L A hosts largest real estate auction ever
The world's largest real estate auction drew hundreds to Los Angeles with 100000 cashiers checks to bid on 62 properties from Boca Raton to Seattle. Don Kennedy sold 500 million in offices hotels apartments and more as 1000 spectators watched the sale amid a weak commercial real estate market. Reserve on the 456 unit Bunker Hills Towers was 22 million but sold for 19.1 million. Sellers included pension funds insurers banks and private parties. buyers included office users seeking value. The event drew buyers from Singapore and Barcelona to gauge market values.
MENTIONED IN THIS ARTICLE
Los Angeles
Boca Raton
Fla
Seattle
Don Kennedy
Elvis Presley
Bunker Hills Towers
United States
Singapore
Barcelona
CIS seeks owners of 8000 obsolete terminals
Continental Information Systems Corp. of DeWitt seeks the owners of about 8,000 obsolete leased computer terminals stored in New Jersey and Michigan warehouses. Owners must claim by Sept 18 or the gear will be scrapped to recover warehouse costs. The matter ties to James P. Hassett, the bankruptcy trustee, who hopes to discuss a reorganization plan with creditors by year end.
MENTIONED IN THIS ARTICLE
CIS
Continental Information Systems Corp
DeWitt
New Jersey
Michigan
Paul Brooks
Wid
James P. Hassett
Judge approves LTV sale to Loral as union pact clears
U S Bankruptcy Judge Burton Lifland ruled in a packed hearing that LTV Corp. will sell its missile and aerospace divisions to a team led by Loral Corp. with Northrop and the Carlyle Group for 475 million dollars. Lifland also authorized a new contract between LTV and the United Steelworkers of America, per spokesman Julian Scheer.
MENTIONED IN THIS ARTICLE
Leslie Eimas
LTV Corp
Loral
Ata
U.S
Burton Lifland
Loral Corp
Northrop Corp
Carlyle Group
Lifland
United Steelworkers of America
LTV
Julian Scheer
Stocks Dip As Bond Prices Fall In Late Selloff
The stock market closed lower on Thursday as bond prices declined due to worries over the federal budget deficit. The Dow Jones average fell 7.56 points to finish at 3313.27 after late afternoon selling.
Syracuse China Duplicates Vinoy Plates For Florida Hotel
Syracuse China Corp replicates 1925 Vinoy Park Resort service plates for St. Petersburg hotel. 960 reproductions use a photo and archive plate fragment. custom orders about 2-4 daily. Designs feature mermaids alligators and a tropical rim scene valued by clients for image over cost.
MENTIONED IN THIS ARTICLE
Nicholas Libusiatl
Phyllis Tolchin
Syracuse China Corp
Vinoy Park
St. Petersburg
China
Fla
Stouffer Viney
Syracuse China
Steve Unger
Unger
Nicholas Lisi
Siat
Philip Morris to Advertise in Genre Magazine
Philip Morris Cos Inc plans Benson & Hedges Special Kings ads in Genre, a gay men’s magazine, with 85 millimeter cigarettes slated for two fall issues. Spokesperson Karen Daragan and Genre’s Don Tuthill defend the placement, noting ads will also appear in about 60 other magazines and that the firm markets to all adult smokers without discrimination.
MENTIONED IN THIS ARTICLE
Philip Morris Cos. Inc
Benson & Hedges
RJR Nabisco Inc
Dakota
Karen Daragan
Philip Morris USA
Don Tuthill
Genre
Daragan
Playboy
Penthouse
Philip Morris Company
Miller Brewing
Bush officials push free trade pact to win support
U S Trade Representative Carla Hills and other senior Bush administration officials launched briefings to promote a trade treaty linking the United States, Mexico and Canada. Critics say it will move jobs to Mexico and harm the environment. supporters say access to a vast market will boost growth and wages in all three countries.
MENTIONED IN THIS ARTICLE
Congress
Bush Administration
United States
Mexico
Canada
U.S Mexico
U.S
Carla Hills
Environmental Protection Agency
William Reilly
Hills
U.S. Chamber of Commerce
Deficit projection rises toward 500 billion by 2002
The Congressional Budget Office warns the economy faces a rising deficit outlook with deficits around 300 billion for the next few years and a possible exceedance of 500 billion by 2002. It cites sluggish growth, tax shortfalls, and costs of benefit programs as key factors shaping the outlook. The report notes modest recovery but stresses it remains weaker than typical postrecession rebounds.
MENTIONED IN THIS ARTICLE
Congressional Budget
Congressional
CBO
Oge
Federal Reserve
Analysts see hope with low inflation
Analysts say July CPI shows moderate prices for housing and medical costs, offering the Fed room to cut rates if the economy weakens. Overall inflation rose 0.1 percent, core up 0.2, with housing up 0.1 and medical prices contributing. Griggs notes a more normal pattern would be 0.3 percent monthly gains.
MENTIONED IN THIS ARTICLE
U.S
Federal Reserve
William Griggs
Griggs and Santow
GM trims 1993 price hikes below Ford and Chrysler
General Motors will raise 1993 model prices by about 1.6 percent, lower than Ford and Chrysler increases. Ford and Chrysler said they will review GM’s pricing before finalizing their own increases of 2.6 to 3 percent. Analyst Joseph Phillippi of Lehman Brothers notes sticker shock as car payments rise relative to median income.
MENTIONED IN THIS ARTICLE
Chrysler
Ford
General Motors Corp
Ford Motor Co
Chrysler Corp
Joseph Phillipps
Lehman Brothers Inc
New York
Phillippi
U.S
North America
Truck Sales Surge as Cars Slip in Early August
Domestic vehicle sales rose 11.4 percent in early August led by booming truck demand. Incentives boosted truck sales 32.2 percent from a year earlier while passenger car sales fell 1 percent. The projected annual rate for new car sales dropped to 6.8 million, the lowest since early May.
Chrysler seeks Fed help with German lenders loan package
Chrysler Corp faces a threatened setback to a $6.8 billion revival loan as a small group of lenders balks at renewing their commitments. The New York Times reports Chrysler sought help from Federal Reserve Chairman Alan Greenspan to press a German bank to join a worldwide consortium.
MENTIONED IN THIS ARTICLE
Chrysler Corp
Chrysler
Federal Reserve
Alan Greenspan
New York Times
the Times
Fed
Steven Harris
Harris
Greenspan
Also Mentioned on This Page
L.A
The
Associated Press
Garrett E. Sheehan
Jones Lang Woolton USA
Sheehan
Guerry Wise
Dan Padovano
Cas
Jooks
Wall Street Journal
Brooks
Cura
Treasury
Tess
Syracuse Company
Florida
Ing
Chris Arnold
Arnold
Tolchin
Philip Morris
Knight-Ridder Financial News
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