Stock Plan Called Good For Employees and Company
Graniteville Company's board approved an employee stock ownership plan that could benefit the firm long term, but has sparked immediate conflict with Victor Posner who seeks to take over 51 percent of Graniteville stock. A federal court case over the plan continues as Posner accuses dilution aimed at his stake.
MENTIONED IN THIS ARTICLE
Graniteville Company
John W. Cunningham
Aiken County
Victor Posner
Southeastern Public Service Company
Graniteville
Posner
Graniteville Common
U.S
Clyde Hamilton
Southeastern
Aiken
Sol Blatt Jr
County faces burglaries as sheriff seeks more patrols
Carolyn P. Brown says burglars broke through two locks at her father home and 12 homes have been burgled in recent months. She notes arrests are elusive despite known suspects. Council voices need for eight deputies, two investigators and two narcotics agents. County plans sewer upgrades and seeks federal funds. They pass measures on water district, memorials, infrastructure bonds, cemetery move, and chamber brochure funding.
MENTIONED IN THIS ARTICLE
Carolyn P. Brown
Barnes
Ralph Gunnells
Gunnells
William Clyburn
Belvedere
State General Assembly
Southeastern stock bid sparks Graniteville board shakeup plan
Posner's $15 per share offer for Graniteville has pushed stock to $14 plus in heavy NYSE trading as Southeastern plans to fill at least half the Graniteville board with Posner nominees. If takeover succeeds, Southeastern may seek resignations, reverse the employee stock plan, and add pension assets to company funds, while denying liquidation or major structural changes.
MENTIONED IN THIS ARTICLE
Posner
Graniteville
New York Stock Exchange
Southeastern
Graniteville Company
Graniteville Executives Face Takeover Tensions and Stock Terms
The article details severance and stock option payouts for Graniteville executives Timmerman and four others if a takeover proceeds. It recounts Posner’s resistance to governance changes, his bid for control, and his blocking position that could shape any merger or sale, while Timmerman recounts failed offers and resignation attempts.
MENTIONED IN THIS ARTICLE
Posner
Timmerman
Graniteville
Sheriff Jailed In Support Case In North Carolina
Cherokee Chief of Police John Smith held without bond in Swain County Jail in connection with a non support case. Swain County Sheriff Bill Lewis confirmed the arrest and detention on Tuesday night.
MENTIONED IN THIS ARTICLE
Bryson City
N.C
John Smith
Swain County
Bill Lewis
Groups push for more study on Savannah River Plant risks
In a dispute over reactor reactivation, South Carolina seeks full environmental review. DOE favors a lighter assessment and promises to study health effects and monitor problems, while critics warn the agreement still relies too much on DOE assurances and may allow reactivation before hazards are fully addressed. Francis Hart of the Energy Research Foundation condemns the deal as incomplete.
MENTIONED IN THIS ARTICLE
DOE
South Carolina
Savannah River
Neuhauser
Energy Department
Francis Hart
Energy Research Foundation
Palmetto State
Serpico ordered to continue child support in New York
The New York Court of Appeals ruled 7-0 that Frank Serpico must keep paying 945 a month in child support for his son. The decision rejects his claim that the mother’s alleged deceit about contraception voids the obligation under state law. Serpico’s attorney says the ruling upholds a 1982 appellate decision and he may seek U.S. Supreme Court review or refile on fraud grounds.
MENTIONED IN THIS ARTICLE
Albany
N.Y
Frank Serpico
New York
Alan Levine
Court of Appeals
Serpico
J — Sol Wachtler
Frank S
Levine
U.S. Supreme Court
Appellate Division of State Supreme Court
Also Mentioned on This Page
Aiken Standard
Aiken, S.C
Cunningham
Richard W
Dick) Riley
North Augusta
Consumer Advocate
Public Service Commission
Leighton R. Johnson
Citizen’s Action Committee
John H. Pound
County Council
Owens-Corning Fiberglas Corporation
Bill Gaskins
K-Mart
U.S. 1
Greater Aiken Chamber of Commerce
Matthew William Peers
S.C. 19
Phil Jones
John Romain
Board of Directors
Fashion Board
J.B. White
J.B. White Fashion Board
Augusta
Regency Mall
Heritage Square
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