Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.law From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: law Mon, Jul 6 1992 Date: Mon, 6 Jul 92 05:14:18 EDT Message-ID: 07-06 0000 DECISIONLINE: Business Law USA TODAY Update July 6, 1992 Source: USA TODAY:Gannett National Information Network GOVERNMENT HELPS MUNSINGWEAR: Munsingwear Corp.'s three pension plans, which cover nearly 4,000 people, were taken over by a government agency, Pension Benefit Guaranty Corp., Bloomberg Business News said Sunday. The pension plans were underfunded by $6 million, with assets of $17 million and liabilities nearly $23 million. Munsingwear, a Minneapolis-based apparel maker, filed for bankruptcy last July. BRANIFF ON GROUND AGAIN: Braniff International Airlines is grounded again, and this time apparently, for good. The airline has filed for bankruptcy three times in 10 years and did again Thursday without warning, citing fare wars initiated by Northwest Airlines and American Airlines for its demise. Braniff is the fourth major U.S. airline to go under in the past 18 months, joining Eastern, Pan Am and Midway. TRAVELERS HAVE FEW OPTIONS: Thousands of travelers were stranded over the holiday weekend by Braniff's sudden shutdown. Those with Braniff tickets will get limited help from other airlines: Continental and United will waive the 14-day advance purchase period and America West is charging stranded travelers $75 to have their names put on a standby list. American and Delta will not accept Braniff tickets. SPECTRA-PHYSICS IS BEING SUED: Photographic Sciences Corp. has filed a patent infringement suit against Spectra-Physics Scanning Systems Inc., Spectra-Physics says. The suit alleges that Spectra-Physics' handheld laser barcode reader products infringes upon a Photographic Sciences Corp. patent. Spectra-Physics sells barcode readers for use in retail stores as well as other industries. JAPAN MAY FUND FOREIGN DRILLING: Japan may extend trade insurance to companies involved in oil and gas exploration projects in Russia, a newspaper reported Sunday. The Nihon Keizai reported that Japan may announce the decision at a meeting of the Group of Seven leaders with Russian President Boris Yeltsin, scheduled for after Monday through Wednesday's summit being held in Munich, Germany. CALIF. LIMITS FURNITURE SALES: Several upholstered furniture manufacturers who sell from truck-trailers in public areas in California have been limited by statewide withhold-from-sale orders by the Department of Consumer Affairs' Bureau of Home Furnishings. Furniture confiscated in a government investigation did not meet the nation's strictest flammability standards, Bloomberg Business News said Friday. COURT LIMITS `ACCOUNTING' USE: The California Supreme Court Friday upheld the State Board of Accountancy's authority to allow only certified public accountants to use the terms "accountant" and "accounting" without other modification, in describing themselves and their services. In 1990 the First District Court of Appeal decided to let unlicensed practitioners use the terms for their services with a disclaimer. LEGISLATORS WANT BCCI REPORT: U.K. members of parliament said Friday they want the report on the judicial inquiry into last summer's collapse of the Bank of Credit and Commerce International to be published before parliament breaks for summer recess July 16. There were 109 legislators who called on Prime Minister John Major and the Exchequer Norman Lamont to ensure publication to allow time to debate the findings. THOMSON-CSF LOOKS FOR ASSIST: French company Thomson-CSF is looking to Northrop Corp., a U.S. defense electronics contractor, to help it continue its planned purchase of LTV Corp.'s missile division, Bloomberg Business News reported Friday. The acquisition has been met by strong opposition by U.S. Congress and the aerospace industry, which see part of the U.S. defense industry being taken into French government ownership. CREDITORS TO PAY FOR SERVICES: An Ontario court judge Friday approved an agreement for Olympia & York Developments Ltd.'s creditors to pay for some real estate services for June, July and August in a ruling lawyers said could pave the way for O&Y's restructuring. O&Y began bankruptcy proceedings May 14. The restructuring plan is due July 13 and must be approved by all O&Y's creditors, Bloomberg Business News said. BELL CANADA FILES APPEAL: Bell Canada filed Friday with the Federal Court of Appeal, challenging parts of a decision to open up the long-distance telephone market to competitors, Bloomberg Business News said. Bell Canada said the $93 million it would pay in the next two or three years to modify its network so others can compete amounts to expropriation without compensation. DRIVERS CONTINUE BLOCKADE: French truck drivers continued their blockade of major French roads Friday, hitting deliveries of parts and supplies to the automobile and retail industries. Drivers have protested for one week changes which began Wednesday in license regulations, which will make it easier for drivers to lose their licenses after traffic violations. Business Law Editor: Kate Coughlin. (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. 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