Travelers unloads some assets
As part of its attempt to unload $1 billion in underperforming assets by year's end, the Travelers Corp. yesterday sold a large portion of its portfolio of foreclosed real estate and bad commercial loans for $634 million.
The insurance company sold the properties and loans to Quantum Realty Fund of the Netherlands Antilles. The sale included 12 commercial mortgage loans and 35 foreclosed properties around the country, most of them office buildings.
Sales by wholesalers dip again
Sales by wholesalers slipped for a second straight month in July, the Commerce Department said yesterday, while stocks of unsold goods shrank for a second consecutive month.
The 0.1 percent decline in wholesale sales to a seasonally adjusted $158.99 billion, following a revised decline of 1.9
percent in June and a 1.8 percent rise in May, originally was reported as a 1.5 percent rise.
Haft sues wife, two children
Business magnate Herbert Haft sued his estranged wife and two of their children yesterday, alleging they are disrupting family business operations that could cost their real estate empire $91 million.
The lawsuit said Gloria Haft, son Robert and daughter Linda are refusing to sign loan documents to refinance some of the family's 40 shopping centers. Herbert Haft suggests that the refusal to sign the documents could trigger $91 million in prepayment penalties and other costs.
Caldor plans Parkville store
Caldor Inc. will open a 110,000-square-foot store in the Parkway Crossing Shopping Center in Parkville next May, filling a vacancy in the center, which has been half-empty since Channel Home Center closed about three years ago.
The 275,000-square-foot center, at Perring Parkway and McClean Boulevard, hopes to complete a renovation by adding a supermarket to replace the departed Food Plus store, said Francis X. Knott, chief executive of the center's owners.
General Physics suit dismissed
General Physics Corp. in Columbia said the 4th U.S. Circuit Court of Appeals unanimously dismissed a class-action suit against the company.
The company said the appellate court ordered that the appeal of an earlier lawsuit, which was filed in June 1992 by two stockholders as a class action, be thrown out. The suit alleged that the company and certain defendants had knowingly violated securities laws and Maryland law by misstating financial and operating information, according to Ken Crawford, general counsel.