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the henderson plant will continue its other chemical operations the company said |
this maker of electronic devices said it replaced all five incumbent directors at a special meeting called by milton b. hollander whose high technology holding co. of stamford conn. acquired most of its N N stake in newport in august |
elected as directors were mr. hollander frederick <unk> frederick ross arthur b. <unk> and rose <unk> |
removed from office were george <unk> robert e. davis norman gray john virtue corporate secretary and barrett b. weekes chairman president and chief executive officer |
newport officials did n't respond friday to requests to discuss the changes at the company but earlier mr. weekes had said mr. hollander wanted to have his own team on the board |
<unk> co. japan 's leading cosmetics producer said it had net income of N billion yen $ N million in its first half which ended sept. N |
exact comparisons with the previous year were unavailable because of a change in the company 's fiscal calendar |
the tokyo-based company had net of N billion yen in the previous reporting period which was the four months ended march N |
sales in the first half came to N billion yen compared with N billion yen in the <unk> period |
<unk> predicted that sales for the year ending next march N will be N billion yen compared with N billion yen in the year ended nov. N N |
it said it expects net to rise to N billion yen from N billion yen |
bruce w. <unk> president and chief executive officer was named to the additional post of chairman of this architectural and design services concern |
mr. <unk> N years old succeeds thomas a. bullock N who is retiring as chairman but will continue as a director and chairman of the executive committee |
merger and acquisition activity in the third quarter exceeded the year-earlier pace said merrill lynch & co. 's <unk> <unk> & co. unit in <unk> ill |
a total of N transactions were announced during the latest quarter up N N from the year-earlier period 's N <unk> said |
transactions in which prices were disclosed totaled $ N billion up N N from $ N billion a year earlier the company added |
<unk> counted N transactions valued at $ N billion or more in the latest period twice as many as a year earlier |
the largest was the $ N billion merger creating bristol-myers squibb co |
in the first nine months N transactions were announced up N N from N in the year-earlier period |
transactions in which prices were disclosed totaled $ N billion up N N from $ N billion a year earlier |
citing current stock market conditions and the trend away from highly leveraged transactions <unk> said it was n't certain that the total value of transactions for the year will exceed the record $ N billion in N |
medicine <unk> international inc. declared a <unk> stock split and substantially boosted the dividend payout |
the <unk> of <unk> said the added shares will be distributed dec. N to stock of record nov. N |
the company also changed its dividend policy under which holders had received an annual N <unk> payment by declaring a <unk> dividend to be paid quarterly on <unk> shares |
nbi inc. said that it can not pay the oct. N dividend on its series a convertible preferred stock allowing the stock 's holder to convert the shares into as much as N N of nbi 's shares outstanding |
nbi said that it has the funds to pay the dividend but that it does n't have the surplus or profit required under delaware law for payment of the dividend |
all the preferred stock is held by the <unk> office supply stock ownership plan |
under terms of the stock the <unk> <unk> can demand that the stock be redeemed for $ N on nov. N but nbi said it is legally prohibited from making the redemption |
failure to pay the dividend allows <unk> to convert all or some of its shares into nbi common after nov. N at a conversion price based on nbi 's closing stock price |
nbi a maker of <unk> systems said it ca n't predict if any of the preferred stock will be converted |
nbi also said it has hired prudential-bache securities inc. as its financial adviser and investment banker to help it restructure financially and improve its balance sheet |
insurers may see claims resulting from the san francisco earthquake totaling nearly $ N billion far less than the claims they face from hurricane hugo but the recent spate of catastrophes should jolt property insurance rates in coming months |
the property claims service division of the american insurance services group estimated insured losses from the earthquake at $ N million |
this estimate does n't include claims under workers ' compensation life health <unk> and liability insurance and damage to infrastructure such as bridges highways and public buildings |
the estimated earthquake losses are low compared with the $ N billion in claims that insurers face from hurricane hugo which <unk> through the caribbean and the carolinas last month |
that 's because only about N N of california homes and businesses had earthquake insurance to cover the losses |
however insurance brokers and executives say that the combination of the bay area earthquake hugo and last week 's explosion at the phillips petroleum co. 's refinery in pasadena texas will cause property insurance and reinsurance rates to jump |
other insurance rates such as casualty insurance which would cover liability claims are n't likely to firm right away says alice <unk> an industry analyst with <unk> research in avon conn |
she believes the impact of losses from these catastrophes is n't likely to halt the growth of the industry 's surplus capital next year |
property reinsurance rates are likely to climb first analysts and brokers believe |
the reinsurance market has been <unk> by disasters in the u.s. as well as in great britain and europe says thomas <unk> director of research at <unk> lane inc. in atlanta |
insurers typically retain a small percentage of the risks they underwrite and pass on the rest of the losses |
insurers buy this insurance protection for themselves by giving up a portion of the premiums they collect on a policy to another firm a reinsurance company which in turn <unk> a portion of any losses resulting from this policy |
insurers such as cigna corp. <unk> corp and aetna life & casualty co. buy reinsurance from other <unk> companies and lloyd 's of london for one catastrophe at a time |
after hugo hit many insurers exhausted their reinsurance coverage and had to tap <unk> to replace that coverage in case there were any other major disasters before the end of the year |
after the earthquake two weeks ago brokers say companies scrambled to replace reinsurance <unk> again and lloyd 's syndicates turned to the london market excess lines for protection of their own |
james <unk> senior vice president of <unk> & <unk> inc. a new york-based reinsurance broker says insurers who took big losses this fall and had purchased little reinsurance in recent years will be asked to pay some pretty hefty rates if they want to buy reinsurance for N |
however companies with few catastrophe losses this year and already big buyers of reinsurance are likely to see their rates remain flat or perhaps even decline slightly |
many companies will be negotiating their N reinsurance contracts in the next few weeks |
it 's a seller 's market said mr. <unk> of the reinsurance market right now |
but some large insurers such as state farm mutual automobile insurance co. do n't purchase reinsurance but fund their own program |
a few years ago state farm the nation 's largest home insurer stopped buying reinsurance because no one carrier could provide all the coverage that it needed and the company found it cheaper to <unk> |
the $ N million of losses state farm expects from hugo and an additional $ N million from the earthquake are less than N N of state farm 's $ N billion total net worth |
since few insurers have announced what amount of losses they expect to see from the earthquake it 's impossible to get a clear picture of the quake 's impact on fourth-quarter earnings said herbert <unk> at prudential-bache securities corp |
<unk> expects an after-tax charge of less than $ N million against fourth-quarter net hartford insurance group a unit of itt corp. expects a $ N million or N cents after-tax charge and fireman 's fund corp. expects a charge of no more than $ N million before taxes and after using its reinsurance |
sharp corp. tokyo said net income in its first half rose N N to N billion yen $ N million from N billion yen a year earlier |
the consumer electronics home appliances and <unk> concern said revenue in the six months ended sept. N rose N N to N billion yen from N billion yen |
sales of <unk> products and electric parts increased a strong N N to N billion yen from N billion yen and accounted for N N of total sales |
in audio equipment sales rose N N to N billion yen from N billion yen |
sales of electric appliances were flat and sales of electronic equipment declined slightly |
sharp projected sales for the current year ending march N at N trillion yen a N N increase the previous fiscal year |
it said it expects net to rise N N to N billion yen |
sun microsystems inc. a computer maker announced the effectiveness of its registration statement for $ N million of N N N convertible subordinated debentures due oct. N N |
the company said the debentures are being issued at an issue price of $ N for each $ N principal amount and are convertible at any time prior to maturity at a conversion price of $ N a share |
the debentures are available through goldman sachs & co |
nelson holdings international ltd. shareholders approved a <unk> consolidation of the company 's common stock at a special meeting |
at the same time shareholders approved the adoption of a rights plan and a <unk> voting approval requirement |
they also approved the relocation of the company 's registered office to toronto from vancouver and a name change to <unk> nelson holdings international ltd |
following the consolidation the entertainment company which has film and television operations in beverly hills calif. will have about N million shares outstanding |
the number of authorized common shares will remain at N million |
under the rights plan holders will have one right for each common share held with each right <unk> the purchase of one common share for N canadian dollars |
the rights plan would be triggered if a person or group acquires N N or more of the common shares outstanding without making an offer to all shareholders |
under the <unk> amendment certain mergers and other transactions would require approval of holders of N N of the company 's common shares outstanding |
wilfred american educational corp. said a federal grand jury in boston indicted the operator of <unk> and business schools for mail fraud |
the charges in the <unk> indictment which stem from events that allegedly occurred in late N and early N involve <unk> procedures of six students and the preparation of certain reports wilfred said |
no individuals were charged in the indictment |
wilfred american said it will vigorously defend itself against the charges and added that the charges <unk> to procedures that it has since changed |
eight <unk> representatives at two of wilfred 's former massachusetts schools previously pleaded guilty to charges of <unk> <unk> and counseling students to submit false <unk> applications |
wilfred closed its massachusetts schools earlier this year |
in new york stock exchange composite trading friday wilfred fell N cents to N cents a share |
rally 's inc. said it filed suit in u.s. district court in delaware against a group led by burt sugarman seeking to block the investors from buying more shares |
rally 's a louisville ky. fast-food chain alleges that the three investors who are directors of the company broke securities laws because they did n't disclose their intentions to acquire a big rally 's stake |
the group led by giant group ltd. and its chairman mr. sugarman owns about N N of rally 's |
in the securities and exchange commission filings the group has said it may seek control of rally 's |
mr. sugarman called the lawsuit not nice and said his group will continue to push for control of the company and the removal of certain directors |
he asserts that some directors who have joined forces with company founder james patterson have ties to wendy 's a competing <unk> chain |
the patterson group which controls about N N of rally 's shares also may seek control |
rally 's also said it formed a committee of three directors who are n't associated with either the patterson or sugarman groups to analyze the situation |
leaseway transportation corp. said it will restructure $ N million of certain subordinated debentures to reduce its debt obligations and interest expense |
the N N subordinated debentures due N were issued in august N as part of the $ N million financing for a leveraged buy-out of the company |
leaseway provides transportation services for manufacturers distributors and retailers |
leaseway said it has begun discussions with certain institutional debt holders to review the proposed private placement transaction which would exchange the debt for new subordinated debt instruments and equity securities |
specific terms are subject to review and a final agreement with debt holders the company said |
but the proposed transaction calls for an exchange of the debt for new debentures of lower face value and reduced cash interest |
also debt holders would be offered an equity position in leaseway which in total would represent a controlling interest in the company |
drexel burnham lambert inc. is the adviser on the transaction |
company officials said leaseway <unk> payment requirements of its debt obligations since the leveraged buy-out but our performance since the buy-out makes it <unk> to implement actions that will further improve our cash flow |
nicaraguan president daniel ortega may have accomplished over the weekend what his u.s. <unk> have failed to do revive a constituency for the contra rebels |
lawmakers have n't publicly raised the possibility of renewing military aid to the contras and president bush <unk> the question at a news conference here saturday saying only that if there 's an <unk> military offensive that 's going to change the equation N degrees |
but mr. ortega 's threat over the weekend to end a <unk> cease-fire with the rebels seeking to topple him effectively <unk> the contras as a policy priority just as they were slipping from the <unk> of their most <unk> supporters |
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