Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.law From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: law Mon, Jul 13 1992 Date: Mon, 13 Jul 92 05:08:08 EDT Message-ID: 07-13 0000 DECISIONLINE: Business Law USA TODAY Update July 13, 1992 Source: USA TODAY:Gannett National Information Network JURY FINDS PAN AM GUILTY: A jury found Pan Am guilty Friday of "willful misconduct" in the 1988 bombing of flight 103, but it could be a long time before the victims' families get any money. International treaties limit damages to $75,000 for each victim, unless willful misconduct is proved. The first of 213 individual damage suits begins July 20 - which may be delayed if the bankrupt airline decides to appeal. KEATING, OTHERS TO PAY $2.1B: A federal jury has ordered former Lincoln Savings and Loan chairman Charles Keating and three co-defendants to pay $2.1 billion in damages for swindling thousands of elderly investors. In the class-action suit, Keating and his co-defendants were found guilty of selling junk bonds that they claimed were government insured. The bonds became worthless when Lincoln Savings collapsed. OLYMPIA & YORK SHOWS BIG LOSS: Olympia & York reported a $1.76 billion loss for its 1992 fiscal year, more than five times a $301 million loss for 1991, as part of its bankruptcy case in Toronto Friday. The numbers offered some of the most detailed assessments to date of Olympia & York, a privately owned developer and the leading commercial landlord in New York with large holdings in London, Toronto and other cities. PAY-PER-VIEW MAY BE STAYING: Consumer advocates and television experts say sports fans shouldn't get their hopes up that pay-per-view TV events will slow down after the apparently troubled Olympics coverage. Already, the House is considering legislation to keep professional championship sports - the World Series, Super Bowl and Stanley Cup - off pay-per-view and ordering a study of the sports migration issue. HOUSE TO CONSIDER REGULATION: Lawmakers also have become alarmed about the amount of sports programming going to pay-per-view. The full House is expected to debate a cable regulation bill on July 23 that effectively keeps professional championship games off pay-per-view and mandates a Federal Communications Commission study of sports migration. INDIAN-GAMBLING REGULATIONS UP: Federal Indian-gambling regulators would have broad authority to inspect records of gambling operations and shut them down if serious violations are found under a regulatory package proposed by the National Indian Gaming Commission last week. The rules are designed to strike a balance between tribal rights and the government's assigned job of monitoring gambling on reservations. MORE RULES TO FOLLOW: Additional rules to be published in coming weeks will give the National Indian Gaming Commission more control over management companies that are sometimes brought in by tribes to run parts of casinos on reservation land. The commission will meet the week of July 20 in Minneapolis to discuss ongoing disputes with the federal regulators and many new gambling regulations. NIKE TO REMAIN IN OLYMPICS: Trademark difficulties in Spain will not have any impact on the ability of national teams wearing Nike-provided uniforms to compete in the Olympic Games, the company said Saturday. Spanish courts ruled Nike may not sell or advertise apparel in Spain until a trademark case, concerning the company's logo, is decided. RTC SELLS INVESTORS SAVINGS: The Resolution Trust Corp. Friday sold the assets and deposits of Investors Savings, a Richmond thrift seized by the government last December. The ultimate cost of this transaction to the taxpayers will be about $505 million, the RTC said. Investors Savings is the first thrift to be sold under a new RTC program to accelerate asset sales. PFIZER TAKES ELAN TO COURT: Pfizer Inc. is slated to take Elan Corp. to court in Delaware Monday on allegations of patent infringement on Pfizer's multimillion-dollar heart drug Procardia XL, Bloomberg Business News reported Friday. Elan denied all charges of patent violations and charged Pfizer with "a veiled attempt" to obtain confidential information about Elan's Nifelan. UNITED'S NEW ROUTES OK'D: United Airlines Friday received final approval from the Department of Transportation to serve Latin American routes it bought for $135 million in December, Bloomberg Business News reported Friday. United began serving the former routes of Pan American World Airways on Jan. 15 under exemption authority from the government. TWA SELLS O'HARE SPACES: Trans World Airlines, Inc. announced bankruptcy court approval Friday of the sale of TWA's slots and gates at Chicago's O'Hare International Airport to American Airlines for two 20-year, zero-coupon notes which can be turned into $150 million in cash. The slots which are to be sold are subject to a lien in favor of the trustee for the holders of TWA's 15% senior secured notes. Business Law Editor: Kate Coughlin. (919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution violates federal law. This article is copyright 1992 Gannett News Service. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM