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 Wed, May 13 1992 Date: Wed, 13 May 92 05:40:09 EDT Message-ID: 05-13 0000 DECISIONLINE: Business Law USA TODAY Update May 13, 1992 Source: USA TODAY:Gannett National Information Network ROBERTSON LIKELY TO GET UPI: Bankruptcy court Judge Francis Conrad indicated Tuesday that he will approve the sale of United Press International to Pat Robertson's U.S. Media for $6 million Wednesday. Robertson's offer was the only bid for all of UPI at a bankrupcy-court hearing Tuesday. Robertson heads the Christian Broadcasting Network and owns controlling interest in cable TV's The Family Channel. BIDS MADE FOR PARTS OF UPI: At a bankruptcy court auction Tuesday, three bids totaling about $200,000 were made for United Press International's name, archives, Spanish-language news wire, Washington Daybook service and leases in eastern Europe, the former Soviet Union and China. The bid hearing was moved up to Tuesday because UPI said it was running out of money and would shut down by Friday. GARAMENDI CLOSES BUSINESSES: Two alleged illegal unlicensed insurers were shut down this week in California, Insurance Commissioer John Garamendi announced Tuesday. A temporary restraining order was issued by Los Angeles Superior Judge Robert O'Brien against Physicians Benefit Plan in Simi Valley, and a cease and desist order was issued by Garamendi to the American Auto Plan in Riverside. POLLUTION CREDITS SOLD: Pollution credits created by the Clean Air Act of 1990 will be sold for the first time. The Tennessee Valley Authority, one of the biggest emitters of a chemical that causes acid rain, said Tuesday it plans to buy polluting credits from Wisconsin Power & Light. The act allows power plants that pollute less than their prescribed maximum to sell pollution credits to other plants. ARBITRATION REFORM NEEDED: Lawmakers say a just-released study on the Wall Street arbitration process is evidence that reform is needed for the frequently-used method of settling disputes between brokers and investors. The study by the General Accounting Office found a tendency among securities arbitrators to award just a portion of damages claimed by investors. IDT, AT&T SETTLE SUIT: Integrated Device Technology Inc. said Tuesday all lawsuits between IDT and AT&T have been settled and the two have signed a patent cross license agreement. Terms of the settlement were not disclosed. AT&T had filed suit saying its plasma etch and related patents had been infringed on. IDT asserted in a suit that its boundary scan testing patent had been violated by AT&T. PHILLIPS SETTLES TAX DISPUTE: Phillips Petroleum Co. and Alaska's State Department of Revenue Tuesday announced a $165 million settlement that resolves a dispute over long-standing state income tax and production tax liabilities concerning North Cook Inlet gas production. Approximately $60 million of the settlement has already been paid. The remainder, plus accrued interest, will be paid on or before June 30, 1993. INJURY AMENDMENT ALLOWED: An amendment offered Friday by Sen. Robert Kasten, R-Wis., which restricts personal injury lawsuits against manufacturers, was allowed as part of the Senate's "motor voter" bill Tuesday. The bill would make it easier for Americans to register to vote. A vote to restrict debate to only those amendments that deal with voter registration, which would have killed the amendment, fell short. SUITS DRIVING UP COSTS: Sen. John Danforth, R-Mo., said Tuesday that personal injury lawsuits against manufacturers are driving up the costs of making thousands of products while the injured person gets less than 50 percent of the amounts juries award in damages. He said too much of the money goes to attorneys' fees and other legal expenses. A bill before the Senate would restrict personal injury awards. COURT WILL NOT DELAY RATES: Auto insurance rates in New Jersey will rise 12.6% Wednesday for the state's 1 million high-risk drivers after the New Jersey Supreme Court refused to delay the increase. It will add $138 to a $1,100 annual premium. CITY REJECTS CONTRACT: New York City rejected a $96.8 million contract for repairs to the Manhattan Bridge, saying the contractor has a history of corrupt business practices and falsified an application to perform the three-year project. The contractor said the state has called the firm responsible over the past five years. The bridge project was to begin July 6. COURT REFUSES CASE: A New York Court of Appeals in Albany Tuesday refused to hear the case of Hwesu Murray, an ex-manager at NBC Sports who claimed "The Cosby Show" was based on his 1980 proposal for a weekly show. Murray filed his first suit in the state in 1985. The suit was dismissed in 1987. 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