new HRT share for every four shares of the reorganized HRT) McCrory also agreed not to vote its HRT shares in favor of any proposal to take the company private unless a majority of the other voting shares approve it McCrory would also provide loans up to 817 million to HRT—in addition to the $35-million loan—if needed Fluor Posts Loss of $4 1 Million In 4th Quarter By JOHN O'DELL Times Staff Writer Fluor Corp suffering from the continuing slump in the domestic petroleum industry and recovering only slowly from the recession in its other businesses reported Tuesday that it sustained a loss of $41 million or 52 cents per share on revenues of $13 billion for its fourth quarter which ended Oct 31 Although the Irvine-based energy engineering and construction giant reported revenues of $53 billion and a STU-million profit for the year—equal to 35 cents per share—earnings have declined steadily since July The full-year performance was Fluor's worst in a decade In 1973 Fluor—then a far smaller company—earned $1 1 million or 23 cents per share on $423 million in revenues In fiscal 1982 Fluor earned $1528 million or $194 per share on revenues of $67 billion including a fourth-quarter profit of $323 million or 41 cents per share on revenues of $16 billion The 1983 fourth-quarter loss reflected $47 million in charges announced two weeks ago The largest was a $26-million write-down of assets in the money-losing oil field products and services distribution arm which Fluor plans to sell early next year The second major write-off was a S21-million charge against unspecified losses in foreign oil and gas exploration activities The distribution group which lost only $918000 in all of 1982 reported a SU-million operating loss for the 1983 fourth quarter and a full-year loss of nearly $27 million take place today Flannery said that federal courts do not have power to review the deal while the Interstate Commerce Commission is holding hearings on the merger a process that can take up to 31 months The fight for control of GAF ended as its chief surrendered Chairman Jesse Werner gave up the chemicals and building-products firm to dissident shareholders Samuel J Heyman and his slate of nine other directors after an election for directors The dissidents' captured about 583 of the shares voted Heyman a Connecticut real-estate developer received 747 million votes compared to 531 million for Werner Afterward the new directors elected Heyman 44 as chairman and chief executive Holiday Inns unveiled plans for an economy hotel chain Memphis-based Holiday Inns Inc said it plans to have 300 company-owned and franchised hotels operating within five years under the name Hampton Inn Rooms will be priced at 20 to 50 below full-service hotels putting them under $35 per night Holiday Inns President Michael Rose said the new hotels will serve a "distinct market" from its Holiday Inns brand chain Braniff said it plans a public stock offering of between 820 million and $40 million before March 1 when it plans to resume flying operations Dow Chemical said it plans to retire some 8100 million in bonds by exchanging them for 14 million shares of common stock and about 837 million in cash Burlington Northern Inc Seattle officially assumed control of El Paso Co after stockholders in the Houston-based energy company approved the merger Hellenic Lines a big Greek shipping company filed for creditor protection under Chapter 11 of the US bankruptcy law A spokesman said the measure affects only company operations in the United States Dow Jones 30 Industrials Tuesday Dec 13 1983 WEEK ENDED 1116 1125 122 1219 1218 as 11111 11111 I i I 1HIGH— — CLOSE 1 II 1300 1280 I260 1240 220 New York Volume Millions of shares 125 120 115 110 105 100 95 90 85 80 75 70 65 60 55 50 Mil Hill IIIII II Ili III" 11111 III II III II 1111111 IIIIIIl 111111111 1111111111 E 45 108 1125 122 129 121 40 16 STOCKS: Off Continued from Page 1 is strong economic growth that is propping up interest rates analysts said Rates rose after the Commerce Department said retail sales rose 19 in November more than double the gain forecast by many financial economists The federal funds rate the interest on overnight loans between banks traded at 95625 down from 9625 late Monday Short-term interest rates rose about a tenth of a percentage point and long-term bond prices fell about 12 point or $5 for each $1000 in face value In the secondary market for Treasury bonds short-term governments fell Mi point intermediate maturities were off V4 point and long-term issues fell point Yields on 3-month Treasury bills were up 15 basis points to 912 A basis point is one-hundredth of a percentage point Six-month bills rose 9 basis points to 925 and 1-year bills were up 5 basis points at 928 Treasury Issues for Tues Bills Notes D r c r z I v m e 11 Y I I C1443 Doc 03 92 935 923 Doc 45 13 934 3 3 92 92 9 1 Si an 64 11 H pi 14 J an i 34 AA 144 iti FA 97? t 1 1111 H tit III II : Fab 1 I: li 1 M t 11 m E i 903 Il 9 II 904 911 935 M ar 44 1 64 900 91 9 Mar E 9 9 92 2 1 9 Mar u r 934 It Am 07 dr t 17 MI 14 ti II t43 1 dar k t 92 92 dar SIM 9 tit 92 idav 03 14 925 937 W 31 Mad M M 924 92 92 30 rdad u 64 927 931 92 111 MMZIE f4 ti q : il k m 925 t 9 11 Am 14 Si 926 924 9 1 ad 12 I 924 9 914 44 411 riri :11 11 Pi : vu 1 94 IS 922 31 Nov 1 m 933 92 1640 31 PIN Si 92 92 Ito IA Rale i 1 Al DK I LFt gi httr Mt Pacific Exchange for Tuesday Dec 13 1983 Salo 10 Loa Lag PLC viA20 MI 31 a 2111 als Ad Kor NI Ilt I PI lt asitCAS la a 221 2111 atSup 24122 3ti Fbi 3 ARIA) a a a A221 OE St4 a Po alb Mini OF a 222o 121t MI - AFird OH 111 Illt 3216 PM - lii Aad pc 100 Rs 116 Pb Ann Eat Kg la lea Illt ii Mac 15 Phs al 61 lho Afrita 2 no N N N — it Arrosco xi tpa IN IN 4 BosM BO 2 Rs 2 Vs Vara NI la Wa la -44 y Wri Ka la lhi lits -Ils PM Phi d it II -filli glroti !la Pa 211 lia - lb a Pt a a Ow c: ohNI 0010 toll Emir kr We MOW Isio Ric 164 Am A4Arn wt AK DT halk ALioni LaPKRis Metra AMC Wral NtPOr Norria Norris wt ONO OW OW NYSE High-Lows for Tues Dec 13183 New Highs 40 wow s HMI loc Nal Poo knOus Pds PitlyrdSof PissFusiess ssF Olod MI Sand Wes Rio Norlok Mc WO NW H irtMCIM NOMICO O rHIMIC NYNEX NI is itgt: 0 I PION Nros Vo Ulm o Rolftsall CANN of TotsosEP Gm mUltriVair WINFir Co PIMA I Nom co NC Now Lows 37 AN Mc s Owl- tStol CONts UM Aoodtsft wi c oma pe vz a Flu z1Cohltticort: giret UM Si INS FON RI od NA Kirtelitot sws Rep Amvel 1:3 Rom Am ft K onset-PM n Utter ve or Moo Mc ' iris a CT7t: iriAm7tot laid Loom mc it oheo aiso 2 B ofA Vice Presidents Sue Bank Say Duties Were Cut By MYRNA OLIVER Times Staff Two Bank of America vice presidents who were acquitted by a Los Angeles federal court jury two months ago of charges that they ordered the burning of their financially troubled hot-tub spa to collect insurance money have sued the bank for stripping them of their duties The civil suit seeking unspecified general and punitive damages was filed last week in Los Angeles County Superior Court by attorney Michael R Brown on behalf of Howard Michael Siegel 43 and Timothy Ted Kemp 45 Result of Indictment Bank spokesman Tom Chapman said officials could not comment on the civil suit because of their standing policy to make no statement on personnel matters or pending litigation Both men were suspended with pay after their indictment in July on fraud charges stemming from a 1981 blaze that destroyed their Los Angeles bathhouse and left two men dead They were accused of paying 81200 to Eric Santiago to burn down the business they had owned for about four months Santiago and Ivan Franco apparently died while dousing the spa with gasoline when a thermostat-caused spark touched off an explosion and the $500000 fire Siegel and Kemp who had invested $120030 in the business and were losing 83000 a month at the MCA: Distribution Deal Continued from Page 1 WEA also distributes such Warner-owned labels as Warner Bros ElektraAsylum and Atlantic With reported revenues of $165 million in 1982 MCA Records Group has been moving strongly to expand its share of the record business ever since former rock-group manager Azoff was named president of the company last April Rs artist roster now includes Olivia Newton-John Joan Jett and Jimmy Buffett Last June MCA and Los Angeles-based Motown Records Corp each with an estimated 7 share of the domestic market announced an agreement whereby MCA took over the US distribution of Motown records Only a few days before Warner Communications and Poly Gram had announced a proposed merger that would allow Warner to own 80 of the two companies' recording businesses inside the United States and 50 of a joint venture overseas The planned merger of the two industry giants with combined 1982 record and music publishing reve Dec 13 1983 Is 1211 9311 41 Id 9931 WM 15 1107 KM a M41 1194 1 MN WM 9915 99M 9917 WM 1 kt 1791142 9921 99M 11114 VIM MOM INN KM MI 9134 9111 I1111 lit 11131 11114 1M24 MN lkoM 17131 1471m ntami leti n MA I li 12121 Nil nil 1 1:125 1111 11131 11211 97M 97M 94M 9431 97M 111 11 11 Q 117 NIA Mil 9174 In III 11311 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I VA M OW IN Its )IS IS :i4 -R kW" rt: i Mt" viVi Fl 2 I mot ifte ii W i 4 4 - Non Al 62 —I RNA Boo S IS ?Sys 131 ISIA t M See I AoS4 i S a —1 IMO WO WO POI SOIS SIVA — Ai rte Wide SOK MS I W 3 — It KA ick NMI St tirstoor andeuedor Franco IA216 1114 1 11 Midwest Exchange for Tues Dec i3 viAtal II 11 Nano a rad a a AM ts1 11 it In : tt Pstcdno F: F:: zrzt : L 4 18 MI d lob nits -4'w A N 'hid Writer time of the blast eventually collected $10000 in insurance but the remaining $155000 coverage went to the building's owners Attorneys argued in their defense that the veteran bankers would never have authorized arson to collect insurance because they knew they could never recoup their losses from the limited coverage The civil suit alleges that the bank promised to reinstate them in their positions if they were cleared They are back at work attorney Brown wrote but not really working At trial's end Brown wrote Siegel who began working for Bank of America in 1962 as a mail clerk and rose to become a vice president-manager of data processing controlling 270 employees and a $20-mil - lion annual budget was given a desk but stripped of staff and duties Told to Take a Vacation Kemp the attorney wrote who began as a sorter in 1964 and rose to a vice president-head of item processing with responsibility for 1500 employees and an annual budget of up to $30 million also was given a desk with nothing to do after being told he should take a vacation Imposing idleness on two such talented and hard-working men the suit claims amounts to wrongful "constructive termination" or an attempt to force the vice presidents to resign despite their exemplary work records and the Jury verdict of innocence flues of OS billion provoked widespread concern in the industry and prompted the Federal Trade Commission to look into the proposed deal for possible anti-competitive repercussions No results of the FTC review have been announced MCA initially was one of the most vocal opponents of the Warner-PolyGram plans However the new MCA-WEA agreement "takes care of any objection that we have to the merger" one MCA executive said "Only CBS is fighting it now ( the proposed merger) the rest of the industry is beginning to see it as a good thing—one less competitor" The records group of New York-based CBS Inc is the biggest recording company in the United States with revenues of $107 billion last year CBS Records Group President Walter Yetnikoff could not be reached for comment Tuesday In a recent interview before the MCA-Warner agreement however Yetnikoff told The Times that "our lawyers have been told to oppose the (Warner-PolyGram) merger vigorously Both companies have a history of acquisition and now they're acquiring each other" tit - 20 tr 2 Iiii $' LI 1 1 II 1 1 I In 1 II g :: 911 WI Ili I 6- 1 42 6 Nov II o NSA NMI - 1117 - 6 'tit 13' 12 'AY :1: 111 12-2 22 : :ll 11: 2 No 21 : 122 23 22 : :2 an — A Arc 12 o III :12 IN 1 1 CI I 1 AZ r I Mil 1131 A 1 Nov El - 14 4 61 55 11M - 12 In" -- 41 45" to gll 11121 It121 - 0 nil - JP a FF-14116 13 706 7121 114 - M tell - AS Fob 13 I 616 614 1120 - 13 llit - Al 11 1 tt i ray 111 1111 13 1111 1 ft U : II he fi - 6411 1211 6 - I WV - AS 1 Ma 13 I 116 PO 111S - g 1117 - Al 142 Nov 13 1112 Nit ilit : I sin - is ti No 14" 60 1112 677 - 11 ' 611125 -- i t Nav 41-14 111121 1121 il7 ill mei - too 6 Ill Ill 1111 - A 1116 - A NOV 14 673 nol 1111 - Al 1411 2 I FF: PSAI IN riii ltt -- I 1111 - AS Nav 5 1112S 1111 Ill - 11 lirg E ist 11 lAta: " in ltioll "1112 2 III 4)11 1 M 116 - At Now 2 MI OS - 24 1111: I "4' Vi: U ill1 : 1: I: 111 -- I 12 F44 to 22 22 22 : l u - g - - r1 -" Ill :p 111 I Z' r 42 1412 1111 : :11 - 11 - I 1 -- ft I N41 ti 11111 Illtill 11 :: - 11 6 Ot nil - 13 1131 - I Fa 6 PIS 1623 125 - 11 1131 - II N 6 PI p24 1212 - 4 lit 1 I II ts 8 18 Ili U:3 lit: 1 gtv nat111-1 118: i I uNov SAN 111: I 1 11" WS ini RI 1111 : II 1161 — A Ar ems UP MIS 1111 - M IIA - IA 6-0 MI ni 1114 : it s lo Nay 112 i la M FN: se ril riv lin :11 1124 a II 66 MIS 13 it 118 - 'it Now 10 Will 1611 1211 - 21 116 - 11 Ma 6-111641 11t17 220 - It 1111 i I: EE" lEt9t Pir 11:11 : il 0 N st illi 2 A 11 Au Ur vo 61 Nell 611 - 11 S III : 11 trad1PrIcal 14h6:11:11844or arid ack Grote Holland 11 0 r Kari Vs illiti Iroltd in" It 1111 11141 gu lin g E tom rv: :PS4 w4 an 47 0 MI AP Sla Illa 414 114 UPI UPI is JA4 OA NISI its sora lal IS 009 :0125411442 Etil 3 a 7 § r xso 1 1 141 14 MI 11 S 1pk ISM 71141 USN :11 Al 1124 All ma Miartwol fog914 141100 1401 We 1314 PIA 1Mit ft Jar's Kuwait Lagoon rhiaxe:" 04400 Pt UAW Piero'' Pok letup rev" t4110"se IAN Pft r RR 1 ji al 1983 ?fa TB n: am ft Jw ttom I ) ill a IIIS 11 b 5 Stit I 491 1N141 1 3 1 !" 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