State Agencies File Suit Against RW Technology

CHESHIRE — RW Technology Inc., once hailed for an ingenious new product, is being sued by two state agencies that claim the company misrepresented the usefulness of the product and defrauded investors. An 18-month investigation into the stock-selling practices of Cheshire-based RW Technology, which manufactures Typlax, has resulted in civil liligation against the company by the state Department of Banking and the Connecticut Attorney General’s office. The lawsuit, filed in state Superior Court, alleges that Paul Casavina Sr., the company’s majority shareholder, and John M. Minicucci, president of RW Technology, violated the anti-fraud and registration provisions of the state’s Uniform Securities Act. (excerpt)
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Mastandrea, John

Full text: [Fairfield County Business Journal] Jul 17, 1989

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A Year After Going Public, Apollo Finds Smooth Sailing

Lending is up, stock price is up, and things are looking up in general for Apollo Savings & Loan Co. at the end of its first year as a publicly held thrift. After 107 years as a mutual-based thrift wholly owned by its depositors, Apollo had earned a reputation as a strong institution. Its loan portfolio is dominated by low-risk, adjustable rate home loans and its net worth of 10.28 percent of assets is more than three times minimum requirements. By going public, Apollo boosted its assets still further. It raised more than $3 million in a June 1988 offering of 303,425 shares at $10 a share. It has continued its conservative, slow growth strategy and the results are paying off for investors. (excerpt)
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Bonfield, Tim

Full text: [Cincinnati Business Courier] Jul 17, 1989

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So What If He Can’t Dance? Herb Siegel Knows How to Make Money for Holders

Herb Siegel and shareholders of Chris-Craft Industries Inc. have seen the value of their holdings increase by 30,000% in less than 2 decades. Thanks to the Warner stock that Chris-Craft holds, the outcome of the Time-Warner-Paramount takeover deal could earn Chris-Craft $2 billion. This is because Siegel has made an art of spotting values and cleverly exploiting them. Despite the retention of the famous powerboat name, since 1980, Chris-Craft’s principal claim to fortune is billions of dollars worth of entertainment assets. While Chris-Craft shares have risen in reflection of the potential gains from its Warner holdings, the shares of its subsidiary, United Television, remain, by some standards, undervalued by investors. Chris-Craft is especially concerned about the fate of the 15.2 million preferred shares that make up a large part of its Warner stake.
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Schiff, David

Full text: [Barron's National Business and Financial Weekly] Jul 17, 1989

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Insider Test for Outsider

A full-scale insider trading investigation has been launched concerning the Nisshin Steamship Company. Trading of Nisshin Steamship shares was suspended by Tokyo exchange officials on Jun 16, 1989.
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Full text: [Far Eastern Economic Review] Jul 20, 1989

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WTD, Longview Stock Prices Enjoy Upward Ride

The stock of Longview Fibre Corp. settled back down last week after two days of heavy trading spurred by a large stock purchase by Texas billionaire Robert Bass. But Portland’s WTD Industries Inc., once rumored to be a Longview Fibre suitor, watched its stock price continue to move up as the weekend approached. Securities analysts were split over whether the climb in WTD’s stock price was tied to the company’s rumored, but never verified, stake in Longview Fibre. Some believed the Portland lumber maker’s stock was simply responding to its own good financial news. (excerpt)
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Gauntt, Tom

Full text: [The Business Journal] Jul 24, 1989

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Riedel Poised to Clean Up With Compost Contract

Riedel Environmental Technologies Inc. expects to sign a 20-year contract with the Metropolitan Service District (Metro) this week for a $25 million plant to turn a portion of the region’s trash into horticultural-grade compost. The facility, the first large-scale composting plant in the nation, will be worth about $8 million a year in revenue to Riedel Environmental. Plans call for construction to begin in October with the facility operating by early 1991. This week, the Metro Council, which oversees waste disposal for the region, is set to vote on whether to sign the contract with Riedel. Metro’s solid waste committee already has recommended that the council go through with the contract that has been in negotiation for more than a year. (excerpt)
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Gauntt, Tom

Full text: [The Business Journal] Jul 24, 1989

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U.S. Long Distance Rings Up Rapid Growth

Less than two years ago, the officers of the fledgling U.S. Long Distance Corp. gathered together to celebrate the first month that revenues broke the $10,000 barrier. Over the past several months, though, a series of rapid-fire acquisitions and contract closings have dwarfed that earlier success and pushed the public company’s revenues over $1 million a month. By the end of fiscal 1989 on Sept. 30, company officials expect to show a five-fold increase in revenues, from $1.8 million in 1988 to around $10 million this year. (excerpt)
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Carr, Paul H.

Full text: [San Antonio Business Journal] Jul 24, 1989

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ESOPs Seen In Different Light

Leveraged employee stock ownership plans (ESOP) are useful as antitakeover devices and employee motivators, but the perception of their apparent economic usefulness is misleading. Corporations benefit from a tax deduction on principal repayments, lower borrowing costs, and a tax deduction for dividends paid on ESOP stock. In a world of increasing stock prices, a leveraged ESOP receives a significantly smaller tax deduction for providing an equal amount of employee benefit. For a leveraged ESOP, the tax deduction is limited to the price of the stock at the establishment of the ESOP. Eligible ESOP lenders can exclude half of the interest income on the ESOP loans. The resulting lower interest rates for ESOP borrowings are a cash flow savings, but a corporation could replicate this saving by borrowing through an unleveraged ESOP. In addition, the dividend payment deduction of a leveraged ESOP does not always have cost advantages over the benefits of an unleveraged ESOP.
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Freiman, Howard A.

Full text: [Pensions & Investment Age] Jul 24, 1989

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Record Earnings Spur SciMed Plans for Acquisitions, R&D

OFFICIALS AT SciMed Life Systems Inc., where record first quarter results have helped drive the company’s stock price up more than 75 percent, said they plan to invest $3 million in product development and to look for possible acquisitions. “We’re intent on investing in new technology,” said Dale Spencer, the company’s president and CEO. SciMed, based in Maple Grove, is a manufacturer of angioplasty catheters and other cardiac-assist products. SciMed plans to double its research and development budget in fiscal 1990, which ends next Feb. 28, said Spencer. (excerpt)
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Nissen, Todd

Full text: [Minneapolis / St. Paul CityBusiness] Jul 24, 1989

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Turnaround With No Respect

Three years ago AmBase Corp. lost $197 million, and investors, certain of a turnaround, bid the stock of the insurance company up to $31 a share. Today, with AmBase diversified into financial services and stock brokerage and expecting to earn more than $100 million this year, the stock is languishing around $13 a share, $1 higher than its all-time low. “Obviously, we’re very disappointed with the Street’s reaction,” says Marshall Manley, chief executive of the company, which recently changed its name from Home Group Inc. “We believe this stock is grossly undervalued.” (excerpt)
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Belsky, Gary

Full text: [Crain's New York Business] Jul 24, 1989

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High Noon for Sun

Scott McNealy, chief executive officer (CEO) at Sun Microsystems Inc., rose to a preeminent position in the computer industry when Sun became the dominant player in engineering workstations, the high-powered personal computers used mostly for technical work. His seemingly flawless management made Sun the talk of Wall Street and Silicon Valley. In Spring 1989, Sun finally stumbled. The firm is likely to report a loss for its 4th quarter, ended June 30, 1989. Suddenly, Sun’s CEO has to prove that he can manage in a crisis. Knowing that he would eventually face more competition, McNealy’s aim has been to grab market share fast. So far, the strategy’s success remains in question. Sun’s hasty grab for market share has created numerous problems. For now, McNealy says that his priority has to be raising profits to boost Sun’s stock price and raise additional capital. If McNealy’s message of discipline is received by Sun personnel, the company has every chance of emerging healthy from its recent troubles.
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Levine, Jonathan B.

Full text: [Business Week] Jul 24, 1989

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E.I.L. Board OKs Insider Buyout Offer

A management-led group has won the approval of a special committee of directors to buy out E.I.L. Instruments Inc. for about $15.1 million, beating out offers made by a Dallas investment company. The special committee, made up of E.I.L.’s five outside directors, decided that management’s $9.75 a share offer was the best and most likely to be completed, according to Peter J. Vogelberger Jr., an outside director. “Certainly we felt that all things considered, as far as the price and the most likely deal to be concluded, we felt that management people knew the company a hell of a lot better than the people in Dallas, and the likelihood of closing the deal . . . was much more likely,” Vogelberger said. (excerpt)
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Kleiner, Kurt

Full text: [Baltimore Business Journal] Jul 24, 1989

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Acetic Acid Gets Back On Track

Acetic acid supplies were stretched to the breaking point in 1988 following an accident at Hoechst Celanese’s Pampa, Texas, plant in late 1987. Demand for derivatives was booming, and tight ethylene supplies squeezed availability of ethylene-based acetic acid. Competitors are commending Hoechst Celanese and its parent Hoechst for managing to maintain supplies to customers after the Pampa accident and then bringing the rebuilt plant’s production back without disrupting the market. The more relaxed market conditions are now showing up in stock prices. Impact has yet to be felt from the June 1989 start-up of BP Chemicals’ new unit at Hull, UK. BP has modified the original Monsanto methanol carbonylation process to coproduce acetic acid and acetic anhydride. Acetic acid demand growth has been as high as 5% per year in recent years. Eastman Chemical will start up new acetic anhydride capacity based on coal gas at Kingsport, Tennessee, by the first quarter of 1992. Sources say that the continuing operation of ethylene-route plants keeps a useful floor on prices, to the advantage of methanol-based producers.
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Hunter, David
Chynoweth, Emma

Full text: [Chemical Week] Jul 26, 1989

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Electronic Data Pact Triggers an OUCH-Stock Buying Spree

With the stock of Occupational-Urgent Care Health Systems Inc. trading at a dizzying multiple of earnings, management and analysts are frequently pausing to explain why the stock isn’t about to start back down. What’s propelled the stock, insiders believe, is a deal Occupational-Urgent Care cut with Electronic Data Systems Corp. on May 30. Some investors might be betting that Electronic Data Systems may eventually acquire OUCH, one analyst said, although that’s not seen as an immediate likelihood by close followers of the company. (excerpt)
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Davis, Kurt

Full text: [The Business Journal; Sacramento] Jul 31, 1989

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Analyst Praise Fails to Raise Investor Interest in Moscom

Despite high praise from stock market analysts, Moscom Corp. has been plagued by investor uncertainty over the last several months. Moscom is touted by local investment analysts as one of the brightest stars in the corporate firmament, but you would not guess it from its stock performance. Moscom’s stock price has been locked in an almost uninterrupted downward slide for the last six months, falling from $6.88 a share in early February to $3.88 last week. Despite the company’s record-breaking performance through the end of 1988 and highly regarded acquisitions and contracts in the last 12 months, Moscom’s stock is trading at the same level at which it stood a year ago. (excerpt)
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Johnston, Phil

Full text: [Rochester Business Journal] Jul 31, 1989

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Alaska Air’s Six-Month Income Soars

Another record year is expected for Alaska Air Group Inc., whose net profits doubled in the first half of 1989. But analysts say the carrier’s second-quarter numbers, announced this month, aren’t quite as red hot as its first-quarter performance. For the first half of the year, Alaska Air Group earned $16.9 million on $423 million in revenues, more than twice the net income of $8 million on $376 million in revenues for the first half of 1988. Analysts expressed some disappointment, however, in a drop in the company’s earnings per passenger seat-mile, a key measure that indicates how much money an airline makes on each passenger it flies. For the second quarter, the figure was 19.6 cents, down from the 20.6-cent level in the first quarter, although above last year’s 18.6 cents. (excerpt)
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Wilhelm, Steve

Full text: [Puget Sound Business Journal] Jul 31, 1989

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Multi-Lines Lead Way in 2nd Quarter

The first half of 1989 produced good results for insurance stocks. This was a timely reward considering that insurance had been out of phase with the market and out of favor with investors since the 2nd quarter of 1986. Multilines led the way and were up 8.2% for the 2nd quarter and 20.5% for the first half of 1989. Kemper was the biggest winner with a surge that started at 24 and ended at 37 3/4 on June 30. CNA Financial was the largest 2nd quarter gainer after a 21.3% move to 74. The Life & Health group rose 8.5% for the quarter and 16.2% for the half. The shares of smaller or lesser known companies were the biggest movers among the life and health issues, but some majors also performed well. The Property & Casualty group advanced 6.7% in the 2nd quarter, 15.1% over the first half. Reinsurers did well, with a 7.8% increase in the quarter and 22.3% for the half.
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Meakin, Thomas K.

Full text: [National Underwriter] Jul 31, 1989

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Time-Warner: This Close to Victory

On July 14, 1989, Delaware’s Chancery Court stopped Paramount Communications Inc.’s attempt to destroy Time Inc. and Warner Communications Inc.’s merger plans. After the merger is settled, it is likely that prospective co-chief executives Steven J. Ross and J. Richard Munro, along with President Nicholas J. Nicholas, Jr., will begin selling assets to make 1990′s payments on the company’s debt of up to $15 billion. The payments total an estimated $1.6 billion. Some investors in Time, who are disappointed in Chancellor William Allen’s ruling to stop the Paramount bid, hope that Paramount Chairman Martin S. Davis might make a bid for the newly formed Time-Warner. Most likely, Davis will wait until the price of Time-Warner stock subsides and then possibly try a joint venture with a company such as Tribune, MCA, Columbia Pictures, or Dun & Bradstreet.
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Lieberman, David

Full text: [Business Week] Jul 31, 1989

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The Limits of the Fraud on the Market Doctrine

An examination is made of the economic reasoning that is implicit in the adoption of the fraud-on-the-market doctrine for open and developed markets. There are legal rules for 10b-5 cases. Rule 10b-5 plaintiffs must demonstrate that: 1. they relied on a fraudulent statement or omission, and 2. their reliance was not unreasonable. The courts have faced evidentiary difficulties in examining the issues of causation in impersonal markets, including the development of the fraud-on-the-market doctrine. Economic theory can be used in formulating evidentiary presumptions. The fraud-on-undeveloped-market cases are consistent in pleading that the fraud did not involve markets but, instead, involved the substitutes for markets used by issuers in initial offerings. The reliance of plaintiffs is not on market forces, but on the incentives that face some, but not all, market professionals.
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Carney, William J.

Full text: [The Business Lawyer] Aug 1989

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Doing Good Pays Off for Some Investors

Can nice guys finish first? In their quest to maximize the profit to their shareholders, companies may feel caught between a rock and a hard place. Top management may want to take the ethically pure and socially responsible approach, but feel less scrupulous competitors will pass them by if they do. Given the choice between lofty morals and a high stock price, many an executive is all too inclined to go with the latter. But dubious ethics and business success needn’t go hand-in-hand, as a handful of mutual funds and other investment vehicles are proving. Such funds take into account factors beyond mere profitability, such as a firm’s position on nuclear armament, whether it does business in South Africa, or its sensitivity to the environment. (excerpt)
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Price, Caroline

Full text: [Michigan Business] Aug 1989

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