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 Mon, Apr 13 1992 Date: Mon, 13 Apr 92 05:42:38 EDT Message-ID: 04-13 0000 DECISIONLINE: Business Law USA TODAY Update April 13, 1992 Source: USA TODAY:Gannett National Information Network CAT, UAW OFFICIALS TO MEET: The first meetings in three weeks between Caterpillar Inc. and the United Auto Workers union will be held Monday to discuss the five-month old strike by about 1,600 workers. The talks, to be held in suburban Chicago with the Federal Mediation and Conciliation Service, come after the heavy equipment maker began running ads to replace the striking workers. OFFER STILL STANDS: Monday, as the talks go on between the UAW and Caterpillar in an effort to resolve their strike, Caterpillar will begin to test at least 1,000 people who answered ads in newspapers in Illinois for replacement workers. Caterpillar, which says its third and final contract offer is still on the table, claims 750 workers returned to work last week. The UAW says about 250 members returned. BAN URGED ON SALMON FISHING: The Pacific Fishery Management Council Friday urged a ban on salmon fishing in a 450-mile-long area that stretches from California to Oregon. The U.S. Commerce Department is considering whether to approve the recommendation that could be devastating to some fishermen. The $1 billion West Coast fishing industry provides 60,000 jobs. WORKERS RETURN IN PITTSBURGH: Mass transit returns to Pittsburgh Monday after a judge, acting on a lawsuit filed by Mayor Sophie Masloff, ordered 2,700 striking transit employees back to work while negotiations continue. Judge Silvestri Silvestri also ordered both sides back to daily bargaining under his mediation. Bus service will be free for a week. COLLEGE BOUND PROBED BY SEC: College test preparation service College Bound is under investigation by the Securities and Exchange Commission, reports USA TODAY columnist Dan Dorfman. He reports that a court filing was made April 7 in connection with SEC efforts to obtain certain financial and accounting records. College Bound is expected to start turning over those records this week. MISLEADING REPORTS ALLEGED: The Securities and Exchange Commission's investigation into College Bound has turned up incidents of wrongdoing by the college test preparation service, reports USA TODAY's Dan Dorfman. In its filing, the SEC says staff members have reported information that indicates, among other things, that College Bound may have filed SEC reports containing false and misleading information. SEGA TO APPEAL: Sega Enterprises Ltd. of Tokyo and its Redwood City, Calif.-based subsidiary, Sega of America Inc., Friday said they will appeal a U.S. District Court decision in which a jury ruled against Sega in a patent infringement case filed by Coyle. The ruling was handed down in Los Angeles Friday. The jury found in favor of patent infringement and found damages of $33 million. FOREIGN FIRM WINS BID FOR LTV: Martin Marietta and Lockheed came up $65 million short on their bid to buy LTV's missile and aircraft business. Thomson CSF, a French military contractor, and the Carlyle Group, a Washington, D.C., investment firm, won the bidding at a bankruptcy court auction for $450 million. Because it involves selling a defense business to a foreign firm, the sale must be OK'd by regulators. ADDINGTON TO TAKE $3.1M CHARGE: Addington Resources Inc. Friday announced a settlement in which Addington Resources and certain of its affiliates and Pyramid Mining Inc. have agreed to dismiss their claims against each other in a 1990 U.S. District Court suit. As a result of the settlement, Addington Resources expects to incur an after-tax charge of approximately $3.1 million against first quarter 1992 earnings. LITIGATION SETTLED: Petrominerals Corp. Friday announced that the litigation arising out of the termination of the 1987 merger agreement between Petrominerals Corp. and McFarland Energy Inc. and its subsidiaries has been settled. Without admitting or denying guilt, McFarland Energy agreed to pay the sum of $50,000, which constitutes partial reimbursement of Petrominerals' litigation costs. FCC UPS OWNERSHIP LIMIT: New rule revisions from the Federal Communications Commission allow broadcasters to more than double the number of radio stations they own nationwide. A single licensee can now to own up to 30 AM radio stations and 30 FM stations, up from the current limit of 12 AM stations and 12 FM. A single broadcaster may not control more than 25% of the local audience share. J-P TO APPEAL: Jefferson-Pilot Corp. says it plans to appeal a ruling Friday by the U.S. District Court for the Middle District of North Carolina affirming its earlier rulings in the case involving Louise Price Parsons. The court Friday issued a formal judgment and memorandum affirming its earlier ruling in Parsons' litigation against the corporation and certain of its directors and senior officers. PROXIES DECLARED NULL AND VOID: A ruling Friday by the U.S. District Court for the Middle District of North Carolina in a proxy fraud case brought by Louise Price Parsons against Jefferson-Pilot Corp. declared all proxies cast in favor of a 1990 amendment to a J-P stock option plan null and void. It also rescinds over 200,000 shares of stock awarded to certain officers and directors of the company in 1990 and 1991. 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