text stringlengths 1 3.86k |
|---|
<unk> <unk> lawyer for the creditors said the creditors group is challenging certain accounting <unk> on the parent company 's books and estimates that the <unk> owed the steel company could be as much as $ N million |
the lone star steel lawsuit also asks the court to rule that lone star technologies is jointly responsible for a $ N million lone star steel pension payment that was due but was n't paid in september and that the parent company ca n't recover the amount from its subsidiary if the parent company makes the payment |
separately lone star technologies said the bankruptcy court granted lone star steel an extension until year end on its exclusive period to present a reorganization plan |
the <unk> exclusivity period was to expire yesterday |
under chapter N a company continues to operate but is protected from creditor lawsuits while it tries to work out a plan to pay its debt |
nothing was going to hold up the <unk> settlement of <unk> vs. <unk> |
not even an earthquake |
on the afternoon of oct. N after hours of <unk> with five <unk> adjusters over settling a <unk> suit four lawyers had an agreement in hand |
but as judge thomas m. <unk> <unk> his <unk> so he could give final approval the major earthquake struck its epicenter not far from his courtroom in <unk> city calif |
the walls shook the building rocked |
for a while it looked like the deal not to mention the courtroom itself was on the verge of collapse |
the judge came out and said quick let 's put this on the record says <unk> <unk> the judge 's court reporter |
i said now |
i was shaking the whole time |
a <unk> water <unk> had <unk> onto the floor <unk> the red carpeting |
lights <unk> on and off <unk> dropped from the ceiling the walls still shook and an evacuation alarm <unk> outside |
the four lawyers climbed out from under a table |
let 's close the door said the judge as he climbed to his bench |
at stake was an $ N settlement involving who should pay what share of cleanup costs at the site of a former gas station where underground fuel tanks had <unk> and <unk> the soil |
and the lawyers were just as eager as the judge to wrap it up |
we were never going to get these insurance companies to agree again says john v. trump a san francisco defense lawyer in the case |
indeed the insurance adjusters had already <unk> out of the courtroom |
the lawyers went to work anyway <unk> noting that the proceeding was taking place during a major earthquake |
ten minutes later it was done |
for the record jeffrey <unk> an attorney for fireman 's fund said he was rattled both literally and <unk> |
my belief is always if you 've got a settlement you read it into the record says judge <unk> now known in his courthouse as shake <unk> down <unk> |
the insurance adjusters think differently |
i did n't know if it was world war iii or what says <unk> <unk> of morristown n.j |
reading the settlement into the record was the last thing on my mind |
edison brothers stores inc. said it agreed to buy N <unk> women 's apparel stores from <unk> specialty stores corp. a unit of <unk> ltd. of toronto |
terms were n't disclosed |
edison said the acquired stores would be integrated into its current operations |
brown-forman corp louisville ky. |
david r. jackson formerly vice president managing director of corporate communications for maxwell communication inc. was named vice president and assistant to the chairman of this maker of <unk> <unk> and consumer products |
your oct. N front page noted that british lawyers have to wear <unk> in court and that these <unk> are made from horses ' <unk> |
do you think the british know something that we do n't |
yale jay <unk> |
<unk> md |
applause for sometimes talk is the best medicine in your oct. N marketplace section |
indeed the art of <unk> does contribute to better health results and <unk> unwarranted <unk> litigation |
<unk> on the concern about doctors ' <unk> earnings in order to spend talk time with patients we are finding the quality of the time spent is the key to true <unk> |
even brief conversations can show <unk> and trust and need not restrict the efficiency of the communication or restrain the doctor 's earnings |
the issue is far-reaching |
right now the american <unk> is spending about N N of our gross national product on health care |
that amounts to more than $ N billion a year |
and it is estimated that more than N N of that $ N billion goes to defensive medicine those measures taken by doctors to protect themselves from the most unlikely possibilities |
so we all stand to benefit if <unk> relations become a partnership |
president north american physicians insurance risk <unk> group |
chrysler corp. chairman lee a. <unk> said the nation 's no. N auto maker will need to close one or two of its assembly plants because of the slowdown hitting the industry |
in an interview with the trade journal automotive news mr. <unk> declined to say which plants will close or when chrysler will make the moves |
but he said we have too many plants in our system |
so the older or most inefficient capacity has got to go |
according to industry analysts chrysler plants most likely to close are the st. louis no. N facility which builds chrysler <unk> and dodge <unk> models the toledo ohio jeep plant which dates back to the early <unk> and two canadian plants that build the jeep <unk> and chrysler 's <unk> vans |
chrysler has had to temporarily close the st. louis and toledo plants recently because of excess inventories of vehicles built there |
at chrysler 's N model <unk> last month chrysler motors president robert a. <unk> said the no. N auto maker along with other u.s. manufacturers might be forced to <unk> capacity if market demand does n't improve |
but mr. <unk> 's remarks are the most specific indication to date of how many plants could be in jeopardy |
general motors corp. has signaled that as many as five of its u.s. and canadian plants may not survive the mid-1990s as it struggles to trim its excess <unk> capacity |
the overcapacity problem has <unk> in recent years with foreign auto makers beginning car and truck production in the u.s. |
with companies such as honda motor co. toyota motor corp. and nissan motor co. running so-called transplant auto operations japanese auto production in the u.s. will reach one million vehicles this year |
unless the market goes to N million units which we all know it 's not going to do we have the <unk> fact that the transplants are adding capacity mr. <unk> said last month |
the <unk> plants eventually will have the capacity to build some N million vehicles in the u.s. and that will translate into market share that is going to have to come out of somebody he added |
already chrysler has closed the <unk> wis. plant it acquired when it bought american motors corp. in N |
chrysler has also launched a $ N billion cost-cutting program that will cut about N white-collar workers from the payroll in the next few months |
revco <unk> inc. the <unk> chain that filed for bankruptcy-court protection last year received a $ N million offer from a group led by texas billionaire robert bass |
revco reacted cautiously saying the plan would add $ N million of new debt to the highly leveraged company |
it was revco 's huge debt from its $ N billion leveraged buy-out in N that forced it to seek protection under chapter N of the federal bankruptcy code |
revco insists that the proposal is simply an expression of interest because under chapter N revco has exclusivity rights until feb. N |
those rights prevent anyone other than revco from proposing a reorganization plan |
also under chapter N a reorganization plan is subject to approval by bondholders banks and other creditors |
a financial adviser for revco bondholders david <unk> of <unk> partners had mixed reactions to the offer |
he said he feared a revco reorganization might force bondholders to accept a cheap deal and that the bass group 's offer would give them more money |
however the group is offering to pay off bondholders in cash only $ N million and no equity |
the revco bonds are high-yield high-risk junk bonds holders have $ N million in claims against revco mr. <unk> said |
revco received the offer oct. N but issued a response yesterday only after a copy of the proposal was made public by bondholders |
acadia partners limited partnership a fort worth texas partnership that includes the robert m. bass group made the proposal |
mr. bass is based in fort worth |
analysts said the nation 's second-largest <unk> chain was a valuable company despite its financial woes |
its problem they say is that management paid too much in the leveraged buy-out and the current $ N million debt load is keeping revco in the red |
if bought at the right price it could still be profitable said jeffrey stein an analyst at mcdonald & co. cleveland |
in addition revco 's N stores in N states represent a lot of real estate he said and <unk> are helping <unk> the nation 's aging population will boost demand for prescription drugs |
last week revco 's parent company <unk> holding corp. said the company reported a loss of $ N million for the fiscal first quarter compared with a loss of $ N million in the year-earlier quarter |
sales were $ N million up N N from the previous year |
the company based in <unk> ohio said its operating profit before depreciation and amortization increased N N to $ N million from $ N million |
acadia partners and the bass group declined to comment |
the partnership also includes american express co. equitable life assurance society of the u.s. and shearson lehman hutton inc |
the offer consists of $ N million in cash and the rest in notes |
acadia would sell up to N N of the equity in the <unk> company to creditors and bondholders in exchange for the cash distribution but creditors and bondholders would receive no discount for their shares |
revco 's chairman and chief executive officer <unk> a. sells said both the company and the bondholders have put forth reorganization plans but little progress has been made since negotiations began this summer |
he said he has not met with representatives from acadia |
any reorganization proposal mr. sells said is difficult to assess because it must be agreed upon by the company bondholders banks and other creditors |
revco has $ N billion in claims outstanding |
it 's not like the board can decide by itself mr. sells said adding we 're <unk> to the bass plan |
we just want a plan that <unk> creditors and at the end leaves a healthy revco |
but mr. <unk> the bondholders ' adviser said revco was dragging its feet in responding to the proposal |
they want to <unk> it does n't exist he said |
mr. <unk> who met with acadia representatives on oct. N said it 's certainly a responsible offer |
it 's not an effort to steal the company in the middle of the night |
copper futures prices failed to extend friday 's rally |
declines came because of concern that demand for copper may slow down |
the december contract was down three cents a pound settling at $ N which was just above the day 's low of $ N |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.