LTV reorganization OK'd
A federal bankruptcy judge approved LTV Corp.'s reorganization plan yesterday, putting the end of the company's nearly seven-year-long Chapter 11 restructuring within reach.
U.S. Bankruptcy Judge Burton R. Lifland signed the order after overruling a objections by a handful of the steel company's creditors.
Seagram buys Time Warner stake
Seagram Co. Ltd, the beverage giant controlled by the Bronfman family of Canada, said yesterday that it bought an $800 million stake in Time Warner Inc. to get a piece of the fast-growing media field.
Seagram stressed the 5.7 percent interest was a friendly investment.
Settlement of Milken claims upheld
A federal appeals court has upheld the historic $1.3 billion global settlement of claims arising from Michael Milken's securities frauds while heading Drexel Burnham Lambert's junk bond department.
Although Milken's crimes were not the subject of the ruling, the Second Circuit Court of Appeals launched a strongly worded attack on the once-powerful financier for his pioneering of the risky securities to finance takeovers.
Plan to settle Marriott suit filed
Attorneys representing bondholders who sued the Marriott Corp. could receive up to $1 million in fees from Marriott under a proposed out-of-court settlement filed in U.S. District Court in Baltimore yesterday. Eight of the nine plaintiff groups that filed legal challenges to Marriott's plan to divide itself into two companies have accepted the settlement.
Waban CEO, president resigns
Waban Inc. announced yesterday the resignation of its president and chief executive officer, John F. Levy.
The executive said he stepped down as top man at Waban, which operates the HomeBase and B.J.'s Wholesale Club warehouse chains, because the company's board was unhappy with Waban's results under his leadership.
Top FCC Candidate with draws
The White House's first choice to lead the Federal Communications Commission has withdrawn from consideration, congressional officials said yesterdayt.
The withdrawal of Antoinette D. Cook, who is currently senior counsel to the Senate Commerce subcommittee on communications, caught many in the admimistration and in the telecommunications field by surprise because for months she had been considered certain to get the job. She cited family concerns as the reason for her decision.