Hawk Eye (Newspaper) - July 11, 1994, Burlington, Iowa City & Wever farmer battles back from Flood of The awk year - No. 2 IOWA MONDAY JULY 11, 1994 50 cents Buyers clean up on S&L property The Associated Press WASHINGTON - The government's savings and loan cleanup agency routinely has sold real estate seized from failed institutions for far below market Buyers often turn around and quickly resell the same properties for huge a review of records The Resolution Trust Corporation says its mission is to sell all properties it inherited from the failed of the 1980s a that maximizes return and minimizes I But an Associated Press review of congressional agency documents and land records from Florida to California shows that RTC sales aver age at or less than 50 percent of the appraised The RTC blames the poor re covery on two the agency's former strategy of. sell ing property in discounted bulk packages and the which drove down real estate values in many ' always said real estate will be the thing we take the biggest hit RTC spokesman Steve Katsanos the But while the RTC says it has had trouble getting fair market those who bought properties from the agency often did the AP review of land deeds in several states For the 17.5 acres in Arizona that had been seized from Charles Keating's Lincoln S&L for The same the attorney Bob resold the parcel to buyers for million Frank's one-day profit was or 40 a million bid for a 224-unit apartment complex in San in late 1992, according to San Diego real estate broker Eric who tried to assemble the the RTC sold it for See S&L page 8A> Yeltsin sits at summit Dragon cheers Associated Press I Italy - In unprecedented Russia joined Western nations Sunday demanding a settlement of Ithe war in Bosnia and an end to Korea's secrecy about its In Yeltsin insisted Russia Accepted and recognized as I The Russian his rising to a that Western countries Hift Cold trade restrictions on his troubled for the first joined exclusive political talks the leaders of the world's industrialized See Yeltsin page 7A>> Flag catcher Becca leads the cheers they win a heat Sunday In the final competition teams win dragon boat races By Kathryn Oberle The Hawk Eye As the starting buzzer two drummers began beating out rhythms as 40 paddles - 20 on each of two boats - dipped into the water The long colorful boats with a dragon's head at the front glided through the This scene was repeated hundreds of time throughout the weekend as more than 700 people competed on 34 teams during the Optimist Club's dragon boat races at 7 Ponds The park scene looked like an ancient tribal ritual except for a few things such a giant can Two Cedar Rapids teams won first and second place during the Cedar River Gang came in first with winning times of 85.5 and 86.8 seconds in the The Iron Dragons came in second with times of 86.8 and 88.4 Two teams took third and fourth including Charley's Dragon's sponsored by Ideal Concrete and Wild Islanders sponsored by Coyle Insurance Charley's Dragon paddled down the lake in 88.8 and 91.4 seconds during the two final The Wild Islanders finished in 89.3 and 92.8 The dragon boat races are the Burlington Optimist Club's biggest fund-raising event of the Club officials refused to give a dollar figure for their race but said they did sure we probably did as well as last said board member Rick Proceeds from the weekend event will benefit programs for area One new endeavor the club is investigating is bringing Internet - an interactive computer network - into the Burlington public They will discuss the topic and listen to a presentation during a noon luncheon July 28 at the Ramada The Optimist Club also sponsors various youth recreational activities and provides college In they have a year-round collection drive for residents of the Pine Ridge and throw a party and provide toys for poor children in the area at Christmas John Hawk Eye for the Castaways dragon boat team as of the Optimist Dragon Boat N. Korea will resume nuclear talks I Son takes oven Kim Jong II takes steps to consolidate succeed his The Associated Press Germany - North Korea on Sunday notified the United States it will resume negotiations on its nuclear program sometime after the funeral of its Kim II is good said a senior U.S. official aboard President Clinton's Air Force He said it also appeared Kim Jong II that Kim's Kim Jong was taking over as the leader of the isolated communist North Korea's chief Kang Sok notified Assistant Secretary of State Robert head of the U.S. delegation at the nuclear talks in that he would fly home for John Hawk Eye Bruce and Ms timing made timing more efficient at this year's dragon boat Timing system quickly replaces stop watches By Kathryn Oberle The Hawk Eye When a Dubuque man tested his new electronic timing system at the International Dragon Boat Races in the system served as a backup for judges with stop but not for long. three-fourths it was the other way said Bruce a dragon boat racing enthusiast and a electronic Like many other dragon boat racing wants for more precision than the human eye can In one of Sunday's intermediate the results looked like a virtual the electronic timing device measured a tenth of a second difference between times when the Wild Islanders and the Lock Ness Mess pulled their flag out of the Such precision leaves little room for which used to be plentiful during dragon boat McHaney McHaney has worked as an electronic engineer for John Deere Dubuque Works for 20 He used to design machine tool controls - devices that verify the machine works He also loves the funeral and then advise the United States when the negotiations would be informed Gallucci we'll meet again in the coming weeks and will communicate through diplomatic channels said the who briefed reporters as Clinton flew from the Group of Seven economic summit in to Clinton plans to meet with Chancellor Helmut make several speeches and return to Washington Tuesday we lose the U.S. official said about the recess that followed Kim's death But he said International Atomic Energy Agency inspectors would remain in North Korea with access to suspect sites to make sure that the freeze the elder Kim told Clinton he would impose on the nuclear program is North Korea has zigzagged in the declaring it was interested in negotiating with the United States and then causing talks to be shelved by denying access to the Asked if the administration See Talks page 7k> See Timers page 7A> Georgia flooding death toll hits 26 The Associated Press Ga. - Brown waters swamped upscale riverside homes Sunday as this southwest Georgia city got slapped by the first wave of flooding that has swept much of the The death toll statewide rose to 26 since the day after Tropical Storm Alberto brought heavy The latest bodies discovered were a woman in an Americus creek and an unidentified man on a flooded street in The Flint River was more than 7 feet above flood stage at Bainbridge and was expected to crest Wednesday at 45 20 feet above flood That is nearly 5 feet higher than the record set in the 1925 flood that devastated the city that calls itself First Inland More than 2,000 people in low-lying West Bainbridge were told to evacuate by Saturday and most others in the city of 10,000 were gone or packing up used to tell me about the Flood of when you could go anywhere by this looks like it could be worse than said Mack a homebuilder who had a pole tracking the flood's rise up the back deck of his own Besides the the city is along a series of creeks and sloughs that were all The flooded homes ranged from trailers to houses valued in six built of Southern See Georgia page 7A> the Associated Press The roof and steeple of Magnolia Baptist Church are all that rise above the muddy floodwaters of the Flint River In last Inside July 11,1994 6 2 sections & Region 3A 4B 7B 2A 7B Abby 7B Deaths 7A Education 5A For the Record 7A Happenings 7A Nation & World 6A Opinions 4A People 2A Reader services 2A Sports IB TV listings 6B Weather Clouds are bringing a chance of Look for a high in the 80s, with 10 to 20 mph page 2A City & Region Mediapolis voters go to the polls Tuesday to vote on funding for new 3A Sports Bulgaria ousts Germany in major upset in World Cup soccer IB Nation & World Federal study finds that wives are most often victims of murder within 5A
