Marriott court hearing postponedBethesda-based Marriott...

BUSINESS DIGEST

January 09, 1993

Marriott court hearing postponed

Bethesda-based Marriott Corp. and its bondholders agreed yesterday to postpone a scheduling conference that had been set in U.S. District Court in Baltimore. The meeting was rescheduled for Jan. 29.

Several bondholders' groups have sued Marriott, accusing the hotel-and-service company of securities fraud for failing to disclose a restructuring plan, announced Oct. 5, when it issued bonds last spring.

PaineWebber fined in stock case

PaineWebber Inc. was ordered to pay nearly $9.69 million yesterday by a three-member arbitration panel of the National Association of Securities Dealers for misleading the 38-year-old nephew of the late Sam Walton, the founder of Wal-Mart Stores Inc.

The nephew, John Robson, claimed damages for an errant trading strategy involving 403,300 Wal-Mart shares designed by a PaineWebber broker.

PaineWebber denied any impropriety in its business with Mr. Robson.

Japanese firm drops 35 managers

In a sign that Japan's lifetime employment system is fraying under recessionary pressures, the major electronics maker Pioneer Electronic Corp. has told 35 managers to retire early or be fired. All are men over age 50.

A spokesman for Pioneer said the 35 managers have been asked to quit before the retirement age of 60. If they refuse, he said, they will be fired before February.

Icahn quits as TWA chairman

Seven years after taking control of Trans World Airlines, Carl C. Icahn resigned yesterday as its chairman and turned over management of the company to two executives chosen by creditors and employees.

Mr. Icahn, 56, also surrendered his stock in TWA as part of an agreement to sell the airline to creditors and employees and settle his liability for its underfunded pensions.

Co-founder of Next Inc. resigns

Richard A. Page, a co-founder with Steven P. Jobs of the computer maker Next Inc., resigned as general manager of hardware yesterday for "personal reasons." The resignation increased speculation that the company was moving to become a software publisher.

Mr. Page, one of the principal hardware engineers at Apple Computer Inc. involved in the design of the original Macintosh computer, joined Mr. Jobs and four others in leaving Apple seven years ago to found Next. Since then, three of the founders have left the company, leaving only Mr. Jobs and George Crowe.

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