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Date: 15 January 1992
Leaders of nine unions representing workers at The Daily News have resolved, at least temporarily, an internal struggle that had threatened to undermine union solidarity in the effort to save the bankrupt newspaper. George E. McDonald, head of the Allied Printing Trades Council, the union coalition, apparently turned back a challenge to his leadership from the umbrella group's three largest unions at a meeting yesterday.
Date: 15 January 1992
By Stuart Elliott
Stuart Elliott
In the American newspaper industry, the right hand, at long last, is about to grasp the left. The two largest associations in the industry, one representing its business and editorial interests, the other its advertising sales efforts, announced yesterday that they intended to combine forces after more than four decades of separate operations.
Date: 15 January 1992
Bradley Smith is a Californian who acknowledges that the Nazis were cruel to Jews but who denies that the Holocaust ever happened. He has tried to expound his views in a 4,000-word essay submitted as an advertisement to several college newspapers -- giving headaches and heartaches to student editors. In the process he gives the public some valuable, if unintended, lessons in the workings of a free press. Many readers would blanch if they came upon Mr. Smith's pseudo-scholarly tract. Yes, he concedes, Jews were mistreated by the Nazis, and "many tragically perished in the maelstrom." But the idea that Nazi Germany exterminated six million Jews, Mr. Smith contends, is an irresponsible exaggeration. Gas chambers? A myth. Those actually were "life-saving" fumigation shelters to delouse clothing and prevent disease.
Date: 14 January 1992
By Bloomberg News
Bloomberg News
Northwest Airlines said it had won United States approval for daily flights between Logan Airport in Boston and Charles de Gaulle Airport in Paris, with service originating at Minneapolis/St. Paul. Northwest said it would offer nonstop connections to the flights from 26 cities to Boston and from 23 cities to Minneapolis/St. Paul.
Date: 15 January 1992
By Bloomberg News
Bloomberg News
Borden Inc. sold a $500 million minority stake in some of its most famous brand-name products. Outside investors paid $500 million for 22.7% of a new Borden group called T.M.I. Associates L.P., Borden said in a Securities and Exchange Commission filing. Borden said the group's assets have a total estimated value of $1.7 billion. The group will license the trademarks back to Borden for a fee. The trademarks include Cracker Jack, Cremora dairy substitute, Creamettes pasta and Elmer's Glue.
Date: 15 January 1992
By Bloomberg News
Bloomberg News
The Chase Manhattan Corporation said it had submitted a bid to acquire the core deposits of the Brooklyn-based Crossland Savings. Federal regulators have been trying to sell Crossland since last summer, when bad real estate loans caused the savings and loan to fall below Federal capital requirements. Crossland Savings lost $308 million in the first nine months of last year. Crossland officials declined to comment yesterday.
Date: 15 January 1992
By Bloomberg News
Bloomberg News
Hitachi Home Electronics America, a unit of Hitachi Ltd., the large Japanese electronics concern, said it would begin negotiations on Wednesday with employees concerning the closing of its plant in Anaheim, Calif., and the shifting of some operations to Mexico and Malaysia. About 250 employees at the plant, which tests projection televisions, may leave or move to other Hitachi plants beginning this spring, said an Hitachi official in Tokyo who insisted that his name not be used.
Date: 14 January 1992
By Bloomberg News
Bloomberg News
Ames Department Stores Inc., which has been operating under Chapter 11 bankruptcy protection since April 1990, filed a revised reorganization plan with the United States Bankruptcy Court for the Southern District of New York. The plan, which seeks to settle $1.6 billion of total claims, calls for the Rocky Hill, Conn., company to replace its current revolving credit with banks with a new working-capital method and the consolidation of Ames and its 52 subsidiaries into one entity.
Date: 14 January 1992
By Bloomberg News
Bloomberg News
Mesa Airlines Inc., a regional commuter airline operating in the Western United States, agreed to acquire Westair Holding, another regional airline, for about $41.4 million in Mesa stock. The agreement supersedes an agreement in principle reached between the two airlines in November. The definitive merger pact calls for Mesa to exchange 0.2625 share of its stock -- worth $6.37 based on Friday's closing price -- for each share of Westair. Westair has about 6.5 million shares outstanding.
Date: 14 January 1992
By Bloomberg News
Bloomberg News
The Student Loan Marketing Association, a secondary-market buyer of student loans, reported today that its fourth-quarter earnings rose nearly 17 percent, compared with the comparable period of 1990. The Federally chartered corporation, commonly known as Sallie Mae, said it had earned $91.1 million in the 1991 period, or 95 cents a share, compared with $78 million, or 79 cents a share, in the fourth quarter of 1990.