Yellow Freight closer to takeoverYellow Freight has...


February 11, 1993

Yellow Freight closer to takeover

Yellow Freight has acquired more than the required amount of Preston Corp. stock to buy the company, officials for both companies announced yesterday. Officials said 77.65 percent of Preston stock had been tendered as of Feb. 5. The deal must be approved by the Interstate Commerce Commission. Preston said Tuesday that it had a net loss for the fourth quarter of 1992 of $10.6 million, or $1.84 per share, compared to a net loss of $4.6 million, or 80 cents a share, for the same period in 1991.

Marriott files for suits' dismissal

Marriott Corp. filed a motion in U.S. District Court in Maryland to dismiss suits brought by bondholders trying to scuttle the hotel company's planned restructuring. Marriott asked the court to throw out the complaints because the suits were "without merit" and bondholders "have not adequately documented their claims," said Robert Souers, vice president for corporate information.

Company officials and bondholder representatives will appear in court today before Judge Alexander Harvey to schedule depositions and other pretrial procedures in the case.

2 GM subsidiaries report gains

Two of General Motors' nonautomotive subsidiaries reported yesterday that they had strong earnings gains for the fourth quarter but mixed results for all of 1992. GM's Electronic Data Systems Corp. posted record profits, while General Motors Acceptance Corp., GM's financing arm, more than doubled its quarterly earnings.

USAir, attendants near accord

USAir Group Inc. and its flight attendants, represented by the Association of Flight Attendants, said yesterday that they have reached tentative agreement on a 45-month labor contract. Details of the agreement were not disclosed.

Brinker regains consciousness

Dallas restaurateur Norman Brinker, injured Jan. 21 in a polo accident in Florida, has regained full consciousness, his doctor said. Mr. Brinker, 61, founded the Steak & Ale chain in 1965 and sold it to Pillsbury Co. in 1976. In 1983, he took control of Chili's Inc.

Home Federal reports profit

Home Federal Corp., the Hagerstown parent of Home Federal Savings Bank, said it earned $143,000, or 11 cents a share, in the quarter that ended Dec. 31, contrasted with a loss of $1.5 million, or $1.14 a share, a year ago.

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