Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.law,americast.usa-today.law From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: law Fri, Aug 21 1992 Date: Fri, 21 Aug 92 04:08:23 EDT Message-ID: 08-21 0000 ECISIONLINE:Business Law USA TODAY Update Aug. 21-23, 1992 Source: USA TODAY:Gannett National Information Network TWA TALKS STALL: Talks stalled between Trans World Airlines and its pilots Thursday over a proposed buyout by the carrier's employees and creditors. TWA made what the union called a "take-it-or-leave-it" offer. The union said its leaders would discuss the offer this weekend, although the offer fell short of assurances pilots have sought. DEAL CRUCIAL TO TWA'S SURVIVAL: The TWA branch of the Air Line Pilots Association and the federal agency that insures workers' pensions have been key holdouts in the airline's reorganization. Their support is crucial to completing a deal that might be TWA's last chance to emerge from bankruptcy court without being destroyed through asset sales. The pilots' chief negotiator will meet with a union committee Friday. TIME WARNER, VIACOM SETTLE: Time Warner and Viacom have settled a 1989 lawsuit in which Viacom said Time Warner, which owns HBO, was trying to drive its Showtime and The Movie Channel pay-TV networks off the air. Viacom sued for $2.4 billion. The settlement gives Viacom wider access for its services and an undisclosed payment from Time Warner. The two will launch joint marketing agreements for Showtime and HBO. LPI SUES OVER AIDS SCAM: Waco, Texas-based Life Partners Inc. said Thursday it has filed suit against Glenn Pomeroy, North Dakota Securities Commissioner; the North American Association of Securities Administrators; and the Hastings Group. LPI, which acts for private clients who want to buy the life insurance policies of AIDS victims, alleges the defendants slandered and interfered with its business. KEATING HOME FACES FORECLOSURE: Security Pacific says it is foreclosing on a $2.2 million loan on a 4,500-square-foot home owned by Charles Keating. Keating was convicted in one of the nation's savings and loan frauds. A California couple has agreed to buy the home - on 5.5 acres in the upscale Phoenix suburb of Paradise Valley - for $1.2 million. Keating will get no proceeds from the sale. USE OF POWER LINE DELAYED: A Public Utility Commission judge has delayed the use of a $20 million, 12.8-mile power line near Philadelphia. Judge Herbert Smolen says the commission must first set standards for electromagnetic fields. A spokesman for the Philadelphia Electric Co. says the company will file a strong objection. WANG PROVIDED VACATIONS: While officials at Wang Laboratories Inc. filed for bankruptcy and planned to lay off 5,000 employees, the ailing high-tech firm paid for several hundred top employees to vacation in Hawaii. Wang officials confirmed the Achievers trip is taking place during the same week Wang filed for Chapter 11 bankruptcy protection. Officials said they were unable to provide many details. COMPANY WON'T COVER ABUSE CLAIMS: Continental Corp. says it has investigated the claims relating to allegations of sexual abuse of children by former priest James R. Porter of Fall River, Mass. The insurance company says the claims are uninsurable because of the egregious and intentional nature of the wrongs alleged. Continental, deciding there was no coverage, asked Thursday for court affirmation. SHAREHOLDERS REFILES SUIT: Scorpion Technologies Inc. shareholder Richard Collner said Thursday he has refiled a lawsuit in California to block Scorpion from purchasing Osicom Technologies Ltd. Collner's action follows Osicom's denial of Scorpion's claim that Scorpion had completed the acquisition. Collner said he has discretionary power of attorney over 350,000 shares. TRADING SCAM CHARGES LEVELED: A federal grand jury and the Securities and Exchange Commission Thursday leveled separate fraud charges in a $1 million Merrill Lynch bond trading scam. The jury indicted former Merrill analyst Edward Schere and investor Ellis Strelitz on charges of conspiracy, wire fraud and commercial bribery. The SEC charged Schere and former Merrill employee Richard Kursman with fraud. OFFICIALS WANT PERMIT REVOKED: Jacksonville, Fla., officials said Thursday they will try again to revoke the permit for AES Corp.'s Cedar Bay cogeneration plan instead of letting U.S. Generating finish the project as a coal-fired facility. Officials at U.S. Generating, a joint venture of Pacific Gas & Electric Co. and Bechtel Corp., said that they would want to keep the facility a coal plant. NAVISTAR SETTLES WITH PBGC: Navistar International Corp. Thursday announced a settlement has been reached in litigation with the Pension Benefit Guaranty Corp. At issue was pension liability for Navistar's former Wisconsin Steel division. Navistar will pay PBGC a combination of cash, equity and a secured note for a total of $65 million. The cash is $20 million. Navistar sold Wisconsin Steel in 1977. PHRASE GIVES ABC TROUBLE: Club Med Sales Inc. said Thursday it is contemplating legal action against ABC Entertainment over a promotion for ABC's planned fall television show, "Going to Extremes." The promotion uses the phrase, "the antibiotic for civilization," which Club Med claims is an infringement on its trade and service mark, "the antidote for civilization." The company has used the phrase since 1981. PEMCO CONTRACT DEAL REACHED: Pemco Aeroplex and the International Association of Machinists have agreed on a labor contract for the company's facility in Dothan, Ala., Matthew L. Gold announced Thursday. Gold is chairman of Precision Standard Inc., of which Pemco is a subsidiary. The agreement covers five years and includes improvements in wages, benefits and pensions. Business Law Editor: Beth Mann. (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