Macy directors may make bid
Dissident directors of R.H. Macy & Co. threatened yesterday to step in with a bid of their own for the bankrupt retailer.
In a meeting that ran more than four hours without a vote that would resolve any of the thorny issues facing Macy's board, the directors told their colleagues they were prepared to counter any reorganization plan that valued the company below what they believed it was worth, the New York Times reported.
Laurence A. Tisch, the outspoken chairman of the Loews Corp. and CBS Inc. who has led the dissent on Macy's board, told directors that Loews was prepared to make an investment to buy the company, people close to Mr. Tisch said yesterday.
Louis Page, the executive vice president of Winmex Investments Ltd., a Hong Kong-based investment company that is a preferred shareholder in Macy, said Winmex also stood ready to invest, a person close to Mr. Page said.
Citicorp to pay dividend
Citicorp yesterday announced a common stock dividend for the first time in 2 1/2 years, showing the nation's biggest bank has turned the corner on its financial problems.
Citicorp reinstated the quarterly dividend at 15 cents a share, payable on June 17 to shareholders of record on May 31.
It had omitted its dividend in October 1991 in an effort to rebuild capital badly depleted by Third World debt and sour real estate loans. It had been paying a quarterly 25-cent dividend before then.
Avemco Corp. earnings fall
Avemco Corp. said first-quarter earnings fell on a 14 percent drop in revenue.
The Frederick-based insurance company said it had net income of $2.40 million, or 26 cents a share, compared with profit from operations of $4.12 million, or 35 cents, in the year-ago quarter.
In the year-ago quarter, Avemco had an after-tax investment gain of $1.2 million, or 10 cents, and a one-time tax credit of $943,000, or 8 cents a share, resulting in net income of $5.07 million, or 43 cents.
Revenue fell in the latest quarter to $22 million from $25.6 million.
Japan's trade surplus rises
Japan's trade surplus soared to a record $121.99 billion in the year ended March 31, topping the previous record of $110.89 billion in 1992-1993, the Finance Ministry said yesterday.
The surplus with the United States alone jumped to $51.14 billion from $45.76 billion.
London Fog buys manufacturer
London Fog Corp., the Eldersburg-based maker of rainwear, has completed the previously announced acquisition of Pacific Trail Inc., an outerwear manufacturer based in Seattle. Pacific Trail and London Fog will continue to sell under their own brand names.