Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!usa-post Newsgroups: usa-today.law From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: law Fri, Feb 28 1992 Date: Fri, 28 Feb 92 05:50:42 EST Message-ID: 02-28 0000 DECISIONLINE: Business Law USA TODAY Update Feb. 28-March 1, 1992 Source: USA TODAY:Gannett National Information Network BANKRUPTCY FILINGS INCREASE: The number of companies filing for Chapter 11 bankruptcy court protection hit a one-month record in January, according to the U.S. Bankruptcy Court. Last month, 212 companies filed for protection. The number of companies filing has been on the rise since 1989. For the year ending June 30, 15,461 companies filed in 1989, 17,475 in 1990 and 19,540 in 1991. LAWYERS SAY MILKEN TO HAVE LESS: Lawyers said Thursday that jailed financier Michael Milken will be poorer than recently estimated by Judge Milton Pollack, after paying $500 million to settle lawsuits. Lawyers for his former firm, Drexel Burnham Lambert, say after settling the suits accusing him of defrauding investors, Milken will be left with $125 million. Pollack said last week that Milken will have $225 million left. GROUPS WANT TOBACCO REGULATED: The American Heart Association, American Lung Association and American Cancer Society said Thursday that tobacco should be regulated the way other drugs are. They petitioned the Food and Drug Administration and the Federal Trade Commission to regulate as drugs tobacco products that make health claims. The groups asked President Bush to change "special treatment" given to tobacco. MORE POWER FOR FDA REQUESTED: Three health groups Thursday asked President Bush to support legislation, introduced Thursday, to give the FDA new regulatory authority over tobacco. A bill by Rep. Mike Synar, D-Okla., would require sellers to name all chemical additives, let the FDA ban additives and prohibit tobacco sales to those under 18, as most states do now. RTC GETS HALF OF REQUEST: A House subcommittee voted Thursday to give the Resolution Trust Corp. $25 billion to continue closing sick savings and loans. That was less than half the $55 billion the Bush administration had asked for. But the panel was swayed by a recommendation from the General Accounting Office, Congress' watchdog agency. GAO said the RTC should only get enough money to last through spring 1993. ANTI-TRUST EXCLUSION PASSED: The Senate Thursday passed the National Cooperative Research Act, an anti-trust exclusion aimed at making the USA more competitive with Japan and Germany economically. The bill would promote certain joint business ventures with foreign firms that are favorable to the American economy by allowing them to avoid high, triple damage awards in anti-trust judgments. BIDEN BACKS PROVISION: A provision, backed by Sen. Joseph R. Biden, Jr., D-Del., in an anti-trust exclusion bill passed Thursday by the Senate, stipulates that any ventures must either locate their factories inside the United States or in the foreign countries that give fair and equal treatment to U.S. business if they are to escape triple penalties. The bill is aimed at helping American businesses. NORTHERN TELECOM SETTLES SUIT: Northern Telecom Inc. has reached an agreement with the Communications Workers of America in a suit brought by the union. In the settlement of the class action suit, Northern Telecom agreed to compensate workers and others whom the union alleged were subjected to secret electronic surveillance over a 13-year period at a Nashville, Tenn., manufacturing plant. FAXED DOCUMENTS NOT LEGAL: Appeal notices sent by fax transmission will not be accepted because they do not have an original signature, making them illegal, the Maine Supreme Court has ruled. The ruling came in a dispute between environmental officials and a couple seeking to build a house on Horseshoe Cove. CHRYSLER FIRES EMPLOYEES: In Huntsville, Ala., Chrysler Acustar Electronics fired 18 workers Thursday that it accused of operating a payroll fraud scheme and collecting pay for work not performed. Chrysler said less than $100,000 was taken. LIABILITY LIMIT PASSED: A bill in Colorado limiting the liability of the rafting industry won House approval Thursday and was sent to the Senate. The $400,000 lid on liability is aimed at helping strengthen the tourism industry. Opponents say the limit may not be enough for some injuries. SENATOR ACCUSES COMMISSION: Georgia state Senator Hildred Shumake said Thursday that a Fulton County (Ga.) Commission decision to suspend business with his company is an attempt to bankrupt him. The commission suspended four contracts worth $77,800 with Centennial Partners, which is under a federal probe for its bidding practices in an unrelated extortion charge. Business Law Editor: Jason P. Smith. (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