Lerner gives up portfolio controlMNC Financial Inc...


February 13, 1993

Lerner gives up portfolio control

MNC Financial Inc. Chairman Alfred Lerner, who is also chairman of Progressive Corp. in Mayfield Heights, Ohio, has ceded control of the insurance holding company's investment portfolio to Progressive's chief executive, Peter Lewis, the company said yesterday.

The move came four months after Progressive stockholders raised questions about large fees Mr. Lerner received between 1989 and 1991 for managing the $2.2 billion portfolio. Neither the company nor Mr. Lerner commented on the reason for the change.

Ex-Silverado chairman acquitted

The former chairman of the failed Silverado savings and loan was acquitted yesterday of charges he illegally used about one-third of a $1.45 million loan from the thrift for personal use.

A jury in U.S. District Court in Denver took 4 1/2 hours to acquit Michael Wise of two bank fraud counts.

500 ABC employees opt to leave

Capital Cities-ABC Inc. said yesterday that about 500 employees at its ABC Television Network accepted the company's offer of severance incentives to trim its work force.

The offer was made in December to the network's 3,000 noncontract employees who were given until Feb. 5 to decide whether to take it.

Home Shopping Network deal

Liberty Media Corp. in Cheyenne, Wyo., said yesterday that it had acquired a controlling interest in Home Shopping Network Inc. and proposed a stock-swap merger with the cable television concern. Liberty Media, a spin-off of the nation's largest cable television operator, Tele-Communications Inc., offered $58 million in cash and four million shares of class A common stock in exchange for 20 million class B common shares of Home Shopping Network.

Md. gets employment grants

The U.S. Department of Labor yesterday awarded Maryland $56.7 million in annual employment and training grants, a 2 percent increase from last year's award. The department handed out a total of $3.6 billion nationwide, an increase of 9 percent from last year.

Calvert Cliffs unit to go off line

Unit Two at Baltimore Gas & Electric Co.'s Calvert Cliffs Nuclear Power Plant will be removed from service Feb. 19 for a 105-day refueling and maintenance outage, the utility said yesterday.

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