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Annapolis Capital Newspaper Archive: December 8, 1995 - Page 1

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Publication: Annapolis Capital

Location: Annapolis, Maryland

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   Capital, The (Newspaper) - December 8, 1995, Annapolis, Maryland                               Mayor calls for midnight SHOW Yacht club to light up town with lights parade Inside O's make pitch for OCTO ARCHIVES 312 LAUREL AVE LAUREL HP 20707 WET MIX PAGE A1B FRIDAY DECEMBER MO ghouse division for sale By BRIAN STEINBERG Business Writer Westinghouse Electric Corp. is selling off its Linthicum-based defense arm to help pay for its acquisition of Chairman and CEO Michael Jordan confirmed this morning. The made during a tele- conference from New comes as an- other blow to workers at the Electronic Systems who are still receiving pink slips in the latest in a series of layoffs. are going to put the defense portion of our ESG up for Mr. Jordan told investors and analysts in a meeting broad- cast by conference call from the Ed Sullivan home of David Letterman's He didn't mention any buyers for the Electronic Systems one of the larg- est employers in the state. The company is also Anne Arundel County's largest private with employees working within its and another elsewhere in the state. Aside from the Linthicum Westing- house has an Oceanic ESG facility near the Bay as well as separate operations in Sykesville and Hunt Valley. Oceanic employees weren't affected in the last 1 'We are going to put the defense portion of our ESG up for Michael Westinghouse chairman round of layoffs. ESG is primarily a defense manufac- specializing in radar and air control systems. It had revenues of billion in 1994. The move to sell comes despite a profit- able year for the Westinghouse Chief Financial Officer Fred Reynolds said during the news conference. ESG had its first year of solid revenue growth this up 8 percent since 1990. The ESG sale would be concluded and with a great deal of Mr. Reynolds said. The teleconference by its nature revealed the Pittsburgh-based company's commit- ment to the broadcast business. have made a major investment to shut our portfolio focus to which has been a strong business for us over the Mr. Jordan said. He said two-thirds of the company's cash flow will be based in broadcasting. As good as ESG has been for the com- and despite the improvement The Capital Westinghouse has invested in the it is best in a large dedicated defense Mr. Jordan said. Rumors have been rampant for weeks among who have picked such companies as Bethesda-based Lockheed Martin Corp. and Hughes Aircraft in as potential suitors. A Lockheed spokesman said ESG could be but wouldn't say whether his company is interested. Page Midnight Madness is a hit Shoppers take over revamped Main St. during late-night test By DAVE GULLIVER Business Writer I he brass band on the corner played Christmas carols while behind them a horse- drawn carriage jockeyed for position with a trolley and a pack of cars. After 248 days of construction each one cursed by tourists and merchants Main Street had reopened just in time for the Midnight Madness festival As she watched her sons Paul and Seth Kathy Knight offered a wistful critique of the million rebuilt been she nice it would have been if it was dosed to traffic That sentiment was offered over and over last as people took over the city's best-known street for the seventh annual late-night shopping and social event in downtown Annapolis Bill and Babbie with children Zachary and were strolling along upper Main Street a few minutes earlier The Annapolis family stopped on the sidewalk to talk with a and people stepped into the street to pass them. wish they'd kept the traffic off the street for one more Mrs. Adams said as the children ducked into a store Shoppers weren't the only ones who felt that way. At The Pewter owner Maria Baker looked at the crowd outside and suggested turning the street into a pedestrian mall. That was likely the thought of many as the lower part of the street saw its first traffic jam IB nearly nine months. Free parking caused the Hlllman Garage te fill early and turn away carRjCausing backups Annapolis above from Kelly and Annie take advantage of the annual Midnight Madness crowds on Main Street last night to hand out filers advertising an Annapolis Talent Machine Co.'s show. Joanne Wenger conducts the Annapolis Area Christian School's Golden Eagles Band at the foot of the street as traffic pwees by. by tewft M. Luortttam The Feds sue local attorney over bank collapse By DAVE GULLIVER Business Writer Federal regulators have sued An- napolis attorney Edward 0. Wayson Jr. over the 1992 collapse of Second National Federal Savings charging that his negligence as a board member contributed to at least million in losses. The Resolution Trust Corp.'s law- filed two days before the sta- tute of limitations still allows for later action against the thrift's other board members and officers. unsound and grossly negligent policies and practices fol- lowed by Second National's tors and during the rele- vant time period resulted in sub- stantial injury to the the lawsuit says. Agency spokesman Mi- chael Fulwider declined to com- ment yesterday on the which was filed Dec. l in U.S. Dis- trict Court in Baltimore. It accuses Mr. WAYSON Wayson of breach of fiduciary negligence and gross negligence. The lawsuit by the estab- lished to clean up after the collapse of the savings-and-loan named only Mr. Wayson. He was a Second National director from 1982 to when he resigned because of regulators' accusations of conflicts of interest. the lawsuit refers to an agreement that extended the statute WAYSON Local forecasters calling for snow By JOHN KEILMAN Staff Writer If the forecasts hold the Annapolis area will have its first serious snowfall tomorrow. The National Weather Service this morning issued a winter storm watch that calls for 2 to 4 inches of snow beginning just after midnight. is the first snowstorm of the year... that's going to cause a said Dick a forecaster at Baltimore- Washington International port. Annapolis and Anne Arundel public works officials say they'll have employees on call to handle any road problems. all geared up and ready to said David L. deputy director of the city De- partment of Public Works. The late-night snowfall will be the start of what promises to be a miserable weekend. Gale-force winds could devel' op on the Chesapeake Bay late tomorrow. Sunday will be of those nasty Mr. Diener with a wind-chill factor near zero The snow may turn to rain later but all precipita- tion stop by the early afternoon. Republicans vow stadium county Democrats 4undecidedV FINAL SCORZ By MICHAEL CODY StaJT Writer Gov. Parris N. Glendening's road fo the National Football League may be paved with million in good but it could develop tome deep potholes in Anne Arun- del according to a straw poll of the county's General Assem Hy delegation. As Republican legislators from Glen Burnie to Mayo staked their firm Intent to fight simultaneous ftadium In BaJtijnore and frtnce Otortft a series of was all that Democrats could produce. can't understand why we treat sports franchises in a different way than we treat any other private business in the said state Sen. John C. D Annapolis. wouldn't give Bethlehem Steel million to build a new and it probably would create more jobs if we were to do Responding to reports that lottery money would not be sufficient to finance a million football dtan for Art Model's Browns at Camden seven of 12 local legislators contacted said supplying additional state money was out of the question. And recoiling at the notion that long-awaited road projects could be deferred to enrich Redskins owner Jack Kent seven of 12 also opposed million in stadium- related infrastructure at Landover. put such a large amount of our resources into these stadia is- wasteful and counter aid Del. John Leo- Page SCHOOLS INSIDE Eastport civic group i' elects new president. Cl 4 40 Cl Editorials............. A14 Arundclftoport..... Bl Lotteiy................. A4 Calendar............. B2 Obituaries........... A15 Classified............CIO teal.......... A15 Comics................ C8 Sports................01-4 Crossword...........C16 Television........... C9 DeathNotlces......CIO Tides.................. A15 Classified 268-7000 Circulation..................2684800 Prom Kent 327-1583 All other departments 268-5000 7.   

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