Clifford trial postponedA federal judge yesterday...

BUSINESS DIGEST

September 11, 1992

Clifford trial postponed

A federal judge yesterday postponed a trial on federal bank-fraud charges for Clark M. Clifford and his junior law partner, allowing a state trial on similar charges in New York to proceed first. But the ruling also set in motion events that might result in Mr. Clifford's avoiding trial anywhere because of concerns about his health.

Judge Joyce Hens Green said she would select an independent cardiologist to examine Mr. Clifford and his health records to resolve questions as to whether the 85-year-old former adviser to several presidents could withstand a trial. The results of the independent review would be forwarded to prosecutors in New York, where Mr. Clifford and his law partner, Robert A. Altman, are scheduled to be tried on Jan. 4.

Gillette to buy Parker Pen

Gillette Co., the maker of Paper Mate and Waterman brand pens, said yesterday it is buying British-based Parker Pen Holdings Ltd. in a deal worth $561 million. The Boston-based company said the purchase would make it the world's biggest maker of pens.

Ex-Silverado chief indicted

The former chairman and chief executive officer of failed Silverado Banking, Savings and Loan Association was indicted on three counts of breaking federal banking laws, prosecutors ,, said yesterday. The indictment of Michael Wise is the first to come out of Silverado's failure in 1988 .

USAir to open terminal

USAir Group Inc. unveiled yesterday a new $200 million terminal at New York's LaGuardia Airport. Flights will begin tomorrow.

TWA deal is approved

A U.S. Bankruptcy Court judge approved yesterday the sale of a large stake in Trans World Airlines to its three unions, an important step toward the company's emergence from bankruptcy.

Under the agreement, the unions would give up 15 percent in wages, benefits and other concessions in exchange for 45 percent of the airline. Creditors would get a 55 percent stake for forgiving much of TWA's debt.

Senators assail drug firms

Top Republican and Democratic senators charged yesterday that drug companies have unfairly raised prices on the 20 drugs most often prescribed to the elderly. A Senate committee said prices for drugs to treat high blood pressure, diabetes and arthritis quadrupled from 1985 to 1991.

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