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Date: 05 July 1995
By Fred Graham
Fred Graham
One of the best-kept secrets in America is that the O.J. Simpson trial is no longer a disaster. Another is that television coverage has helped set things right. Judge Lance A. Ito must feel like the Dan Quayle of the trial bench, condemned by an early negative impression. Even though Judge Ito has brought the fiasco under control, almost no one has noticed.
Date: 04 July 1995
By Bloomberg News
Bloomberg News
Vectra Technologies Inc. said yesterday that it had completed the sale of its plant services operation to the Westinghouse Electric Corporation for $19 million. The transaction is expected to have a net value of $17 million after balance-sheet adjustments, Vectra said. Westinghouse will pay Vectra as much as $3.6 million more in the next three years if the operation meets certain profit targets. The plant-services business is based in Richland, Wash.
Date: 04 July 1995
By Bloomberg News
Bloomberg News
Merchants Bancorp Inc. agreed yesterday to buy the Valley Banc Services Corporation for $20.5 million in cash. Valley Banc Services, based in St. Charles, Ill., is a closely held holding company for four Illinois banks. The company had assets of $142 million as of Dec. 31. Merchants Bancorp, the holding company for Merchants Bank of Aurora, in Aurora, Ill., had assets of more than $496 million as of Dec. 31. Shares in Merchants were up 25 cents, at $25.625, in Nasdaq trading.
Date: 05 July 1995
By Bloomberg News
Bloomberg News
British stocks and bonds rose yesterday ahead of a key vote on Prime Minister John Major's continued leadership of the governing Conservative Party, and the pound advanced following news of his victory. Financial markets in the United States were closed for the Fourth of July holiday. Elsewhere, European and Asian markets were generally higher. Germany's main stock index rose 1 percent, led by utilities and chemicals, amid hopes that a slowing American economy would hasten cuts in global interest rates.
Date: 05 July 1995
By Bloomberg News
Bloomberg News
Mercedes-Benz A.G. said today that it had signed an agreement with Avtrokon of Russia to make transit buses for Russian cities. The two companies have built about 200 buses together since 1992. The new agreement represents a significant expansion, Mercedes-Benz, a unit of Daimler-Benz A.G., said. The terms were not disclosed. Under the agreement, a Mercedes-Benz unit and Avtrokon will make about 1,500 transit and excursion buses a year.
Date: 04 July 1995
By Bloomberg News
Bloomberg News
La Quinta Inns Inc. said today that it had completed its acquisition of the stakes in some of its hotels owned by AEW Partners L.P. for $191 million in cash and stock. The company paid AEW Partners $48.2 million in cash and about 5.3 million shares of stock worth $142.7 million. La Quinta, based in San Antonio, now owns 29,819 of the 30,308 rooms in its hotel chain. The chain has 235 properties in 29 states.
Date: 05 July 1995
By Bloomberg News
Bloomberg News
STN Inc. said today that several of its officers had resigned, four days after Bell Canada gave notice of its intention to end a long-distance telephone service contract. STN, a Canadian long-distance carrier with 220,000 customers, did not say why the executives quit, and company officials could not be reached for comment. Those who resigned included Andreino Sartor, its chairman and chief executive; Robert C. Watson, the president, and Stephen E. Stapleton, the chief financial officer. STN uses Bell Canada's phone lines.
Date: 05 July 1995
By Bloomberg News
Bloomberg News
An Alabama judge has certified a class-action suit against the Shell Chemical Company and Hoechst Celanese Corporation, a unit of Hoechst A.G., involving claims over leaky plastic pipes installed in thousands of mobile homes and other housing. Judge Eddie Hardaway of the Alabama District Court in Eutaw, certified the class action on Friday. Shell, Hoechst and E. I. du Pont de Nemours had reached a $750 million settlement in an earlier class action, but that accord was thrown out by a Texas state judge in February. In May, Du Pont said it would pay $120 million to settle claims. A spokeswoman for Shell declined to comment yesterday.
Date: 05 July 1995
By Bloomberg News
Bloomberg News
The Smith Corona Corporation has hired the turnaround specialist R. F. Stengel & Company to advise it and has named its president, Ronald F. Stengel, interim president, chief executive and director. Thomas Cawley, who is vice president of the turnaround company, was also named to Smith Corona's board. Robert Van Buren remains chairman of the typewriter maker.
Date: 05 July 1995
By Bloomberg News
Bloomberg News
Lawyers for Nicholas Leeson, the jailed former trader for Barings P.L.C., described as "completely false" a newspaper report that Mr. Leeson would be sent from Germany to stand trial in Singapore in early September. A German newspaper quoted a prosecution spokesman over the weekend as saying "there is no doubt" Mr. Leeson will be extradited to Singapore.