WorldCom to Acquire Intermedia in $3 Billion Deal
WorldCom Inc agreed to swap $3 billion in stock to acquire Intermedia Communications Inc, gaining a controlling stake in Digex and expanding into wireless though a planned merger with Sprint Corp. Intermedia, based in Tampa, operates large data networks and UUNet ties. It employs about 134 at a local office on Court Street Road near Carrier Circle. Legacy Airlines plans to buy up to 80 jets from Alliance Aircraft, signing for 15 35 seat planes and 15 10 seat jets with options for 25 more each type, after withdrawing its regulator filing and vowing a revived plan.
MENTIONED IN THIS ARTICLE
WorldCom Inc
Intermedia Communications Inc
Tice
Digex
WorldCom
Sprint Corp
Inermedia
Tampala
Yarce Im Data Networks
Legacy Airlines
Legacy Airlines Inc
Utica
Ailine
Alliance Aircraft Corp
Dover
N.H
Legacy
Novell shares fall on job cut reports9 percent drop expected layoffs
Novell Inc. shares tumbled about 9 percent on reports the Utah based network software maker will lay off up to 25 percent of its workforce, possibly 1,400 of 5,500 employees. Weak software sales and slipping networking market share pushed third quarter earnings down 83 percent to 8.6 million on revenue of 270 million.
MENTIONED IN THIS ARTICLE
Snares
Novell Inc
Wall Street Journal
Novell
Provo
Utah
Corporate staffing moves highlight Syracuse area hires
Lewis Mennig named payroll account executive at Support Services Alliance Inc. in Syracuse to grow the payroll administration client base. Sam Madonia appointed entertainment manager at Turning Stone Casino Resort after roles with Tony Cee Associates. Connie M. Whitton joins Alliance Bank to lead sales and service quality initiatives, with prior posts at Carrier Corp and Marine Midland Bank. Bob Holt wins contractor of the year award from the New York State Council of Painting and Decorating Contractors of America for service to the industry.
MENTIONED IN THIS ARTICLE
Lewis Mennig
Support Services Alliiance Inc
Syracuse
Mennig
Oneida Limited
Sam Madonia
Rome
Turning Stone Casino Resort
Madonia
Tony Cee
The
Platters
Connie M. Whitton
Manhus
Alliance Bank Ae.ee
Whitton
Carrier Corp
Marine Midland Bank
Bob Holt
Holt Painting Co
New York State Council of Painting and Decorating Contractors of America
Holt
Painting and Decorating Contractors of America
New York State
Ounce of Painting and Decorating Contractors of America
Suasa Royal
Monarch Machine Tool faced NLRB hiring charge in Cortland
The National Labor Relations Board alleged Monarch Machine Tool Co in Cortland violated labor laws by refusing to hire two United Auto Workers Local 802 officers after a Syracuse investment group bought the company. The board ordered Keith and Powell rehired with back wages and a hearing set for Oct 28. The case also cited interference at a union meeting and outsourcings to a contractor for grass maintenance. Monarch disputes the charges, citing more qualified applicants and a permitted outsourcing clause.
MENTIONED IN THIS ARTICLE
National Labor Relations Board
Monarch Machine Tool Co
Cortland
Syracuse Investment Group
Monarch
United Auto
Mark Keith
Ronald Powell
Keith and Powell
Genesis Worldwide Inc
Ohio
Cygnus Management Group
Genesis
NLRB
Dwight Berlew
Ing
NURB
Keith
Powell
Lester Lyons
al Edgecomb
Lyons
Edgecomb
Wayne W
Hanna
Downtown Armory Square set to reopen as Hawthorn Suites hotel
Brandy-Wein Hospitality backs a $4.2 million retrofit turning the 1927 Jefferson Clinton Hotel building into a 60 suite Hawthorn Suites in Armory Square. The project, funded by local investors and lenders M&T Bank Oswego County Savings Bank and BSB Bancorp, targets business travelers with 99 to 109 dollar rooms and 79 dollars for extended stays. The reimagined hotel will include 40 one bedroom suites 20 studios meeting space two board rooms and full kitchen suites with high speed internet.
MENTIONED IN THIS ARTICLE
Armory Square
Hawthorn Suites
Steven L. Busch
Brandy- Wein Hospitality
M&t Bank
Oswego County Savings Bank
BSB Bancorp Inc
Robert A. Romeo
Jefferson Clinton Hotel LLC
Joseph Hucko
Jefferson Clinton Hotel
Jefferson and
Clinton Streets
Romeo
Hawthorn
Hyatt
Ing Armory Square
Busch
Brandy Wein
Demetri Stephenson
Brandy-Wein
Stephenson
Hannaford Suites
Mansion Hill
Newport
Cincinnati
Gap Inc expands in Central New York amid sales slump
Gap Inc and its divisions Old Navy Banana Republic and Gap face a mixed quarter as two new Old Navy stores open in Shopping Town DeWitt and Great Northern Mall. Banana Republic stalls, while Gap gains are modest. Nearby Victoria’s Secret unveils a prototype in Cheektowaga. American Quality Beverages broadens with Tea-Riffie bottled drinks.
MENTIONED IN THIS ARTICLE
Gap Inc
New York
Ates
Old Navy
Banana Republic
Onondaga County
Great Northern
Martin Clay
DeWitt
Pyramid
Ithaca
Gap
San Francisco
Milliard S. Drevlar
Carousel Center
Carousel
Walden Galleria
Buffalo
Victoria’s Secret
Ohio
Cheektowaga
Roth proposes expanding AQ1 k style 401(k) and IRA limits
Senate Finance Chair William Roth unveiled legislation to create a new after tax 401(k) option with tax free withdrawals and raise annual limits for 401(k) plans from 10500 to 15000 and IRAs from 2000 to 5000. A catch up rule would allow older savers to reach 7500. The White House opposes the measure as aid mainly to executives, while Clinton Gore back expansion for lower income savers.
MENTIONED IN THIS ARTICLE
Washington Senate Finance Committee
William Roth
Roth
House
White House
Treasury
Lawrence Summers
Summers
Clinton
al Gore
Congress
Senate
Also Mentioned on This Page
Intermedia
Dan Bobik
J&s
Clinton Hotel
Dome Hotel
Jefferson
Hip Gap Clothing
Oper
East Molloy Road
Rochester
Can Am Beverage
E'lektra
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