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and in anticipation of increased lending the cap on fha loan guarantees would rise to approximately $ N billion |
separately the bill gives authority to the department of housing and urban development to facilitate the refinancing of high-interest loans subsidized by the government under the so-called section N <unk> program for <unk> families |
this provision met early and strong resistance from investment bankers worried about disruptions in their clients ' portfolios |
but the promise of at least $ N million in new savings helped to forge a partnership between hud secretary jack kemp and lawmakers wanting to protect their projects elsewhere |
the estimated $ N billion for the space station would be double last year 's level and total appropriations for the national aeronautics and space administration would grow N N to nearly $ N billion |
a string of costly projects including the <unk> national aerospace plane and the advanced communications technology satellite would continue to be developed within these limits |
and while imposing a statutory cap of $ N billion on future spending the bill would give nasa $ N million for the start-up of the <unk> mission a successor to the <unk> space probe |
separately the national science foundation is promised a N N increase to bring its appropriations to $ N billion |
and while pursuing these initiatives congress and the white house are squeezed too by steady increases $ N million in veteran 's medical care |
the result is that all sides resort to <unk> of hand to make room for competing housing and environmental programs and the commitments now will drive excess spending into fiscal N |
senior members of the house budget committee are reduced in frustration to raising doomed parliamentary obstacles to individual bills yet admit that much of the <unk> now stems from the fiscal <unk> associated with their own summit agreement with the white house this past spring |
it 's hard to get the administration 's attention on anything said rep. bill <unk> r. minn. because the whole agreement was built on <unk> |
among the subsidies continued in the transportation bill is $ N million to maintain commercial air service for an estimated N communities often in rural areas |
senate appropriations committee chairman robert byrd d. <unk> strongly resisted deeper cuts sought by the house |
but at a time when the white house wants to kill the entire program republicans have been among its leading <unk> |
sen. pete <unk> r. n.m. the ranking republican on the senate budget committee used his influence to preserve more than $ N in subsidies for air service to <unk> fe n.m. and more than $ N million would go for service to eight communities in the western nebraska district of gop rep. virginia smith on the house appropria... |
<unk> express an independent airline serving much of nebraska estimates that nearly N N of its revenues come from the subsidies that in some cases exceed the cost of a ticket |
for example a passenger can fly from <unk> neb. to denver for as little as $ N to $ N according to prices quoted by the company |
but given the few number of users the cost to the federal government per passenger is estimated at $ N according to house and senate appropriations committees |
the house action yesterday came as the senate remained mired in difficulties over a $ N billion measure covering the budgets for the state commerce and justice departments in fiscal N |
the compromise bill passed the house last week but has now provoked <unk> fights with the senate foreign relations committee which <unk> protects its prerogatives over operations at the state department |
the same <unk> can breed confusion however in the absence of any authorization bill this year |
house and senate <unk> sought to establish a nov. N deadline after which their bill would become the last word on how funds are distributed |
but on a N roll call this provision was stripped from the bill last night after foreign relations chairman <unk> <unk> d. <unk> complained that it was an <unk> on exclusive powers vested in his panel for more than three decades |
coda energy inc. said it arranged a $ N million credit facility with ncnb texas national bank a unit of ncnb corp. of charlotte n.c |
the dallas oil and gas concern said that $ N million of the facility would be used to consolidate the company 's $ N million of existing bank debt to repurchase N million of its N million shares outstanding of series d convertible preferred stock and to purchase a N N <unk> interest in certain oil and gas properties f... |
the remaining $ N million can be used over three years for oil and gas acquisitions the company said |
ted <unk> coda 's president said the loan carries an interest rate of prime plus one percentage point with N N of the company 's net oil and gas revenue each month dedicated to repayment |
the company put up virtually all of its oil and gas properties as collateral he said |
general dynamics corp. was given an $ N million air force contract for <unk> aircraft and related equipment |
loral corp. 's defense systems division received a $ N million air force contract for a <unk> weapons system <unk> |
southern air transport inc. won $ N million in air force and navy contracts for transportation services |
international business machines corp. was given a $ N million air force contract for satellite data systems equipment |
directed technologies received a $ N million defense advanced research projects agency contract for advanced <unk> systems research |
<unk> international inc. got a $ N million defense <unk> agency contract for combat <unk> <unk> |
santa fe pacific was the kind of story wall street loved |
since the value of its assets was n't known analysts were free to pick a number |
in one of many <unk> scenarios bear stearns 's gary <unk> wrote in march that its real estate alone had a value of $ N billion |
throw in its railroad minerals pipeline and oil assets he and others argued and the chicago-based conglomerate should be worth N a share |
and why should holders expect to realize that presumed worth |
that was another reason the street loved santa fe |
with real estate experts olympia & york and samuel <unk> 's itel owning close to N N of santa fe 's stock management was under pressure in a favored phrase of wall street to quickly maximize values |
but value it turns out is only what a buyer will pay |
and with the company 's recent announcement that it is contemplating a partial sale of its real estate the values suddenly look poorer |
santa fe has disclosed that it is negotiating to sell a N N interest in its real estate unit to the california public employees retirement system for roughly $ N million |
since the real estate unit also includes debt the <unk> value of the real estate itself is close to $ N billion |
the implied current net asset value of N per share is well below the N level that the street believed painewebber says |
the upside was in the <unk> real estate which is no longer an <unk> |
so what is santa fe worth |
if the railroad is valued on a private market basis at the same multiple of earnings as in the recent sale of cnw it would have a value of $ N billion |
a compromise between bulls and bears puts remaining assets and cash including its N N stake in its publicly traded pipeline at $ N billion |
santa fe also has $ N billion in debt |
in addition its railroad lost a $ N million antitrust suit which is on appeal and which analysts say could be settled for one-third that amount |
that <unk> out to about $ N a share for the company on a private market basis |
but santa fe currently trading at N N is n't likely to realize private market values by selling assets because the tax against it would be onerous |
its plan instead is to spin off the remainder of its real estate unit and to possibly do the same with its mining and energy assets |
robert d. <unk> santa fe 's chairman argues that since its businesses are valued in different ways the sum of the parts may be greater than the whole |
but it is n't clear why that should be so |
the spinoff argument after all <unk> the current notion that assets are worth more to private buyers than to public shareholders |
and real estate usually has n't traded well under public ownership |
salomon brothers says we believe the real estate properties would trade at a discount after the realty unit is spun off |
and what about the cost and risk of waiting to realize the hypothetical private market values |
some analysts remain bullish |
mr. <unk> of bear stearns says he is <unk> the worth of the company 's assets and in the meantime is sticking to his buy recommendation on the belief that he will find values of N a share |
he adds if for any reason i do n't have the values then i wo n't recommend it |
first boston 's <unk> anne <unk> values santa fe at N down from her earlier estimate of N |
her recent report <unk> the stock as a hold |
but it appears to be the sort of hold one makes while heading for the door |
<unk> from the report the stock 's narrow discount to asset valuation makes it a relatively <unk> investment at current prices especially given the risk that our projections could be on the aggressive side |
chairman <unk> says the california pension fund is getting a bargain price that would n't have been offered to others |
in other words the real estate has a higher value than the pending deal suggests |
since most of the unit 's real estate is in california the pension fund will be a useful political ally in a state where development is often held <unk> to <unk> boards |
and as mr. <unk> says with itel and <unk> on the unit 's board the real estate will be run by a very unusual group to say the least |
it is possible then that santa fe 's real estate even in a state <unk> by earthquakes could one day fetch a king 's <unk> |
but as drexel analyst linda dunn notes its properties will be developed over N to N years |
so despite wall street 's <unk> talk of quickly <unk> values holders could be in for a long wait |
santa fe pacific nyse symbol <unk> |
business railroad natural resources and real estate |
year ended dec. N N |
revenue $ N billion |
net loss $ N million N cents a share |
third quarter sept. N N |
net income N cents a share vs. net loss of $ N a share |
average daily trading volume N shares |
orkem s.a. a french state-controlled chemical manufacturer is making a friendly bid of N pence $ N a share for the N N of u.k. specialty chemical group coates brothers plc which it does n't already own the two sides said |
the offer which values the whole of coates at # N million has already been accepted by coates executives and other shareholders owning N N of the company |
the acceptances give orkem a controlling N N stake in the company |
orkem and coates said last wednesday that the two were considering a merger through orkem 's british subsidiary orkem coatings u.k. ltd |
orkem france 's third-largest chemical group said it would fund the acquisition through internal resources |
the takeover would be followed by a restructuring of orkem 's u.k. unit including the addition of related orkem businesses and possibly further acquisitions |
orkem said it eventually would seek to make a public share offering in its u.k. business |
intelogic <unk> inc. said it is exploring alternatives to maximize shareholder value including the possible sale of the company |
but <unk> b. edelman who controls about N N of the san antonio texas <unk> company insisted that the announcement did n't have anything to do with the ongoing battle for control of datapoint corp |
any sale of intelogic could have an impact on the battle between mr. edelman and new york attorney martin ackerman for control of datapoint |
intelogic holds N N of datapoint 's common shares outstanding |
mr. edelman said the decision has nothing to do with <unk> ackerman |
mr. ackerman contended that it was a direct response to his efforts to gain control of datapoint |
intelogic was spun off from datapoint four years ago shortly after mr. edelman took control of datapoint |
marks & spencer plc reported a N N gain in first-half pretax profit mainly because of improving performances in the u.k. and continental europe |
in the six months ended sept. N pretax profit at the british clothing and food retailer rose to # N million $ N million from # N million a year ago |
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