Icahn expected to quit TWAAfter making the final...


January 05, 1993

Icahn expected to quit TWA

After making the final installment of a $200 million loan to Trans World Airlines, Carl Icahn is expected to resign as early as today from TWA, the only big-name company the takeover strategist ever bought.

Mr. Icahn's loan, his promise to help fund TWA's pension plans and his resignation are part of an agreement that will allow the airline to complete its sale to creditors and employees.

4 Japanese brokerages probed

Federal stock market regulators are reportedly preparing legal action against the U.S. subsidiaries of Japan's four largest brokerage houses, according to a published report yesterday. The alleged securities law violations include the use of unlicensed brokers, the Wall Street Journal reported.

But none of the four are expected to be accused of reimbursing big clients for trading losses, an issue that prompted an SEC inquiry in 1991.

Dec. storm cut Aetna profits

The huge winter storm that ravaged the Northeast last month will reduce Aetna Life & Casualty's fourth-quarter net income by an estimated $27 million, or 25 cents per share, the company said yesterday.

Approximately 14,000 claims in states from Virginia to Maine have been filed so far, and Aetna anticipates that number will reach about 18,000.

Toys 'R' Us sales rose 18.5%

Toys "R" Us Inc., the nation's largest kiddie retailer, said yesterday that its sales for the holiday season rose 18.5 percent, benefiting from an overall retailing boomlet and the disappearance of Child World, its one-time chief competitor.

Same store sales -- revenues from stores open at least a year -- were also robust, increasing 10.7 percent, the company said.

Rouse files for $100 million offering

Rouse Co. said yesterday that it has filed with the Securities and Exchange Commission for a $100 million, 10-year public senior debt offering. Columbia-based Rouse said proceeds from the offering will be used to retire debt set to mature over the next two years. The company said the offering received ratings of BBB from Standard & Poor's Inc. and Baa2 from Moody's Inc.

Univax 2.5 million-share issue

Univax Biologics Inc. said yesterday that it filed with the Securities and Exchange Commission to sell 2.5 million shares of common stock. No price has been set. The stock, which trades on the over-the-counter market, closed yesterday at $9.75, down $1 a share.

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