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The Kansas City Star from Kansas City, Missouri • 31

Location:
Kansas City, Missouri
Issue Date:
Page:
31
Extracted Article Text (OCR)

BUSINESS THE KAN8AB CITY STAR Thursday October 21 2004 5 wwwkansascltycom LOCAL NOTES Interstate Bakeries' board Here are the directors of Interstate Bakeries along with what they do besides serving on Interstate's board Each member's number of shares of Interstate stock Included shares they owned controlled through their companies or had exercisable options to buy asof CASINO: Lawmakers assess Wyandotte County proposal Continued from C-l The Karaas City Star IBC: Bankruptcy court hearing set for today Continued from C-l Insurer's headquarters Uniformed Services Benefit Association a longtime Kansas City insurer of military members and federal employees is moving to Corporate Woods on Nov 1 The 55-member work force will transfer to the new headquarters at 10895 Grandview St in Overland Park a company spokeswoman said USBA's current headquarters are at 3822 Summit St a building the company has owned since 1978 That building has been sold to Clinical Innovations Inc a drug research firm based in Kansas City said Karen Vogan the USBA spokeswoman Terms of that transaction were not disclosed USBA was formed in 1959 to provide life insurance for active-duty military members at a time when many insurance firms provide coverage for combat-related deaths The company now offers a variety of group life and other plans that cover more than 200000 people Gene MeyerThe Star Westar board appointments Westar Energy Inc said Wednesday that it had expanded its board of directors with two appointments Sandra AJ Lawrence senior vice president and treasurer of Midwest Research Institute in Kansas City and Jerry Farley president of Washburn University in Topeka were named directors of the Topeka-based energy company Steve EverlyThe Star Wichita taje editor Sherry Chisenhall managing editor of The Wichita Eagle has been named editor of the paper Chisenhall 41 is a 19-year veteran of newspapers and was The Eagle's managing editor for the past four years She has been acting editor since June when Rick Thames left to take the job as editor of The Charlotte Observer in North Carolina She becomes the ninth person to hold the job in the 132-year history of The Eagle Publisher Lou Heldman said Chisenhall got the job because of her ability to adapt to technological and economic change Chisenhall received a degree in journalism and political science in 1985 from the University of Southern Illinois in Carbondale The Associated Press proposal that could generate more money than the proposed compact But he acknowledged that his plan which depends on one of the state casinos being In Wyandotte County would probably be dead if the tribal casino was approved The Kickapoo and Sac and Fox tribes have each operated a reser vation casino in rural northeast Kansas since the mid-1990s and have agreed to close those facilities within seven years after the Wyan dotte County casino opens However All said that under the compact terms the tribes would be permitted to reopen the reserva tion casinos as bingo padors featuring new-generation slot ma chines based on bingo odds Under terms of the compact on ly 500 additional slots would be permitted within 100 miles of the new Kansas casino If more were allowed by the state the state government would suffer penalties in the form of reduced payments from the tribe Under the compart those payments would be about 18 percent of gross revenues to the state and up to 65 per-cent to the Unified Government plus smaller payments to school districts and the local convention and visitors bureau All told the committee said that if the state was willing to suffer the penalties more casinos or slot machine gambling parlors could sprout around Kansas Speedway Those facilities however would also make revenue-sharing deals with the state that could replace the lost revenues All said Tribal officials also addressed the committee Wednesday and said each governing body had approved the agreement For the Kickapoo an urban casino that could generate many millions more dollars than its current casino in Brown County is a simple matter of tribal survival Kickapoo Chairman Stever Ca-due presented a $615 million stopping list of tribal needs ranging from local road utility and school improvements to a more reliable reservation water supply County and the Greater Kansas City Metropolitan Area offer our tribe a wonderful and vibrant Cadue said To reach Rick Aim call (816) 234-4785 or send e-mail to ralmkcstarcom On the Web The full text of the gaming compact an executive summary of the compact and the gover statement on the compact are all available at http: ksgovemororg place restrictions could become national models for tribes seeking off-reservation gambling "Those were major compromises by the tribes" he said Sandra Keo chairwoman of the Sac and Fox ribe said the tribe's full membership debated the provisions for four hours this week before endorsing the deal of the more secure economic future it promises for our All cautioned that other tribes and other gambling interests were angling for similar approvals and that conflicts probably were on the horizon In fact representatives of the Oklahoma-based Delaware Tribe were in the audience Wednesday and were scheduled to testify before the committee today is not in the best interests of the state of Kansas to limit the development of destination resort casinos in Wyandotte County to just one proposal" Fred Gillmann president and chief executive of las Vegas-based Gillmann Group said earlier this week The company proposes to build a $250 million casino project on behalf of the Dela ware Tribe within sight of the consortium project near the same 118th Street intersection In an interview Wednesday Gillmann said the compact if approved could set a dangerous precedent for mass migration of reservation casinos around the nation they get this through about 85 tribes around the country that would like to move into cities" he said Besides tribal proposals Kansas Sen John Vratil of Leawood on Wednesday offered another casino measure to create a system of several state-owned and state-operated casinos that could raise up to $250 million a year for the state Vratil the Senate vice president said he would dedicate all of that revenue to increasing state aid to public schools Vratil said he wanted to show Kansans that there was another way to keep Kansas dollars inside the state The exclusivity provi sions could be a sticking point as the issue moves through the ap proval process though it also could help the proposal among those who usually oppose gam bling Sen Lana Oleen the joint vice chairman said the deal might be attractive to gam bling foes if construction of one casino in Wyandotte County in effect closed the door to others The chairman Bill Mason said the panel would resume the hearing today and then decide whether to suggest any changes to Sebelius for further negotiation with the tribes The committee could also vote to forward the 82-page document to the legislative Coordinating Council which can act on behalf of the state when the Legislature is not in session In an interview Wyandotte County Sen Mark Gilstrap said he want to see the issue debated by the full Legislature which has rejected gambling measures for a decade He fears that this one would be next "I think it would have a chance if it goes to the Gilstrap said A final committee vote is not expected this week and legislative sources said that action was likely to be put off until after the November elections If the Legislative Coordinating Council ratifies the agreement Sebelius and the tribes will be cleared to seek immediate approval from the US Department of the Interior and the federal Indian Gaming Commission TJiat approval is far from certain however and All would not speculate Wednesday on how long the process might take Many tribes in other states have waited years for federal approval If the Kansas compact is sent to the Interior Department for review it will attract sharp scrutiny Bob Winter a lawyer and consortium consultant who has helped build some of the most successful tribal casinos said the Kansas unique provisions for firm state regulatory control public accountability for casino finances steep revenue-sharing agreements with state and local governments and strong market- annual fees had increased 20 percent to $30000 In addition each director receives $2000 for each board meeting they attend and $1000 for each meeting conducted via telephone Such increases for compensation and the fact that stock has almost doubled since the company filed for Chapter 11 might complicate issues for the company as it navigates the reorganization process The company is expected to ask for various concessions including wages and medical benefits contained in union contracts Interstate stock stood at $205 a share the day the company sought bankruptcy Since then however several investment groups purchased large blocks of shares in the belief the company had unrealized value On Wednesday the stock closed at $385 down 16 cents Local investment advisor Jerry Duggan who has customers with short positions in stock abet that the stock price will decline said: "You know psychologically things like this make a difference And while the company has nothing to do with the stock price and has no control over it people who are being asked to take a haircut will look at it and say Why should I make concessions? Obviously the market thinks you have a lot of value based on your stock It lends false hope the directors "The directors unlike employees are most likely not dependent upon their unpaid compensation (approximately $6800 on average) and their commitment to the (company) should not be influenced by whether or not they receive the balance of their pre-petition the motion said In the order authorizing payment to employees for wages and other money owed prior to Chapter 11 filing US Bankruptcy Judge Jerry Venters also gave the company the OK to pay post-filing compensation But he deferred making a decision on the $48000 until a hearing scheduled for today A number of other motions are before the court today as well including one seeking the use of $200 million by Interstate while it reorganizes The unpaid compensation is from the fees each director is paid for serving on the board When Interstate filed its last proxy on Aug 25 2003 delineating each name age how long been a director outside positions and directors fees it reported that each director received in annual fees However in a declaration made by chief financial officer in conjunction with its Chapter 11 filing the amount of the direc NYSE NASDAQ AMEX Name Close Chg Name Close Chg Name Close Chg Name Close Chg Name Close Chg Name Close Chg Name Close Chg Name Close Chg How to read the stock tables Continued from C-4 Star TC DICr TT Ed Lincare 3640 75 LincNat 4211 06 LinearTch 3660 48 Linens 2320 128 Name Close Chg Name Close Chg Name Close Chg RandgExs 256 41 Randoold 1028 27 RangeRsc 1630 07 RareHosp 3026 07 Kdvenlnri 2300 L17 RJamesF 2441 10 NatusMed Nautilus Navarre NavigCons Navigntlnt Navistar Navteqn JetBlue 2053 -23 JillGr 1633 48 Jmar 164 09 JoAnnStrs 2400 07 JQHamm 12 32 Jonran 550 29 JohnsnCtl 5462 59 JonesApp 3400 MentGr MerctIBk Merck MrcCmp MercGn Merclntr Meredith MeridGki MeridRes 147 13 32 523 02 3161 142 1174 16 dentix DEXs 92 22 CrSulHiY Cree Inc Creolnc CresRf Crompton ChrVisn 00 02 Chubb 6536 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of purchase price stock has undergone a reverse stock split decreasing outstanding shares by at least 50 percent within the past year rt right to buy security at a specified price a stock has split increasing outstanding shares by at least 20 percent within the last year wl trades will be settled when the stock is issued wd when distributed warrant allowing a pur chase of a stock new 52-week high am unit including more than one security Trading halted on primary market company In bankruptcy receivership or being reor ganized under the bankruptcy law this appears In front of the name DfVtOEND FOOTNOTES: a extra dividends were paid but are not included annual rate plus stockc liquidating dividend a amount declared or paid In last 12 months current annual rate which was increased by most recent dividend announcement I sum of dividends paid after stock split no regular rate sum of dividends paid this year most recent dividend was omitted or deferred declared or paid this year a cumulative 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