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a tvs spokesman said he did n't know mr. price 's plans |
james gatward tvs 's chief executive said in a statement that he will assume overall responsibility for mtm 's operations until a successor is named |
industry analysts speculated that mr. price 's sudden departure may have stemmed from conflicts with mr. gatward |
mr. price wanted to run the mtm business and may have <unk> selling the company to tvs suggested charles <unk> managing director of zenith productions a subsidiary of <unk> communications plc london |
mr. gatward declined to comment and mr. price could n't be reached on friday |
in the tvs statement mr. price said leaving mtm was a very difficult decision but added that it is now time for a change |
the $ N million purchase of mtm represented an <unk> international move for tvs which then was about half the u.s. concern 's size |
at the time mr. gatward said his friendship with mr. price had <unk> the way for its link with the small british company |
but tvs stunned industry analysts last month by disclosing that it expected mtm to post an operating loss for this year |
in that announcement tvs also said it was trimming production finance and hiring a new u.s. sales manager |
mr. gatward has spent a lot of time since late september at mtm 's headquarters he eliminated three departments and fired six executives according to the tvs spokesman |
further staff cuts are likely the spokesman indicated |
obviously we are looking at making economies across the board |
tvs blames difficulties in peddling reruns of mtm shows to u.s. broadcasters for the problems at mtm |
the market for reruns sold to local u.s. broadcasters has been weak for the past three or four seasons |
mr. price <unk> mtm in N with u.s. actress mary tyler moore and grant <unk> her <unk> |
mr. <unk> later left to become chairman of national broadcasting co |
the tvs spokesman said mr. price still holds about an N N tvs stake acquired as part of the mtm acquisition |
in late trading on london 's stock exchange friday tvs shares rose four pence to N pence a share |
two rival bidders for connaught <unk> extended their offers to acquire the toronto-based vaccine manufacturer friday |
<unk> merieux s.a. which offered N million canadian dollars us$ N million or c$ N a share for connaught said it would extend its bid due to expire last thursday to nov. N |
a c$ <unk> bid by ciba-geigy ltd. a pharmaceutical company based in <unk> switzerland and <unk> chiron corp. a <unk> concern was extended to nov. N |
it had been due to expire friday evening |
merieux previously said it would ensure its bid remained open pending a final decision by canadian regulators on whether to approve the takeover |
merieux a vaccine and <unk> firm based in <unk> france is controlled N N by state-owned <unk> <unk> s.a |
the canadian government previously said merieux 's bid did n't offer enough net benefit to canada to be approved and gave merieux an until <unk> to submit additional information |
merieux officials said last week that they are highly confident the offer will be approved once it <unk> details of its proposed investments to federal regulators |
both offers are conditional on regulatory approvals and enough shares being tendered to give the bidders a majority of connaught 's shares outstanding |
<unk> merieux which already holds a N N stake in connaught said that at the close of business thursday N shares of connaught and c$ N million face amount of debentures convertible into N common shares had been tendered to its offer |
at the close of business thursday ciba-geigy and chiron said N common shares had been tendered to their offer |
at last report connaught had N million shares outstanding |
separately the ontario supreme court said it will postpone indefinitely a ruling on the lawsuit launched by the university of toronto against connaught in connection with the merieux bid |
in a statement prepared by lawyers for the university and connaught the parties said they agreed that as a result of reaching a c N million research accord it is unnecessary that there be a judgment on the merits of the case at this time |
lawyers for the two sides were n't immediately available for comment |
the university had sought an injunction blocking connaught 's board from recommending or supporting an offer for the company by merieux |
<unk> inc. said it is calling for the redemption on dec. N of all the N remaining shares outstanding of its $ N series a convertible preferred stock at $ N a share |
the insurance concern said all conversion rights on the stock will terminate on nov. N |
until then <unk> said the stock remains convertible into common stock at the rate of N shares of common stock for each share of preferred stock which is equivalent to a conversion price of $ N a common share |
in new york stock exchange trading friday <unk> closed at $ N down N cents |
<unk> energy corp. said the ohio water development authority approved terms for two series of tax-exempt bonds to finance a <unk> control and <unk> disposal facilities |
the authority will issue a total of $ N million of <unk> revenue bonds |
proceeds of the sale will go to <unk> 's operating subsidiaries to finance the projects located at a nuclear unit located near cleveland |
the bonds will be issued for a term of N years at an interest rate of N N |
goldman sachs & co. is the underwriter |
general motors corp. 's <unk> truck division put a $ N cash incentive on its N <unk> <unk> and suburban trucks |
the program which runs through jan. N also offers <unk> financing in <unk> of the cash <unk> |
after days of intense but <unk> negotiations a federal judge last week threatened to convert william herbert hunt 's chapter N personal bankruptcy case into a chapter N liquidation |
judge harold c. abramson raised the possibility after talks to end a <unk> between two major creditors failed and all three reorganization plans in the case ran into <unk> |
if the case is converted to chapter N what remains of the oil <unk> 's <unk> estate now believed to have a value of less than $ N million would be sold off quickly with most of the proceeds going to the internal revenue service whose claim for $ N million in back taxes has priority in the case |
hundreds of smaller creditors could get nothing according to attorneys involved |
while admitting such a move would be devastating to most creditors judge abramson told a courtroom filled with nearly two dozen attorneys that he was concerned about the toll mounting legal bills will take on mr. hunt 's shrinking estate and about the fact that following voting by creditors none of the reorganization ... |
it would be a shame to have a chapter N after all the progress in this case said judge abramson |
under chapter N of the federal bankruptcy code a company continues to operate under protection from creditors ' lawsuits while it works out a plan to pay its debts |
under chapter N the assets of a company are sold off to pay creditors |
despite his reluctance to take the latter step the judge indicated he would move quickly after hearing testimony later this week in the bitter dispute between manufacturers hanover trust co. and minpeco s.a. a minerals concern owned by the <unk> <unk> |
the manufacturers hanover corp. unit which is seeking repayment of a $ N million loan has asked the court to give its claim priority over that of minpeco which won a $ N million judgment against mr. hunt his brother nelson <unk> hunt and other defendants last year in a case stemming from their alleged attempts to corn... |
while claiming that penalties legal fees and interest have driven the value of its claim to more than $ N million minpeco has agreed to settle for an allowed claim of as much as $ N million |
but even that is disputed by manufacturers hanover which in alliance with the irs contends that minpeco has already collected more than its actual damages from other defendants in the <unk> case |
under <unk> from judge abramson a minpeco executive flew in from peru last week to talk directly with executives from manufacturers hanover on a settlement |
despite long private sessions in both new york and dallas the two sides ended the week N miles and many dollars apart according to attorney <unk> ray who represents manufacturers hanover |
meanwhile inside the courtroom the judge said he would fine attorneys for the two creditors $ N every time they referred to each other with terms such as <unk> or <unk> |
all three major creditors the irs minpeco and manufacturers hanover voted against and effectively doomed a reorganization plan proposed by mr. hunt |
a reorganization plan proposed jointly by the irs and manufacturers hanover was stalled by a negative vote from minpeco |
the mineral concern 's own reorganization plan met a similar fate after opposition from the irs and manufacturers hanover |
neither plan is dead however and the judge could force creditors to accept some version of them after ruling on the <unk> hanover dispute |
meanwhile settlement negotiations continue between mr. hunt and the irs which has already reached a tentative agreement with nelson <unk> hunt |
the two sides have been far apart on how much herbert hunt will continue to owe the government after his assets are sold |
stuart e. <unk> a partner in the washington law firm of <unk> <unk> <unk> & murphy was named a director of this utility holding company increasing board membership to N |
pacific first financial corp. said it signed a <unk> letter of intent to acquire the construction lending unit of old stone bank of california |
terms have n't been <unk> but the transaction is expected to close by year end pacific first said |
old stone 's construction lending portfolio includes about $ N million in real-estate loans outstanding |
the unit has N employees in four california offices the company said |
pacific first owns pacific first federal savings banks and other financial services firms |
general electric co. 's <unk> leasing unit completed the $ N million purchase of similar businesses from <unk> national corp. and <unk> corp. <unk> by <unk> the sellers said |
the buyer was ge capital <unk> services chicago a major owner of railway equipment and part of the ge capital operations |
<unk> new york estimated it had a <unk> gain on the transaction of $ N million including its part of <unk> 's gain |
because of tax-loss carry-forward <unk> said it expects to escape taxes on a substantial portion of the gain |
the estimated gain for <unk> is $ N million including a tax credit of $ N million the sellers said |
the credit for income taxes is a result of having provided deferred income taxes applicable to the sold assets at the higher income tax rates in effect in prior years the sellers said |
automatic data processing inc. plans to redeem on nov. N its $ N million of N N convertible subordinated debentures due march N N |
the <unk> concern will pay $ N for each $ N face amount of debt |
the conversion price for the debentures is $ N a share |
in new york stock exchange composite trading friday automatic data closed at $ N a share down $ N |
if all the debt is converted to common automatic data will issue about N million shares last monday the company had nearly N million shares outstanding |
automatic data is <unk> the bonds because the after-tax cost of the interest on the bonds is higher than the dividend yield on the common a spokesman said |
dow jones & co. extended its tender offer of $ N a share or about $ N million for the N N of telerate inc. that it does n't already own until N p.m. est nov. N |
the offer which telerate 's two independent directors have rejected as inadequate previously had been scheduled to expire at midnight friday |
dow jones said it extended the offer to allow shareholders time to review a supplement to the dow jones tender offer <unk> that it <unk> last friday |
the supplement contains various information that has been filed with the securities and exchange commission since dow jones launched the offer on sept. N but it does n't change the terms and conditions of the offer except to extend its expiration date |
in delaware chancery court litigation telerate has criticized dow jones for not disclosing that telerate 's management expects the company 's revenue to increase by N N annually while dow jones based its projections of telerate 's performance on a N N revenue growth forecast |
in the tender offer supplement dow jones <unk> the different growth forecasts but says it views the N N growth rate as a <unk> goal of telerate 's management and not as a realistic basis on which to project the company 's likely future performance |
telerate shares fell N cents on friday to close at $ N each in new york stock exchange composite trading |
dow jones shares also fell N cents to close at $ N in big board composite trading |
dow jones has said it believes the $ <unk> price is fair to telerate 's minority shareholders |
late last week representatives of dow jones and telerate began negotiations about the terms of the offer but those talks did n't result in any changes in the offer |
telerate provides information about financial markets through an electronic network |
dow jones which owns N N of telerate publishes the wall street journal barron 's magazine community newspapers and operates financial news services and computer data bases |
<unk> manufacturing corp. won a $ N million army contract for <unk> <unk> shell <unk> |
avondale industries inc. received a $ N million navy contract for ship spare parts |
air & water technologies corp. completed the acquisition of falcon associates inc. a <unk> pa. <unk> concern for $ N million of stock |
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