Norwest to Acquire The ill Group in Los Angeles this year
Norwest Corp of Minneapolis plans to acquire The ill Group a Los Angeles based commercial finance firm later this year. Foothill provides asset backed financing while Norwest Bank Iowa operates offices in Cedar Rapids and Marion.
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IES Utilities to appeal Iowa rate-cut order
IES Utilities will seek a rehearing by June 1 after the Iowa Utilities Board ordered a 16.9 million dollar rate reduction for customers of Iowa Electric Light and Power and Union Electric. No change will occur until the case is resolved. Diane Ramsey said the firm will pursue the rehearing to address the board’s positions. The company had sought a 21 million dollar rate increase previously.
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TWA seeks investors OK on financial restructuring
Trans World Airlines reaches a deal with major creditors to trim about 500 million dollars in debt and offer bondholders ownership stakes more bonds and ticket vouchers. Investors will vote with potential pre packed bankruptcy timing. Icahn relation and early completion targeted by mid July if out of court, August 31 if bankruptcy.
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Trans World Airlines Inc
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TWA
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Stocks on record setting streak push Dow to sixth straight high
New York stocks continued rising on Monday with the Dow Jones industrial average adding 6.91 points to 4437.47 for a sixth consecutive record finish. Volume reached 313.91 million shares while gainers outnumbered losers about 3 to 2. Deere & Co edged up 2 percent to 89 dollars, GE fell 1 percent to 57. Optimism about Fed policy and inflation containment supported the rally.
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Carson bids to raise offer for Younkers at Des Moines meeting
Carson Pirie Scott & Co. may raise its bid to purchase Younkers Inc. to more than 19 a share amid a last-ditch stockholder push ahead of Younkers annual meeting in Des Moines. Younkers has rejected the 19 offer and pledged to disclose non-public information if the price rises.
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