The Commercial Appeal from Memphis, Tennessee • 22

B4 MEMPHIS FRIDAY OCTOBER 4 1991 THE COMMERCIAL APPEAL MM a-4 ass -s ONmt MVM AFA NAr AFA Tto BW5DMG55 BCMEFS I MEE'ji -St 144-4 S-v-i nl anan-4 aaiufr-JL UBMJS-W la ass asao-n an ao-n IUE an nl 94 N4 is in-s UN US-4 lutas-M is 15 as as ME-4 aaas-a Promus casino in Vegas dropping Holiday name Fd UN UM ft Owl 9 LmP r- rf AM TF MN TF MVM 9 155 NY HV NY to ON TF (TIC AM CMGt 7 4 IB-4 OKI 9 nnan-4 9 anasJi i NLn NLn NL NL nl-s a NL tl MGr MU Ml MM Trad IBM U7 NL MAE NL-S na nl-s iS nl- Sad Mto I CTAA I as i LTD aa NL IP SB Ml NLn re in an IW IM BAIr 1U7 MAC as 114 1 By Susan Adler Thorp TTn Commercial Appeal The Promus Companies severed its last conspicuous link with Holiday Inn Thursday by announcing plans to convert the Holiday Casino and Holiday Inn hotel in Las Vegas to Las Vegas The name change for the first mn gives a visible stake in Las Vegas and puts the brand in all five of the nation's major gaming markets With 1725 hotel rooms and more than 79000 square feet of casino space Las Vegas will be the largest hotel casino Promus was formed in a spin- of London The Holiday Casino remained with the operation as did the Holiday Inn Las Vegas which is owned and managed by but operated under a Holiday Inn franchise agreement A spokesman said the company will drop the franchise agreement with Holiday Inn Promus's move comes as Holiday Inn ends its 40-year relationship with Memphis Holiday Inn Worldwide now a division of Bass is relocating the North American headquarters to Atlanta and expects most of the move to be complete by the end of this year "The conversion of our Las Vegas property to the brand name is a logical extension of our efforts to further establish as the premier brand in gaming said Phil Satre Pro- president and chief operating officer The conversion of the casino and hotel is expected to take nearly a year The Holiday Inn Las Vegas was built by Kemmons Wilson in 1971 18 months before the adjacent Holiday Casino opened on the famous Las Vegas strip Converting the casino and hotel into a property does not preclude the company from opening other gaming properties in Las Vegas the most well-known gambling market "We will continue to explore additional opprtunities to build business aim increase shareholder value through casino management new construction 1 or said Satre Promus also is the parent company of Embassy Suites Hampton Inns and Homewood Suites CrtK emc nnas-n tfm 9 an an IBGv 9 is is EMC Fadh tsr NL-S NL JI NL-S NL JI lllS-a IBS-S ISt JI ni-a 74 JI i an ian-n Goto TMM GMFto BUSINESS CARD 1177 NL-H as NL-a 19 NL as NLa ns NL H77 NLa IS NL na ns- a ns mm-a M5I SB-il naus-Ji 74 NL-S By Gene and Ann Basset NYMu 9 is as-a 9 is in 9 asna-a 9 na list 9 isas4 12 tr na aa- a as 9909 PMtoV CAMV CTHY GNMA GmM Mto Ute LTD asas ji UnUJP-4 9a MSllBn TF he IS as NJHV NYHV PAHV MMu FMaCto IIS US na gff as nl-s aa nl as as MM NL4 114 114 aa NLn nans an nl-s aa nl tin nl as nl an nl IS NL 94 NL-4 IS NL-a 74 NL na nl-s IS NL-4 MM NL-4 ns nl-s UM NL-M an nl AS NLS 04 NL-4 MTU -a -ji asna-s anao-S AS AB-S NN-4 asi iiS! Dm IBM 9 tz Eto IBM I UN I VMM I Global market is conference topic Jack Blair president of Smith A Nephew Richards Inc a Mem-this-based surgical equipment 'inn will be the keynote speaker today at a conference set to run through Saturday US Competitiveness in the Global Marketplace: A special Focus on the Service Sector" will focus on national cultures human resource management competitiveness between the United States and Far East role in competitiveness and corporate restructuring in global markets For more information call the Robert Wang Center for International Business at Memphis State University 678-2038 William Coors to speak in Memphis William Coors chairman and president of' Adolph Coors Co will be the keynote speaker at the sixth annual Corporate Neighbor Breakfast at 7:30 am Wednesday at the Memphis Mar riott The annnal breakfast recognizes contributions of area businesses pledged to volunteer community service as members of the Corporate Volunteer Council of Wilton Coor sponsored by the Volunteer Center of Memphis a United Wav agency ana the Memphis Business Journal Coors has been a leader in numerous educationaT and business organizations in Colorado including the Colorado Outward Bound School Club of Denver Foundation Executive Council for a Drug Free Colorado and thq Colorado Symphony reports revenue increase Marina the flagship casino of Memphis-based Pro-mus Cos reported a 32 percent rise in revenue during September fueling hopes that the year-old recession continues to loosen its grip on Atlantic gaming community For September Marina had nearly $247 million in revenue compared to $239 million reported during September 1990 Revenues taken in at Marina are is critical to Promus since 86 percent or $8674 million of the 1990 revenue came from casino opertions Promus also operates five casinos in Nevada and is the parent company of Hampton Inns Embassy Suites and Homewood Suites Gross casino revenue does not represent profit Casinos must pay all expenses such as taxes debt service and wages before calculating profit Kellogg settles advertising suits The Ke! Co settled a MVM a bje- Otort Ml MVM Ml 9 complain Hia only payoff la an honorary ft asi Swiss face dilemma from European union IB Regulator offers plan to help ease tight credit By Da vid Flaum The Commercial Appeal an nl-s ns a ut NL-S AT Si By Dave Skidmore TIM Aaaoclated PraM toft GNM 9 mop Mm HIM 9 Ew as MB-11 54 14n iui aa-a AS 44 ut in mao aa as us aa! 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NMNAHS H4 94 BSBAHil anao-a- anan-4 M9M77-M a-a a nn a as as as a-n a NaaN-n Hian au-n- an 89 99-4 NUN4 IN Ml IN IS" 114 uar an iin AN UH JI 114 IUL) in an! anns-s is NL-4 ut iah ji IS IN nn no-4 an map-4 aniui-4 lUIIUI-4 a iAtln-4 a an in-s IB4M1P-S IN IM-4 ftoFr BJ1 BjTTS UH NL-JS AS JI MiCr policies than the EC is and are afraid protected industries especially agriculture would suffer if Switzerland joined the European union Yet EC nations take 55 percent of Swiss exports provide 70 percent of imports and are the lead- lng recipients of direct Swiss investment he said Without the kind of free movement of goods services financial activity and people that the EC provides members Swiss-EC trade and the Swiss economy could suffer he said The EFTA-EC pact is one solution But freedom of movement of goods has its downside for Switzerland trucking through the Alps could increase cai environmental and ecoli problems he said If talks fail and Austria and Sweden join the economic union Switzerland will be in a du Plessis GATE IYTE ns ns as as SSt bsmbji naoM-a mx nl-s aa nl-s na nlji as ant asas-j aMMMJ an nl-j as NL 53 9 MS NL Gra 114 NL-4 in NL-4 MV Switzerland finds Itself between the proverbial rock and a hard place The European nation of 65 million prides itself on its 300-year history of neutrality strong trade especially in Europe and the Alps All three could be affected by the European Community (EC) said Chris- -tlan du Plessis economic counselor at the Swiss embassy in Washington Switzerland has declined to join that alliance of 12 nations i- However Switzerland has joined the four Scandinavian countries and Austria in the European Free Trade Association (EFTA) du Plessis told about 40 listeners at the Mid-South Common Market lunch part of the Memphis Mid-South Business Exposition at Memphis Cook Convention Center The group is trying to negotiate a trade pact with the European community but at the same time Austria and Sweden have applied to join the EC du Plessis said This puts Switzerland in a tough position he said The Swiss want to maintain political neutrality "We are he said "Joining an emerging great power would challenge our Also the Swiss are more liberal in their trade and economic an IAS MAE-M an aa na na un h-ji ms as aa ait ms as iu7 ns asi as nauan aaas ji as as nsaa an ms 74 nl One alternative would be to join the union Political changes In Europe may make it easier for jAnan- ns NL-a is NL JI IS aass-n US NL-K as NL JI US NL-a WASHINGTON The Treasury top banking regulator said Thursday he was considering a process for bankers to appeal unfavorable examinations of their books Taking aim at the so-called credit crunch Comptroller of the Currency Robert Clarke told the Senate Banking Committee he is prepared to create an appeals system circumventing the appeals procedure which starts with an immediate supervisors people feel comfortable going through the normal appeals process do something Clarke said He was responding to reports that some bankers believe they would be subjected to extratough audits if they went over the neads of their usual examiners in airing complaints about the periodic audits Clarke said he would retaliation by his examiners Lever find it one of the quickest ways to get in trouble with he said But Clarke also told the lawmakers that tougher exams by regulators following the savings and loan crisis was far from the cause of a credit shortage ie new appeals process is one of a number of steps the administration is considering to encourage banks to make more loans Clarke's disclosure came on the second day of Senate hearings on his nomination to a second five-year term 74 74 74 IS-a isan Switzerland to deal with political neutrality he said but changes may take a decade to play out In the meantime du Plessis said the Swiss have to maintain their extensive economic links with the world press for more open international trade and try to remain competitive with other nations ss? 8 MS llAt MB 114: UM UN 74 IUI ann INMB-4 DDDJ-M 74 777-4 nsaa IIS NLJ1 as aa sa NLa as NL-a MS NL-S Mi ftp nanan as an asaaJA un NL-S EnC- iui 114 iiN no IB IN-4 aaasa Bn4-ij list is 14 ns niH MN 114 asiin ns na 114 114 ns aa an iut un ns nn iuh4 jis us iui an ajiiuin lasn lowers debt rating of five US insurers FdTl FL TF GA TF gsr Goto HV TF tom MTF LA TF MO TF MaTF Ml Tto MNto M0 TF NJTF NY Tto NC TF ONM 0ITF PlTF MtoN PR TF il Gw TiAHY TX TF NLn NL JI NL NL NL JI NL JI I7H4 US isn NL as NL-a dispute Thursday ttomeys general of six states who had charged that health claims in cereal advertising were misleading Dick Lovell spokesman for Kellogg in Battle Creek said the settlement will not change advertising of Frosted Flakes Special and Bran Flakes However the company has agreed to give $30000 to each state for consumer nutrition education pro- Kams The states Involved are wa California Florida Minnesota Texas and Wisconsin In August 1990 after two years of discussing the matter with the states Kellogg filed a lawsuit in Iowa to protect the company's right to make truthful claims in advertising The states later filed counter suits The settlement resolves the litigation Kellogg shares closed Thursday at $10875 per share down $287 in composite New York Stock Exchange trading Fogelman Center seminars plans a AO-4 US 114 as aa ut ia-n 74 74 iin na oaa un jut- to5 9 is is AND 9 M1IH4-S as as-a an an as as-a is is-Jl in in an MAE sa nl-is to an nl-d an nl-s Is iui un-a 'Btf AutoZone stock offered again 1 AutoZone Inc chairman and chief executive officer Hyde in announced Thursday 26 million shares of common stock are being offered to the public in a secondary offering at $44875 per share AutoZone will not receive any of the proceeds Last month three limited partnerships that hold two-thirds of common stock said they intend to sell 23 million shares or about 10 percent of their AutoZone stock holdings The partnerships are led by Kohlberg Kravis Roberts A Co LP a major New York investment firm FltoCA wanut-ji tiously worded announcement reflects pressure from investors demanding earlier warnings of company problems as well as from insurers afraid of stirring panic among policyholders Major insurance companies in California New Jersey and New York were seised by state regulators this year after large numbers of policyholders ran to cash in their policies The downgraded companies have said the rating changes do not signal a deterioration of their financial condition but merely a change in methodology for figuring debt ratings Lincoln National life on Wednesday said it was perplexed by the downgrade because the company is stronger" than it was two years ago and has improved its finances since SAP affirmed its pre-downgrade rating this year "It's kind of a yes-no said one analyst John Kleinian a vice president with Conning Co in Hartford -Conn financial condition today relative to a Kir ago might be very simi-r But ratings agencies are saying the economy we are very concerned about some of the assets the insurers are By David Kalish Tha Associated PraM NEW YORK In a second wave of insurance downgrades Standard on Thursday lowered the ratings of five insurers to reflect the deteriorating condition The ratings agency cited growing economic risks to insurance companies but warned that the risks were "far from and said the industry was basically healthy The downgraded firms were Aetna Life Casualty Co Home Life Insurance Co The Lincoln National Life Insurance Co Pacific Mutual Life Insurance Co and Phoenix Mutual Life Insurance Co Lower debt ratings could make it more expensive for the companies to raise funds in the bond or stock markets None of the total nine down-rades in the past two weeks i lowered ratings below investment grade The downgrades are part of a speeded-up evaluation of the industry in light of increased perceived risk to certain assets notably real estate investments and junk bond hold-inf slysts said SAP's cau as i HA1 I as i as as tin NL-M Ut NL4 ME) NL aa NLn aa nl aa NLn as NL-S UN NL-a IS NL an ii as NLn mm an-a as as aj 74 4j 114 NL 1 Three seminars on self-directed work teams are scheduled for December at the Memphis State University Fogelman Executive Center The seminars are designed for executives senior and mid-level managers and are scheduled from 8 am to 4 pm Dec 3 to 6 to DevelopSelf-Directed Work Teams" on Dec 3 will be led by Ed Cornelius a management consultant with Cornelius and Associates Skills for Leaders and on Dec 4-5 will be presented by Dale McKee an associate of The final seminar "Team Member Responsibilites and on Dec 6 will be led by Rebecca Gonzalez consultant in communications and employee development For registration information call Cary Rodgers 678-2800 MiuraAiL vmm IS IS is is in as ji 9 asMa-4 114 114 9 MSMM-j 9 N4MI1- IS 54- MM as- IS ISi 9 ns DA I BBMIH4 9 ns nn MB MS-4 8vn in asan anas an as-p asan as 1U- MO MIL Ctoa Am NEW YOtKlAP) -Tto MhM wtoltoL tTM to toMM AincMto 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