Newsday (Suffolk Edition) from Melville, New York • 36

I MMMf HMMti tilHl IMMt I I A30 4 BUSINES8 TAKEOVER BID More than three years after seeking bankruptcy protection the owners of beleaguered 47th Street Photo in Manhattan have been replaced by a court-appointed trustee who sources say may move to sell the company's few remaining assets The action comes three months after the US Office charged that 47th Street founder Irving Goldstein and his wife wrongfully removed assets totaling more than $45 million from the loss-plagued retailer ACROSS THE PACIFIC CNBC the 24-hour business news cable channel launched by NBC six years ago took a mqjor step in its plans to ring the world with the launch of CNBC Asia The move also furthers corporate goal to expand worldwide In the past two years NBC has gone from being a largely domestic company to starting new program services in Europe Latin America and now Asia i on the isuNosmmmiiimwe Construction Of New Homes Drops Again Construction of new homes feu in May for the fourth time in five months as builders remained cautious over the effects of a slowing economy But analysts said evidence is mounting that housing activity may be stabilizing although few see much improvement during the remainder of the year In May construction of new single-family homes and apartments fell 13 percent to a seasonally adjusted 124 million annual rate the Commerce Department said yesterday Single-family starts dropped 44 percent to 951000 lowest since a 939000 rate in March 1993 It also was the fourth decline in five months Single-family homes represent about 80 percent of total starts Federal Reserve Chairman Alan Greenspan told the Senate Banking Committee that he too sees evidence of in the housing market He also said that other areas of the economy also have slowed sharply and that overall economic growth may be contracting COMEBACK TRAIL In a move that symbolizes how far Citicorp has come in turning around its fortunes the bank announced plans to spend as much as $3 billion to repurchase its stock over two years Citicorp said that it has more than $5 billion in reserves on hand and is generating more capital than it needs to fund its business growth Stock buybacks are good news for investors because they are a sign of financial strength and can boost share value by reducing supply in the marketplace shares rose $162 V4 to close at $5875 on the New York Stock Exchange NO PROBLEM Tainted Philip Morris cigarettes that prompted a $100 million recall have made smokers sick but were only smelly and bad-tasting the company said in a retreat from prior health warnings The cigarette maker said it earlier had misidentified the cause of the tainting and had found that the true contaminants eight compounds in the filters posed no health problems The recall was justified because the 8 billion tainted cigarettes a taste and odor Repossessions njudgments Collections Bankruptcies Charge-offs Profit Late Payments Lou Write-Offs Kwm mmmI 4SU WluMter Hoad Sidle Aft Haqyuae NY 1 1768 ICREDITtCARD SERVICES RIOT FALLOUT Esmor Correctional Services Inc stock fell for a second day in the aftermath of a riot at one of its illegal-immigrant detention facilities over the weekend Detainees at facility Elizabeth NJ took control of the center and caused an estimated $100000 in damage Despite the uprising Melville-based contract with the Immigration and Naturalization Service look to be in jeopardy Local authorities have called for the facility 'to be closed shares slid 16 percent or $275 to close at $1475 on the NASDAQ market RECORD PROFITS Allou Health Beauty Care Inc of Brentwood said that net income for fiscal 1995 which ended March 31 increased 25 percent to a record $47 million or 80 cents per share Revenues were a record $2375 million Revenues in the fourth quarter were $557 million with a net income of $13 million or 22 cents per share SEE YOU IN COURT Fonar Corp a leading manufacturer of magnetic resonance imaging systems said it filed suit against Siemens Medical Systems Inc and Philips Medical Systems North America Co for infringing on some of its MRI patents In May a federal court jury found General Electric liable for infringing some of the same patents being contested with Siemens and Philips and awarded Melville-based Fonar $1105 million Compiled from staff Associated Press Bloomberg Business News Dow Jones and Reuter reports ACCEPT CREDIT CARDS FOR YOUR BUSINESS lSW0 Mailorder Start-Ups Home Based Business Retail CARD SERVICE OF MAHWAH AaantlorBeddMgBanfcolComtrierce NNddwig CA Humboldt Mnh tumM CA NY 1400-443-7141 ut 1 1 FINANCIAL SERVICES Tired of Working for Yonr Money? 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FiwAMCUl SsRvicKi The Company That Earns Your TIEST A Hare-Brained Movie Jordan doesn't mind playing 2nd banana to Bugs STOP THE BILLSRESTORE CREDIT iTorcomciioH Amicvomi NONINIV MVNCMTS I IATI flftVMCMVB LOWER mii umawuHniwn Wa Investigate HIGH UTILITY BILLS (CaStor FREE CONSULTATION) 1-800-850-5971 FMAIC1AL CREMT SERVICES 516-253-2270 EXECUTIVE PLANNING GROUP LOW COST LIFE INSURANCE HIGH YIELD ANNUITIES CONTACT US AT 516-937-3800 For BuslnessPorsonal Insurance THAT MEETS YOUR NEEDS By Harry Berkowitz STAFF WRITER Michael Jordan says he mind if Bugs Bunny gets top billing in their new movie since the Looney Tunes character has more acting experience As for how much Jordan is being paid is making more than I am" the basketball and marketing megastar said yesterday in New York as he and Warner Brothers confirmed plans for him to star as himself in his first movie next year The film combining live action and animation will be named and the plot will center on several Looney Tunes characters in danger of being kidnaped by creatures from outer space Bugs enlists the Chicago Bulls star to help banish the aliens Ivan Reitman who was a producer of will produce Joe Pytka who directed Jordan and Bugs in two Nike commercials will direct The film is due out around Thanksgiving 1996 kids wanted me to do it I don't mind playing second fiddle to him at all or third or fourth Jordan said referring to Buga Jordan 32 who said he hopes to play professional basketball for at least another three years had been offered several cameo or bit roles in other movies in recent years but rejected them As for this film call it a match made in marketing heaven Jordan has helped the National Basketball Association top $3 billion in annual merchandise sales and he makes $30 million a year in endorsement deals Looney Tunes merchandise sales have been soaring in the past five years but leveled of! recently according to the Karen Raugust executive editor of The Licensing Letter The sales topped $2 billion last year up from $1 billion in 1993 Earlier this year McDonald's ran commercials featuring several Looney Tunes characters in which a basketball-playing Bugs is revealed to be Jordan in disguise Jordan said his own favorite movie star is Sidney Poitier He said the role is leas a risk for him than for Warner Brothers guys are taking a big risk but I eiyoy the 3 Groups with 3 Or More Employees Save up to 20 on your Group Medical Plan Now! 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