U.S. Trust to sell business
U.S. Trust Corp. agreed yesterday to sell its securities processing business to Chase Manhattan Corp. in a $363.5 million stock swap.
New York-based U.S. Trust said the sale would allow it to focus on its core businesses of asset management for individuals, institutions and mutual funds, private banking, special fiduciary services and corporate trust -- areas in which the company has expanded nationally in recent years.
Coffee prices expected to drop
Coffee prices, which have risen sharply since April, will soon become more affordable.
Maxwell House Coffee, a subsidiary of food and tobacco giant Philip Morris Cos. Inc., said yesterday it will cut prices as of Monday to reflect cheaper green coffee on world markets.
Maxwell House ground coffees will cost 10 cents less per standard 13-ounce can at stores.
Metallgesellschaft losses grow
Troubled metals and mining group Metallgesellschaft AG said a $1.85 billion pretax loss at its U.S. subsidiary pushed the company's overall loss for fiscal 1994 well above its forecast.
The German company reported a preliminary net loss for the year ended Sept. 30 of 2.7 billion deutsche marks ($1.75 billion), 37 percent higher than in the previous year and above its forecast of 1.9 billion marks. The new losses are partly from unwinding oil futures contracts at Metallgesellschaft Corp., the main U.S. unit.
RTC to auction ex-bank's assets
The Resolution Trust Corp. will hold an auction this morning to sell off the assets of the former John Hanson Federal Savings Bank.
Items to be auctioned include phone systems, desks, copiers, file cabinets, facsimile equipment, bookcases, personal computers and laser printers.
The auction, at the Ramada Inn at 4050 Powder Mill Road, in Beltsville, begins at 10 a.m. Items will be available for inspection from 8 a.m. until 9:45 a.m. at 5700-D Sunnyside Ave., in Beltsville.
Disney chief overpaid, expert says
An executive compensation expert said Walt Disney Co. Chairman Michael Eisner over the last three years was the most overpaid chief executive in the United States, according to a report published yesterday.
Bud Crystal, a former consultant to Disney's board of directors, calculated that Mr. Eisner over the last three years has earned $377.3 million in pay, bonuses, gains on stock options exercised and gains on options yet to be exercised, the Los Angeles Times reported.
Raymond Watson, a Disney director who said he negotiated Mr. Eisner's compensation package in 1984 after consulting with Mr. Crystal, said neither he nor the entire Disney board believe Mr. Eisner is overpaid. Mr. Eisner had no comment.