Ponovno predvajanje sobota, 27. november 1993

Observer; Keeping Up With

Date: 27 November 1993

By Russell Baker

Russell Baker

It is astonishing how much there is to keep up with, and how little time there is to do it. A few people -- President Clinton comes to mind -- seem able to keep up with everything, but everybody else has to say, "Sorry, dear Loni, but life is too short." I pick Loni at random as a human metaphor for all those things I am unable to keep up with because of the time shortage. I might just as well have picked Michael Jackson or the Uruguay round of GATT negotiations.

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ESQUIRE RADIO RECEIVES ACQUISITION PROPOSAL

Date: 27 November 1993

By Bloomberg News

Bloomberg News

Esquire Radio and Electronics Inc. said yesterday that it had received an unsolicited offer from Steel Partners 2 to acquire Esquire Radio for $50 a share in cash. Steel Partners 2, based in Delaware, is a limited partnership controlled by Warren Lichtenstein and Lawrence Butler. Esquire, based in Brooklyn, develops and imports telecommunications equipment including phones, answering machines and fax machines, primarily for Southwestern Bell. Esquire's shares closed up $2.875 yesterday on the American Stock Exchange at a 52-week high of $50.75. As of Sept. 30, Esquire had about 483,000 shares outstanding, so the Steel Partners offer has an indicated value of about $24 million. Esquire did not have an immediate response to the Steel Partners offer.

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FIELDCREST CANNON COMPLETES BID FOR AMOSKEAG

Date: 27 November 1993

By Bloomberg News

Bloomberg News

Fieldcrest Cannon Inc. said yesterday that it had completed its tender offer for the Amoskeag Company, its controlling shareholder, and had adopted a "poison pill" aimed at thwarting any hostile takeover effort. Adoption of the shareholder rights plan comes six months after Springs Industries began a bid for both companies. Springs has not said whether it will continue to pursue Fieldcrest. Fieldcrest Cannon, the nation's largest towel maker, had 1992 sales of $1.2 billion. Its brands include Royal Velvet, Cannon Royal Family and St. Marys. More than 90 percent of Amoskeag's 3.44 million common shares outstanding were tendered under the $40-a-share offer that expired on Wednesday, Fieldcrest said. Boston-based Amoskeag held 30 percent of Fieldcrest's common stock and had 80.7 percent of the voting power.

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DELTA WOODSIDE IS HIT WITH A $29.1 MILLION VERDICT

Date: 27 November 1993

By Bloomberg News

Bloomberg News

Delta Woodside Industries, a textile maker in Greenville, N.C., said yesterday that an Alabama jury had returned a $29.1 million verdict against it on Wednesday evening. The verdict, if upheld, would amount to more than $1 a share based on the company's more than 26 million shares outstanding. Delta Woodside posted earnings of $1.79 million, or 7 cents a share, in the quarter that ended on Oct. 2. The Alabama state court jury found that a former sales representative for Delta Woodside's Duck Head unit was wrongly denied $852,118 in sales commissions, Delta Woodside said. The jury tripled that amount and awarded the salesman, Ken Hoots, and two associates $2.6 million on their breach of contract claim. It also awarded $7 million for mental anguish and $19.5 million in punitive damages, the company said. It said it would seek a reversal.

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RENAULT TRUCK UNIT AND UNIONS AGREE ON JOB CUTS

Date: 27 November 1993

By Bloomberg News

Bloomberg News

Renault VI, the truck division of Renault, agreed yesterday with unions to cut nearly 10 percent of its work force next year. Renault VI will cut 1,423 jobs out of 15,500, including 1,060 through retirement or early retirement plans, the company said in a statement. The cuts will eliminate 686 assembly line jobs and 737 administrative and management jobs. Renault VI attributed the cuts to a 23 percent drop in the European truck market this year and continued weakness expected in 1994. Renault VI will be merged in January with Volvo A.B.'s truck division if Volvo shareholders on Dec. 7 approve the planned merger with Renault.

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Judge Blocks Proxy Fight for ICN Drug Company

Date: 27 November 1993

By Bloomberg News

Bloomberg News

A Federal judge yesterday blocked a proxy fight being waged against ICN Pharmaceuticals by Rafi M. Khan, suggesting that the Beverly Hills, Calif., stockbroker may have perjured himself in sworn testimony. In his statements ordering an injunction against Mr. Khan's proxy battle, United States District Judge John Sprizzo said he intended to seek a criminal investigation of Mr. Khan by Federal prosecutors to see if the dissident shareholder had lied under oath.

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Volvo Merger Is Opposed

Date: 27 November 1993

By Bloomberg News

Bloomberg News

Two shareholders with a total of 3.5 percent of the votes of Volvo A.B. said today that they would vote against Volvo's merger of its car and truck units with Renault. The decisions bring to about 7 percent those who have said they will vote against the merger when shareholders cast their ballots on Dec. 7. Investors holding about 21 percent of the vote have said they will approve the merger, and 9 percent are owned by companies close to Volvo and are expected to vote in favor. Other institutional investors will announce their decisions next week.

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CF Income to Sell Portfolio

Date: 27 November 1993

By Bloomberg News

Bloomberg News

CF Income Partners L.P. agreed this week to sell its real estate portfolio to an affiliate of the JMB Realty Corporation and Apollo Real Estate Advisors L.P. for $168.8 million. The move came two weeks after the real estate partnership ended an agreement to sell the portfolio to the American Continental Properties Group of New York for $182.5 million.

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NEWS SUMMARY

Date: 27 November 1993

International 3-6 ISRAEL MAY MISS PULLOUT DEADLINE Yitzhak Rabin said Israel might be unable to meet a deadline of Dec. 13 for starting its troop pullout and the assumption of Palestinian rule in the Gaza Strip and Jericho.1 IRAQ AGREES TO U.N. INSPECTIONS Iraq agreed to let the United Nations start long-term monitoring of its industries to insure it does not build weapons of mass destruction. 1

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NEWS SUMMARY

Date: 28 November 1993

International 3-21 ANXIETIES FOR RUSSIAN MILITARY Dismembered and demoralized, the Russian military is the most unwieldy and troublesome legacy of the Soviet empire. 1 Russian troops and their families are disillusioned. 19

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