Phillips poll vote on recapitalization drives possible takeover
Phillips Petroleum recessed a special stockholders meeting in Bartlesville, keeping proxy voting open on a plan to recapitalize the company. The outcome could block a takeover bid by Carl Icahn and shape the fate of 4,000 attendees and 29,000 employees.
MENTIONED IN THIS ARTICLE
Bartlesville, Okla
Phillips Petroleum Co
Phillips
William Douce
Carl C. Icahn
New York
Phillips’ Management
Icahn
Alfred D. Kingsley
Kingsley
Bartlesville
Tulsa
Douce
T. Boone Pickens Jr
Mesa Petroleum Co
Mesa Group
Pickens Group
New York Stock Exchange
Ford doubles large car prices in 3.4 percent leap
Ford Motor Co raised prices on its large cars by up to 538 dollars or 3.4 percent while freezing smaller models and offering 8.8 percent financing on Tempo and Topaz through April 22. The price increase averaged 1.7 percent or about 200 dollars across all models.
MENTIONED IN THIS ARTICLE
Detroit
Ford Motor Co
Ford
SEC adopts rule easing mutual fund commission changes
The Securities and Exchange Commission unanimously approves a rule to remove prior approval for mutual funds changing commission rates, easing paperwork for fund managers and the commission. It stops short of letting brokers set their own rates.
MENTIONED IN THIS ARTICLE
Washington
Securities and Exchange Commission
SEC
FTC extends comment period on grocery advertised items rule
Facing broad public input the Federal Trade Commission extends the public comment deadline to March 11 on a rule requiring stores to have advertised items in stock. A December report urged dropping the rule and since then over 2000 letters have poured in.
MENTIONED IN THIS ARTICLE
Washington
Federal Trade Commission
Commission
6Th
Pennsylvania Ave
D.C
Pay for Stress Paid in Rhode Island Case
The Rhode Island Supreme Court ruled unanimously that workers in stressful jobs may receive stress related disability benefits. The decision upheld the Workers' Compensation Commission grant to the widow of Edward F. Mulcahey, sports editor of the Evening Times of Pawtucket, who died in 1978 from a cerebral hemorrhage after covering a football game.
MENTIONED IN THIS ARTICLE
Providence
R.1
Rhode Island Supreme Court
State Workers' Compensation Commission
Evening Times
Pawtucket
Edward F
Ted
Mulcahey
Big Boy Mascot Faces Vote Across 835 Restaurants
Glendale California AP reports Big Boy restaurant officials seek public opinion on the mascot after 49 years of cheerful promotion. Patrons at 835 restaurants in 35 states, Japan, and Canada will vote, with results to be announced in May.
MENTIONED IN THIS ARTICLE
Glendale
Calif
Japan
Canada
Britain to pursue open skies policy in Europe
Aviation Minister Michael Spicer said Britain will press ahead with an open skies approach to lower air fares and boost competition. He noted talks with Swiss officials in London as Prime Minister Thatcher's government seeks liberalized European aviation rules allowing airlines to set fares and operate freely.
MENTIONED IN THIS ARTICLE
London
Britain
Europe
Michael Spicer
Spicer
Margaret Thatcher
Murchison Files for Chapter 11 Bankruptcy Protection
Dallas businessman Clinton W. Murchison Jr. seeks Chapter 11 protection to reorganize assets and plan repayment of more than 140 million dollars in debts. Attorney Philip S. Palmer Jr. said the involuntary petition filed by creditors is effectively converted to Chapter 11.
MENTIONED IN THIS ARTICLE
Dallas
Clinton W. Murchison Jr
Philip S. Palmer Jr
Murchison
Mobil stockholders approve anti takeover measures at Mobil meeting
Mobil Corp shareholders voted to approve by tall margins anti takeover bylaws at a Fairfax Virginia special meeting. Measures include staggered board terms two tier bidding limits greenmail prohibition and a requirement for shareholder approval of large stock buybacks.
MENTIONED IN THIS ARTICLE
New York
Mobil Corp
Mobil
Fairfax
Rawleigh Warner Jr
Murray
Greenmail
Interest rate worries sink stock market again
New York stocks fell as rates rose and the Fed faced inflation fears. The Dow closed 3.20 lower at 1275.84, volume at 93.68 million on a holiday-shortened week, with bonds and gold futures wobbling amid mixed earnings and buyback news from Holiday Inns.
MENTIONED IN THIS ARTICLE
NEW York
New York Stock Exchange
Paul Volcker
Federal Reserve Board
Fed
Volcker
Wall Street
Mobil
Goldman, Sachs & Co
Home Federal Savings & Loan
Financial Corp. of America
Great American First Savings Bank
Commodity Exchange
ASA Ltd
Homestake Mining
Campbell Red Lake
Holiday Inns
Exchange
Standard & Poor
S&p
American Stock Exchange
Dollar Rises to Fresh Records Worldwide
The dollar surged to new records across major currencies, setting 13 year highs against the West German mark and Dutch guilder while sending the British pound to a record low. In Europe the dollar climbed to 10.3550 French francs and 2,111.00 Italian lire, with Swiss franc and other rates also advancing.
MENTIONED IN THIS ARTICLE
London
U.S
Europe
Federal Reserve and Morgan Guaranty Trust Co
Porsche recalls 944 models for possible cruise control defect
Porsche Cars North America recalls 5916 model 944 cars from 1984 and 1985 due to a cruise control problem that could cause accelerator sticking. The company says the issue is rare and has not caused any accidents or injuries and replacement parts will be available in early March.
MENTIONED IN THIS ARTICLE
Detroit
Porsche Cars North America Inc
Porsche
Tax filing slower fewer refunds due
IRS reports slower federal tax filing this year with 21.6 million returns through Feb 15, down 18.4 percent from last year. Of processed returns, 32.7 percent qualified for refunds, below last year’s 40.7 percent. average refund around 684 dollars. Donations to reduce the federal debt total 150,221 dollars from 450 donors, including a 54,006 dollar check.
MENTIONED IN THIS ARTICLE
Washington
Internal Revenue Service
IRS
Ernest Acosta
Roscoe L. Egger Jr
Federal panel imposes quarterly S&L insurance assessment
The Federal Home Loan Bank Board announces a special premium to bolster the government insurance fund backing deposits up to 100000 in S&Ls. The fund, about 6 billion dollars or 0.77 percent of deposits, will see one quarter of the maximum surcharge each quarter pending Congress approval for long-term replenishment.
MENTIONED IN THIS ARTICLE
Washington
Federal Home Loan Bank Board
S&ls
Also Mentioned on This Page
MONEY
Goldman, Sachs & Co. Mobil
Warner
Allen Murray
Associated Press
France
Italy
Congress
Skogman
Palma
Baldus Reise
Il Estate
Skogman Realty
Sirco Terminal
Iowa Savings Bank
Money Market
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