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of the proceeds $ N million will be used to fund its tender offer |
sea containers added that the recapitalization plan will reduce its debt by more than $ N million |
the company which has N million common shares outstanding said in <unk> that it was considering a restructuring to ward off a hostile takeover attempt by two european shipping concerns |
in late may <unk> holding ag and <unk> plc launched a $ <unk> or $ N million tender offer for the hamilton <unk> sea containers |
in <unk> the companies through their jointly owned holding company temple holdings ltd. sweetened the offer to $ N a share or $ N million |
officials for temple declined to comment |
news of the restructuring plan sent sea containers ' shares up $ N to $ N in new york stock exchange composite trading |
walter <unk> an analyst with painewebber inc. said that offering holders a higher $ <unk> price is a fairly effective method of blocking the <unk> bid |
michael <unk> an analyst with tucker anthony & <unk> day added that the sale of assets would allow sea containers to focus on its core container businesses |
for holders who decide not to tender their shares sea containers will issue one share of preferred stock with a stated value of $ N plus a cash dividend on the common stock |
the company said its directors management and subsidiaries will remain long-term investors and wo n't tender any of their shares under the offer |
sea containers said the offer will proceed after the <unk> supreme court <unk> or <unk> an interim injunction <unk> the company from buying its shares |
that injunction resulted from litigation between temple and sea containers last may |
the company said the court has indicated it will make a decision on or about nov. N |
sea containers will soon set a date for its annual shareholder meeting to seek holder approval for the offer |
you 'd think all the stories about <unk> communities and developers getting hud grants would prompt congress to tighten up on upscale housing subsidies |
no way |
congress has just made it easier for the affluent to qualify for insured loans from the <unk> federal housing administration |
it appears that the only thing congress is learning from the hud story is how to <unk> its control of the <unk> pot going to special interests |
right now the largest loan the fha can insure in <unk> housing markets is $ N |
last week housing <unk> persuaded congress to raise the ceiling to $ N making fha loans more accessible to the <unk> |
but it does that at the cost of <unk> the taxpayer 's exposure if the fha is forced to pay for more loans going sour |
this is no idle fear last year the fha lost $ N billion in loan defaults |
but the higher mortgage ceiling is only the <unk> <unk> for what senator alan cranston and majority leader george mitchell have in mind for housing |
the senate banking committee will begin hearings next week on their proposal to expand existing federal housing programs |
other senators want to lower the down payments required on <unk> loans |
that would be a formula for ensuring even more fha red ink |
experience has shown that the most important element in predicting a <unk> default is the down payment |
because a <unk> can use an fha loan to finance all points and closing costs the fha can wind up lending more than a house is worth |
if housing prices continue to fall many borrowers would be better off walking away from their homes and leaving taxpayers with the losses |
much the same thing happened with <unk> s&ls a problem congress just solved with a $ N billion bailout |
we hear that hud secretary jack kemp is <unk> with going along with some of the <unk> proposals |
that sounds like a formula for ensuring that he gets dragged into the next hud <unk> pit |
a group of N senators has written mr. kemp urging him to reject <unk> and focus on programs that <unk> the poor rather than create vast new government obligations |
but even if he agrees mr. kemp does n't write the nation 's housing law congress does |
and the majority of members <unk> view the current <unk> of hud as mainly a chance to <unk> through their own slate of projects |
exhibit a is last week 's house vote to fund N pet projects out of the same discretionary fund that is at the heart of the hud scandal |
none of the grants had been requested by hud <unk> <unk> or were the subject of a single hearing |
more and more observers now realize that the key to ending future hud scandals lies in forcing congress to clean up its own act |
this week a baltimore sun editorial said the <unk> subcommittee on hud should forget about sam <unk> 's testimony for the moment and call some other witnesses the various congressional sponsors of the N pork-barrel projects |
the sun concluded that mr. <unk> is only part of the problem and a part that 's gone |
if hud is to be <unk> it concluded members of congress will have to start looking into and doing something about the practices of their colleagues |
of course <unk> is about the last thing this congress is interested in |
proponents of expanding fha programs say they merely want to help home buyers who are frozen out of high-priced markets |
but the fha program is hemorrhaging bad loans |
jack kemp has submitted a package of reforms and they are surely headed for the capitol hill <unk> |
like the s&l mess before it this is a problem congress should be solving not ignoring |
gillette co. boston said it is planning to restructure its south african subsidiary |
under the plan gillette south africa will sell manufacturing facilities in springs south africa and its business in <unk> and plastic bags to <unk> pharmaceuticals ltd. an affiliate of <unk> american corp. a south african company |
terms were not disclosed |
a final agreement has not been signed and the moves will not have a material effect on the company gillette said |
the company said it is part of a continuing world-wide restructuring in which it has <unk> or sold operations in several countries |
gillette said its continued presence in south africa enables it to make meaningful contributions to south african society to the lives of its employees and to the communities in which it operates |
gillette south africa employs about N people |
about N N of the work force will continue with gillette or transfer to <unk> pharmaceuticals the company said |
the soviet legislature approved a N budget yesterday that <unk> its huge deficit with cuts in defense spending and capital outlays while <unk> to improve supplies to frustrated consumers |
the vote to approve was |
a proposal to raise prices of beer tobacco and <unk> was rejected N |
soviet president mikhail s. gorbachev told the legislators they had made a good start but that the most difficult work was still ahead |
the tass news agency said the N budget anticipates income of N billion rubles us$ N billion and expenditures of N billion rubles us$ N billion |
those figures are almost exactly what the government proposed to legislators in september |
if the government can stick with them it will be able to <unk> this year 's N billion ruble us$ N billion deficit |
officials proposed a cut in the defense budget this year to N billion rubles us$ N billion from N billion rubles us$ N billion as well as large cuts in outlays for new factories and equipment |
tass said the final budget and economic plan calls for a sharp increase in the production of consumer goods |
trial and <unk> |
at times i sequester my mind when i must think with precision <unk> from all other thoughts while trying to reach a decision |
but often nothing 's resolved to my frustration and <unk> with pros and <unk> in limbo i feel like a hung jury |
arnold j. <unk> |
daffynition |
<unk> applause <unk> <unk> |
marvin <unk> |
ocean drilling & exploration co. will sell its <unk> business and took a $ N million loss from discontinued operations in the third quarter because of the planned sale |
the new orleans oil and gas exploration and <unk> operations company added that it does n't expect any further adverse financial impact from the restructuring |
in the third quarter the company which is <unk> by murphy oil corp. of arkansas had a net loss of $ N million or N cents a share compared with a restated loss of $ N million or N cents a share a year ago |
the latest period had profit from continuing operations of $ N million |
revenue gained N N to $ N million from $ N million |
ocean drilling said it will offer N N to N N of the <unk> business through an initial public offering in the near future |
it has long been rumored that ocean drilling would sell the unit to concentrate on its core oil and gas business |
ocean drilling said it wo n't hold any shares of the new company after the restructuring |
after N years of pushing labor proposals to overhaul the nation 's health-care system <unk> seidman of the <unk> is finding interest from an unlikely quarter big business |
corporate leaders frustrated by double-digit increases in health-care costs are beginning to sound like liberal democrats |
failure to check rising medical costs ultimately could lead some of us who today are free-market advocates to <unk> our thinking and positions with respect to <unk> national health insurance arthur <unk> a general electric co. vice president warned earlier this year |
the <unk> impact of health benefits has driven business and labor to a surprising consensus |
both the <unk> and the national association of manufacturers are calling for measures to control rising costs improve quality and provide care to the N million americans who currently lack health insurance |
agreement on these points is a long way from a specific program and nobody expects the u.s. to rush toward radical restructuring of the health-care system |
but there are signs that labor-management cooperation could change the politics of health-care legislation and the economics of medicine |
i ca n't remember a time when virtually everyone can agree on what the problem is says mr. seidman who heads the <unk> 's department dealing with health matters |
because the bush administration is n't taking the initiative on health issues business executives are dealing with congressional democrats who champion health-care revision |
business across the country is spending more time addressing this issue says sen. edward kennedy d. mass |
it 's a <unk> issue |
business complained earlier this year when sen. kennedy introduced a bill that would require employers to provide a minimum level of health insurance to workers but does n't contain <unk> measures |
partly in response a bipartisan group of senators from the finance and labor committees is <unk> a plan to attract broader support |
it will feature a <unk> provision designed to keep expanded benefits from fueling higher care prices |
at N N of gross national product u.s. health costs already are the highest in the world |
by contrast japan 's equal N N of gnp a nation 's total output of goods and services |
management and labor worry that the gap makes u.s. companies less competitive |
chrysler corp. estimates that health costs add $ N to the price of each of its cars about $ N to $ N more per car than foreign competitors pay for health |
the cost of health care is eroding standards of living and <unk> industrial strength complains walter <unk> a chrysler <unk> specialist |
labor is upset because many companies are using higher employee insurance premiums <unk> and <unk> to <unk> surging medical costs to workers |
health benefits are contentious issues in the strikes against pittston co. and nynex corp |
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