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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Apr 25, 1990
Page
12
DSX Corp first quarter earnings dropped 40 percent versus 1989's Q1 due to lower steel prices and the Lorain Works sale. DSX posted $176 million or 66 cents per share on $4.7 billion in sales, vs USX's $296 million or $1.09 per share on $4.5 billion.
Pittsburgh AP reports the United Steelworkers union says Carl Icahn's plan to split USX Corp. would weaken steel operations and heighten vulnerability to industry downturns, challenging the financier's restructure strategy.
Former junk bond chief Michael Milken pleads guilty to six felonies ending a four year insider trading saga. He admits security violations, mail fraud, and tax filing fraud, faces up to 28 years in prison, and pays 600 million dollars in fines and restitution. Milken sobs in court as he apologizes.
Timeline shows Boesky's 100 million insider trading settlement in 1986 and cooperation terms, Drexel Burnham Lambert's 650 million fine in 1988, Milken's 1989 indictment on 98 counts, Drexel's 1990 bankruptcy, and Milken's 1990 plea deal of six felonies with 600 million in fines.
Ames Depart ment Stores Inc prepares Chapter 11 filing with Skadden Arps as creditors monitor 900 million in credit. Citibank hires Keen Realty to value leases on 680 Ames outlets as Jordache eyes some stores. Ames posts a projected 1990 loss of 228 million amid halted shipments and downgraded debt ratings.
USW International President Lynn Williams refused USS Kobe’s request to begin bargaining immediately. Company spokesman George Manos says key costs and contract effects must be known post negotiations, delaying Lorain Works modernization and timing of the new agreement. Local 1104 president Al Pena says the union did not reject early talks and supports coordinated bargaining with USX for broader benefits.
New York metals markets close with gold at 378.90 per ounce and silver at 5.093 per ounce. Platinum 490.30, palladium 127.80, aluminum 0.72 per pound, copper 1.1910 per pound, lead 0.4550, zinc 0.03, tin 3.9088, and mercury 280.8790 per 76-pound flask.
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