Split Journal;A Tabloid Buzzes Like a Gadfly, Stings Like a Bee
Date: 04 June 1996
By Chris Hedges
Chris Hedges
The way Victor Ivancic, editor in chief of the Feral Tribune, sees it, his biggest problem is not the latest of 26 civil libel suits against him, this one for more than half a million dollars, or the charges that he defamed the President, which could land him in jail, or even losing almost all his advertisers, because, he says, the Government scared them away. "The worst thing," said Mr. Ivancic, 36, seated in his muggy, cramped office just a block from the Adriatic, "is that we are ruled by a man who doesn't have a sense of humor."
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COMPANY NEWS;SIZZLER PLANS TO SEEK BANKRUPTCY PROTECTION
Date: 04 June 1996
Reuters
Sizzler International Inc. said yesterday that it was closing more than 130 of its company-operated Sizzler restaurants and filing for Chapter 11 bankruptcy protection. Sizzler also said it would close 6 Buffalo Ranch Steakhouse restaurants in the United States. The company said it would take a charge of $108.9 million, or $3.92 a share, for costs associated with the closings and related reorganization, which would result in an unspecified loss for the year that ended on April 29. Sizzler, which had 451 Sizzler restaurants worldwide, said it would still have 85 restaurants in the United States. The company said it would concentrate on its American Grill restaurants.
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COMPANY NEWS;EXCEL ENTERS LONG-DISTANCE DEAL WITH WORLDCOM
Date: 05 June 1996
Bloomberg Business News
Bloomberg News
Excel Communications Inc. said yesterday that it had agreed to pay Worldcom Inc. $900 million over four years for long-distance telephone service, which it will resell to business and residential customers. Excel shares rose $1.50 yesterday, to $35.25, on the New York Stock Exchange; Worldcom shares rose $1.875, to $51.375, in Nasdaq trading. Excel, based in Dallas, said it would buy about 1 billion minutes on Worldcom's long-distance phone network every three months. Worldcom is based in Jackson, Miss.
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COMPANY NEWS;READING & BATES SUSPENDS EFFORT TO BUY TRANSOCEAN
Date: 05 June 1996
Reuters
The Reading & Bates Corporation of Houston said yesterday that it was suspending its efforts to acquire the Norwegian driller Transocean S.A., after reviewing the latest proposal from a rival bidder, Sonat Offshore Drilling Inc. Houston-based Sonat sweetened its offer to about $1.5 billion after some large Transocean shareholders threatened to back the Reading & Bates bid. Paul B. Loyd Jr., the chairman of Reading & Bates, said the company would "be in a position to reenter the process promptly if we believe we can do so on terms and conditions beneficial Reading & Bates stockholders."
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COMPANY NEWS;JUDGE DISMISSES ANTITRUST SUIT AGAINST TICKETMASTER
Date: 05 June 1996
Dow Jones
Dow Jones
A Federal judge in St. Louis has dismissed a class-action suit against Ticketmaster, ruling that consumers had no grounds to pursue antitrust claims against the computerized-ticketing service. Los Angeles-based Ticketmaster said the case was a consolidation of 16 national class-action suits. The plaintiffs contended that Ticketmaster's exclusive ticketing contracts were anticonsumer and represented a monopoly. Ticketmaster argued that its contracts were negotiated in a fully competitive market. The decision by Judge Stephen Limbaugh was issued on Friday and disclosed late on Monday.
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COMPANY NEWS;NORTHROP GRUMMAN SELLS SHARES TO REDUCE DEBT
Date: 05 June 1996
Dow Jones
Dow Jones
The Northrop Grumman Corporation said it had sold seven million common shares at $63.25 each, raising $422.75 million. The military contractor, based in Los Angeles, said the proceeds would be used to reduce debt incurred from its $3 billion acquisition of the military and electronics business of Westinghouse Electric Corporation, which it completed March 1. The shares were offered simultaneously to United States and foreign investors. The company said it had set aside another 1.05 million shares for unexpected demand. Northrop shares rose $2.50 yesterday, to $65.75 in trading on the New York Stock Exchange.
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COMPANY NEWS;KIMBERLY-CLARK MOVES TO SATISFY ANTITRUST CONCERNS
Date: 05 June 1996
Bloomberg Business News
Bloomberg News
The Kimberly-Clark Corporation said yesterday that it had agreed to license its Scotties facial tissue brand in the United States and to sell a tissue mill in New York to Irving Tissue Inc. The sale is intended to satisfy antitrust issues related to Kimberly-Clark's $9.4 billion acquisition of the Scott Paper Company. Terms were not disclosed. Dallas-based Kimberly-Clark, which was required by the Justice Department to license the Scotties brand and to sell up to two tissue mills by Sunday, said it had asked the department to extend the deadline to July 12 and to accept the sale of the mill in Fort Edward as satisfying its requirement. Irving Tissue is part of the Irving family of businesses, which is based in St. John, New Brunswick.
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COMPANY NEWS;ADAPTEC AGREES TO ACQUIRE COGENT DATA TECHNOLOGIES
Date: 04 June 1996
Bloomberg Business News
Bloomberg News
Adaptec Inc. agreed yesterday to buy the closely held Cogent Data Technologies Inc., a maker of computer networking equipment, for $68 million in stock. The acquisition would increase Adaptec's expertise in a technology called fast ethernet, which speeds up the transmission of computer information through small computer networks in corporate departments. Adaptec, based in Milpitas, Calif., makes electronic components for personal computer manufacturers. Adaptec's shares fell $1.875, to $58, in Nasdaq trading.
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