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, Mar 20 1992 Date: Fri, 20 Mar 92 05:44:41 EST Message-ID: 03-20 0000 DECISIONLINE: Business Law USA TODAY Update March 20-22, 1992 Source: USA TODAY:Gannett National Information Network FED BOARD TO VOTE ON MERGER: The Federal Reserve Board meets Monday to vote on the proposed merger of California banks BankAmerica and Security Pacific. The vote is the final hurdle for the merger. BankAmerica said Thursday it will cut up to 12,000 jobs within three years after merging with Security Pacific. The merger would create the second-largest U.S. bank after Citicorp. DOW CORNING OUT OF IMPLANTS: Dow Corning Corp., amid lawsuits and claims that its silicone gel breast implants are unsafe, announced Thursday that it is getting out of the business it pioneered. Women have claimed leaking implants caused severe health problems, including cancer. On Jan. 6, the Food and Drug Administration banned the use of silicone-gel implants pending review. PAYMENTS AVAILABLE FOR SURGERY: Dow Corning Corp., which announced Thursday that it is getting out of the controversial silicone gel implant business, said it is establishing a $10-million fund for implant research and will pay up to $1,200 to women who need surgery to remove implants but cannot afford it. The company says the procedure can cost $1,000 to $5,000. Dow said the gel implant is not profitable. COLT FILES FOR PROTECTION: Colt's Manufacturing Co. Thursday filed for federal bankruptcy court protection. The company said in a statement it filed for protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code after failing to make sufficient progress in restructuring its finances. Colt was forced to file due to weak commercial gun sales and fewer military contracts. PEPSICO SUED OVER SLOGAN: Ventriloquist Arthur Takeall is suing PepsiCo for more than $130 million, claiming the company stole his slogan "you got the right one, uh-huh" for use in Diet Pepsi commercials. Takeall says he's been using the slogan since he began doing a nightclub act with his dummy Scooter in 1983. In Diet Pepsi ads, Ray Charles sings the jingle, "You've got the right one baby, uh-huh." TAKEALL SAYS HE SENT JINGLE: In a suit against PepsiCo, ventriloquist Arthur Takeall says he sent Diet Pepsi a jingle with the phrase "you got the right one, uh-huh" in 1989 when he sought funding for an educational program with his dummy Scooter. He says he negotiated with PepsiCo but refused settlement offers. Collin Dobbin, a lawyer for PepsiCo, says the company's ad agency developed the slogan. COURT APPROVES UNITED BID: A bankruptcy court judge, overseeing TWA's Chapter 11 bankruptcy case, approved a bid by United Airlines to lease 16 takeoff and landing slots held by TWA at Chicago's O'Hare Airport. United beat out American Airlines for the slots. United bid $66,000 a month for each of the slots, giving TWA $12.7 million a year. American bid just $23,300 for each of the slots. SETTLEMENT ANNOUNCED: A. H. Belo Corp. announced Thursday a final settlement with all parties involved in a claim against the U.S. government stemming from a 1987 Navy aircraft collision with a broadcast tower owned partially by Belo's subsidiary, WFAA-TV, Inc. WFAA's portion of the settlement will result in an increase in net earnings to Belo in the first quarter of 1992 of approximately $3.2 million. COURT APPROVES CHANNEL PLAN: Bankruptcy Court Judge William F. Touhey, U.S. Bankruptcy Court for the District of New Jersey, approved Channel Home Center's emergence from Chapter 11 of the U.S. Bankruptcy code Thursday. Ninety-one percent of Channel unsecured creditors voted to accept the plan of reorganization. Under the approved plan, Channel's debt is reduced from $330 million to $90 million. APPLE AMENDS DAMAGE CLAIM: Microsoft Corp. Thursday disclosed that Apple Computer Inc. has amended its damages claim as a result of revenue information made known during the discovery phase of the Apple v. Microsoft and Hewlett Packard lawsuit. The claim, which could be adjusted further during the course of the suit, now totals $5.55 billion. Microsoft considers Apple's damages claim to be insupportable. MEMBERS OF COMMITTEE SUED: The Great Lakes Shareholders' Committee announced Thursday that Great Lakes Bancorp has filed suit against members of the committee and other shareholders, alleging that the certain securities filings made by the shareholders violate applicable regulations. The suit seeks to enjoin future inaccuracies in the filings should the court conclude that Great Lakes' claims are valid. HEARING HELD ON CH2M HILL: A government contractor's use of tax dollars for sports tickets, clown suits and party refreshments is "offensive and insulting," the EPA's Christian Holmes told the House Energy and Commerce Committee. Panel chairman John Dingell, D-Mich., EPA officials and the General Accounting Office charged that EPA contractor CH2M HILL spent millions of federal dollars on frivolous "overhead" costs. Business Law Editor: Jason P. Smith. (919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution violates federal law. 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