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 Wed, Sep 23 1992 Date: Wed, 23 Sep 92 04:36:28 EDT Message-ID: 09-23 0000 DECISIONLINE: Business Law USA TODAY Update Sept. 23, 1992 Source: USA TODAY:Gannett National Information Network OLYMPIA & YORK GETS EXTENSION: A federal bankruptcy court judge Tuesday granted an extension to Oct. 2 for bankrupt Canadian real estate developer Olympia & York Developments Ltd. The extension of 11 days from the original deadline of Tuesday gives O&Y more time to provide creditors with financial statements and schedules. O&Y's unsecured creditors' committee opposed the extension. CREDITORS OPPOSE EXTENSION: The creditors' committee for bankrupt Olympia & York Developments Ltd. opposed an extension granted Tuesday. The committee is composed of 16 institutions, including Citibank. The creditors' lawyer said O&Y was "piecemeal" about providing financial statements and schedules to creditors, but the ruling federal judge said Tuesday that O&Y has been "diligent." SENATE PASSES CABLE BILL: The Senate on Tuesday voted 74-25 in favor of new regulations for the cable industry. The strength of the vote, together with a vote of 280-128 in the House last week, may mean that President Bush may have a veto overridden for the first time. Bush says the bill would increase cable TV rates, impose costly burdens on the cable industry and limit program choices. He promises a veto. RATES MUST BE `REASONABLE': The cable bill passed Tuesday by the Senate and last week by the house calls for the Federal Communications Commission to make and enforce rules requiring "reasonable" rates for basic cable TV. It also forces cable companies to meet minimum standards for customer service. Cable companies would be forced to negotiate for rights to carry TV station signals they now pay nothing for. FILMMAKERS WANT MOVIES LABELED: Having failed to get lawmakers to prohibit colorization, filmmakers were back before Congress Tuesday promoting a film-labeling bill. The proposed law would require a label on films altered after their original theatrical release and allow the director, screenwriter or cinematographer to state in the label that he or she objects to the changes. USG REACHES DEBT AGREEMENT: USG Corp. said Tuesday it has reached an agreement in principle with two of three creditor groups on a third attempt to restructure a $2.7 billion debt. USG will file a previously announced prepackaged Chapter 11 bankruptcy plan. The restructuring will cut outstanding debt to $1.6 billion, reduce interest expenses by two-thirds and exchange debt for equity with bondholders. PROPOSED ACQUISITION CHALLENGED: Two groups are challenging the Bank of New York Corp.'s proposed acquisition of 64 branches of Barclays Bank of New York. The Community Coalition for Fair Banking and Bronx-based Inner City Press:Community on the Move say Bank of New York is not abiding by the Community Reinvestment Act. The bank says its CRA rating is satisfactory. But the challenge could delay the closing. DEPOSITING TAXES IS MADE EASIER: Nearly 6 million employers will find rules for depositing federal taxes easier under new regulations the Internal Revenue Service finalized Tuesday. The rules take effect Jan. 1, but include a one-year transition period to allow employers to change their payroll systems. The existing deposit rules are complex and require that employers constantly monitor taxes withheld. STRIKE PLAYS ROLE IN CUTBACK: General Motors Tuesday partly blamed a strike at a parts plant in Lordstown, Ohio, for a planned North American cutback of 100,000 vehicles this year. The strike shut down production at seven plants. Analysts says the reductions will mean larger-than-expected losses for GM the second half and wipes out any hope GM will turn a profit for the year. SPIKE LEE SUES OVER KING TAPE: Contending the Rodney King beating tape is "one of the most significant documents in recent American history," Spike Lee has filed suit in Los Angeles seeking to keep portions of the tape in "X," his film bio of Malcolm X. George Holliday, who shot the tape, has asked for an injunction blocking use of the tape. Lee's countersuit says Holliday agreed to $50,000 for rights to use it. CENSORSHIP RULING OVERTURNED: "Damned in the USA," the British documentary about censorship in America, may be a coming attraction after all. The 5th District Court of Appeals on Tuesday threw out a Mississippi judge's order to block distribution of the film. Anti-pornography activist the Rev. Donald Wildmon continues his fight to bar the movie. BELLSOUTH RATIFIES UNION DEAL: The Communications Workers of America has announced that its BellSouth members have voted to ratify the 1992 working agreements negotiated with BellSouth. CWA represents 60,000 BellSouth employees. BellSouth is a telecommunications holding company with headquarters in Atlanta. 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