Vogel's troublesFinancially troubled developer Mark R...


May 25, 1991|By From Staff and Reports

Vogel's troubles

Financially troubled developer Mark R. Vogel ran into another problem this week as a partnership in which he is the general partner filed for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code.

Hammock Point Limited Partnership was set up to pursue land development in Somerset County, according to papers filed with the U.S. Bankruptcy Court in Baltimore. Its biggest debt by far was a $683,000 secured debt to a Crisfield firm, apparently related to land.

The partnership filed the bankruptcy petition pro se, meaning that it had not retained a lawyer at the time of filing. The petition, while not saying how the partnership was forced into bankruptcy, said Mr. Vogel and his partners plan to attempt to reorganize the partnership's finances.

Mr. Vogel could not be reached for comment yesterday.

Bethlehem Steel

After two years of political battles, Bethlehem Steel Corp.'s Sparrows Point shipyard may be in line to recoup $75 million it says it lost building two surveillance ships for the Navy, Representative Helen Delich Bentley, R-2nd-Md., announced yesterday.

Mrs. Bentley said that the House Appropriations Subcommittee on Defense included the overrun payment in its Defense Department appropriations bill after the Navy had refused to pay the extra money to Bethlehem, which lost the money on a $170 million fixed-price contract awarded in 1985. The amendment must get approval from the full committee and both houses of Congress to become law.

"The Navy apparently assumed that Sparrows Point could eat the $75 million in losses because of the strength of its parent company," Mrs. Bentley said.

Universal Security

Universal Security Instruments Inc., a maker of electronic security systems, telephones and other products, reported that sales for the fourth quarter, which ended March 31, were up slightly and that profits were still being affected by the fire that destroyed the company's Owings Mills headquarters.

Universal said last year's fourth-quarter loss of $374,000 was due to a fire that destroyed the company's headquarters in March 1990.

This year's final-quarter profit of $82,390 included the "minimum estimated recovery on the company's business interruption claim against its insurer," the company said.

The claim is still being reviewed by Universal's insurer, the company said.

Martin Marietta

The Department of Defense said yesterday that Bethesda-based Martin Marietta Corp. has received a $318.2 million contract for the development of the "Brilliant Pebbles" space-based anti-missile system under the Strategic Defense Initiative program, commonly known as "star wars."

The contract calls for the design of a system that would rely on small orbiting missiles to collide with and destroy incoming enemy ballistic missiles.


The B. Manischewitz Co., the nation's leading matzo maker, may not have left its price-fixing problems behind when it was fined $1 million by a federal judge last week. Conservative Jewish rabbis want some answers from Manischewitz over the conspiracy and plan to form a rabbinical court.

Three rabbis will be chosen to sit on the rabbinical court, or beit din, and Manischewitz will be asked to appear within about 10 days, according to Rabbi Joel Meyers, executive director of the Rabbinical Assembly in New York.

Rabbi Meyers said the rabbinical court could make any number of rulings, including an order that the company make reparations to the Jewish community.

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