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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Apr 04, 1998
Page
2
A marine forecast shows northeast winds up to 30 knots trending to north 10 to 20 knots. Seas peak at 6 to 9 feet then ease to 4 to 6 feet, with tonight’s winds fading to 10 to 20 knots and waves subsiding to about 3 to feet. Temperature details are incomplete.
Cleveland Indians filed for a public stock offering, releasing detailed financials including 1997 revenue of 140 million, profits of 22.6 million, payroll 66.1 million, and ticket sales 49.3 million. Ownership discussions with the Browns and potential Browns purchase were not confirmed. Analysts pore over thousands of pages to gauge how Richard Jacobs runs the franchise and could apply to Browns prospects.
Beacon Journal summarizes Cleveland Indians plan to issue 27 million Class A shares to public investors while owner Richard Jacobs retains control through Class B shares. Projections show about 4.139 million shares issued, $14 to $16 per share, aiming to net around $53.8 million after expenses. Jacobs to receive 51 percent control with proceeds used for his ventures and team management.
Bloomberg notes four new Ohio area codes since 1995, with 81 nationwide since 1995 and 18 more expected. Thirteen Cleveland suburbs shift between 216 and 440, while Aurora to Twinsburg join 380 in Summit County. Businesses face costs from new printers and envelopes. Ameritech helpline available.
The Indians and McDonald & Co describe a Nasdaq IPO under ticker CLEV aimed to raise about 53.8 million dollars with Jacobs holding 51 percent after a restructuring. The deal includes 133,200 Class A shares for 2 million dollars and 2,281,667 Class B shares to secure controlling votes, while National Football League officials cite no link to Browns ownership. Proceeds go to Jacobs family interests. dividends are not planned soon.
Tony Cillo says Eichelberger held authority over youths and faces possible harsher charges if proven. Prosecutors seek admissibility of a foster son’s tape. Ohio law requires only one party to know of recording. Foster son cooperates, statute of limitations may bar charges against him. Eichelberger’s attorney seeks bond reduction citing health and nonflight. He denies the charges as he remains jailed and medications are provided. Victims allegedly described 8 mm films, video use, and solaroid photos with threats about burning them.
The Oberlin fire at 21 Morgan St. killed Angelique Hamilton 12 and Irene Springer 70. Springer’s son Larry survived burns with treatment at MetroHealth Medical Center. Investigators offer a reward up to 5000 dollars for information. Authorities say charges and penalties are undecided while the cause remains under study.
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