Judge OKs Macy-Federated merger
R. H. Macy & Co. Inc. cleared its final hurdle before exiting from nearly three years in bankruptcy when a federal judge yesterday approved a plan for the retailer to merge with Federated Department Stores Inc.
U.S. Bankruptcy Judge Burton L. Lifland's endorsement was the last significant step before the combination of the former rivals could be completed. The union of Macy and Federated will create the nation's biggest department store company.
Regional FCC bidding is 3-way race
With four rounds of bidding complete, the contest to win the single Baltimore-Washington license in the Federal Communications Commission's auction of radio spectrum appears to have settled into a three-way race.
For now, the leader is GTE Macro Communications Corp., which has been jockeying with AT&T; Corp. and WirelessCo L. P., an alliance of Sprint Corp. and three cable TV companies. GTE bid $30.7 million bid yesterday, while WirelessCo offered $29.7 million -- both exceeding AT&T;'s bid of $25 million the day before.
Grotech completes incinerator deal
Grotech Capital Group said yesterday that it had completed its $13.5 million purchase of the Medical Waste Associates incinerator at Hawkins Point.
Beset with debts and operating problems, the nation's largest infectious-waste burner filed for bankruptcy protection in June.
The Timonium-based venture capital group brought the company out of bankruptcy by settling the debts for a fraction of their face value, putting up $5 million in operating cash and agreeing to make repairs to the facility.
Windsor Fund chief Neff to retire
John B. Neff, one of Wall Street's best-known money managers, said yesterday that he will retire next year.
Mr. Neff, 63, portfolio manager of the Vanguard Group's huge Windsor Fund, will leave the firm after 30 years. Charles Freeman, who worked with Mr. Neff for 25 years, will take over as fund manager.
6 Maryland parcels in RTC sale
The Resolution Trust Corp., the federal agency charged with selling assets from failed savings and loans, has scheduled the sale of 14 loans and 43 properties, including six parcels in Maryland. Assets have been grouped for the sale because of special circumstances, such as property that includes wetlands, endangered species, flood plains, historic structures and archaeological artifacts.
Included are housing lots in Largo, Harbor Pointe in Salisbury, Port America in Oxon Hill and residential property in Upper Marlboro.
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