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 Tue, Aug 18 1992 Date: Tue, 18 Aug 92 04:30:58 EDT Message-ID: 08-18 0000 DECISIONLINE: Business Law USA TODAY Update Aug. 18, 1992 Source: USA TODAY:Gannett National Information Network N.Y. DAILY NEWS BUYOUT ACCEPTED: The New York Daily News announced Monday afternoon that its board of directors has voted to accept a buyout offer from Canadian publisher Conrad Black as part of its bankruptcy reorganization plan. Black will buy all the business assets of the Daily News for about $75 million and assume about $8 million in liabilities. He will advance up to $3 million in financing. GM LOSES SAFETY BELT LAWSUIT: The Institute for Injury Reduction Monday said General Motors lost a lawsuit involving a safety belt in a 1978 Chevrolet. The suit was brought by the family of a West Virginia boy who became a paraplegic after a front-end crash of a 1978 Chevrolet in which he was a passenger. The vehicle had no rear lap-shoulder belt. H-P, ATL SETTLE PATENT LAWSUIT: Hewlett-Packard Corp. and Advanced Technology Laboratories Inc. announced Monday the settlement of ATL's patent lawsuit over alleged infringement of ATL's heart-imaging technology. ATL spokeswoman Anne Bugge said that both companies have exchanged cross licenses for all multiplane technologies, which allow doctors to see the inner body from more than one angle at a time. QUAKER STATE, CASTROL SETTLE: Quaker State Refining Corp. agreed Monday to withdraw its challenge to the text of a Castrol print ad in settling a lawsuit with Castrol Inc. The ad stated that Castrol's GTX 20W-50 motor oil meets all of Europe's demanding CCMC industry standards, while the leading 5W-30, 10W-30 and 10W-40 motor oils - including Quaker State's - do not. Quaker State brought the suit in April. CASTROL TO REWORD AD: Castrol has agreed that if it republishes an ad stating that its GTX 20W-50 meets demanding European standards while other motor oils do not, it will refer to motor oil viscosity grades. The agreement is part of a settlement made Monday with Quaker State Refining Corp. Quaker State objected to the ad's claim, which included Quaker State motor oil among those not meeting standards. GROUP FILES AIR PERMIT APPEAL: International Oil Recovery Corp. said Monday a group of Delaware residents has filed an appeal with the Delaware Department of Resources and Environmental Control against air permits granted to the company's used oil recycling facility in Wilmington. The appeal isn't expected to delay the opening of the facility, scheduled for early fall, International Recovery said. TWO SETTLE WITH SEC: Mark Malenfant, formerly of Biltmore Equities & Securities Ltd., and Thomas Payne, of public-relations firm PFG, settled Monday with the Securities and Exchange Commission on charges they helped manipulate the stock of Texscan Corp., a cable TV equipment maker. Malenfant will be permanently barred from the securities industry. He and Payne will cooperate in the SEC probe. ARCHIVE SUES IOMEGA OVER PATENT: Archive Corp. Monday said it has filed a patent infringement lawsuit in federal court against Iomega Corp. of Roy, Utah, and its subsidiary Iotape of San Diego. Archive is a supplier of data storage backup products. The suit relates to Archive's patent covering Iomega tape drives that use the floppy disk controller in personal computers. GILES SUES SALOMON OVER LOSSES: Giles Securities Co. Monday filed suit against Salomon Bros. for losses of at least $1 million, according to Thomas Ruane of the law firm Robinson, St. John & Wayne. Giles said Salomon and others conspired to manipulate two-year Treasury auctions in April and May 1991, causing Giles' losses. The charges are similar to those filed by Three Crown Limited Partnership in April. NASD FINES DEAN WITTER REYNOLDS: The National Association of Securities Dealers Monday fined Dean Witter Reynolds Inc. $30,000 for inadequately supervising a registered representative in a Rutland, Vt., branch office. Dean Witter also didn't enforce its written supervisory procedures, the NASD said. The company agreed to pay the fine but did not admit or deny guilt. Officials were not immediately available for comment. MAXUS WANTS HELP IN CLEAN-UP: Maxus Energy Corp. is demanding that the federal government help pay clean-up costs at a New Jersey factory that made Agent Orange during the Vietnam War. Bloomberg Business News reported Monday that Maxus, which as Diamond Shamrock operated the Diamond Alkali plant in Newark, N.J., already has paid $31.5 million for clean-up work at the plant and surrounding property. GOVERNMENT `COMMANDEERED' PLANT: In a lawsuit filed Friday in U.S. District Court in Dallas, Maxus Energy Corp. is demanding the government pay an "equitable share" of the clean-up costs. Maxus didn't specify the amount of recovery it seeks. Maxus claims the government is partially responsible for the contamination because it "effectively commandeered" the plant during the Vietnam War. 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