Gerstner's RJR stock plummetsThe $5 million signing bonus...


April 03, 1993

Gerstner's RJR stock plummets

The $5 million signing bonus that Louis V. Gerstner Jr. received from his new employer, International Business Machines Corp., will come in handy.

Yesterday, the value of Mr. Gerstner's stock in RJR Nabisco Holdings Corp., his former employer, plummeted $7.04 million. Mr. Gerstner, 51, who took over the helm of the weakened computer company Thursday, has not sold his 5.63 million shares of RJR stock, the company said.

Saturn union chief survives vote

The United Auto Workers local president who supports the union's unconventional labor partnership with the Saturn Corp. in Spring Hill, Tenn., narrowly retained his post in a runoff with dissidents.

The election yesterday was seen as a referendum on the partnership, which allows workers to participate in management decisions. The union local president, Mike Bennett, defeated Bob Hoskins by a vote of 2,913 to 2,644, a 4 percent margin.

GM appeal can't bypass court

The Michigan Supreme Court rejected yesterday General Motors Corp.'s request to bypass the state Court of Appeals in an attempt to block a state judge's ruling forcing GM to keep its Willow Run car plant open beyond this summer.

The state's Supreme Court said GM would have to appeal first to the Michigan Court of Appeals the decision to keep the Ypsilanti, Mich., plant open. If GM is unsuccessful, it could then appeal to the state's Supreme Court.

Schaefer requests Kantor's help

Gov. William Donald Schaefer has asked U.S. Trade Representative Mickey Kantor to question the Canadian government about a subsidized Quebec company that could pose a competitive danger to Vista Chemical Co., a Baltimore producer of cleaning agents.

In a letter to Mr. Kantor, Mr. Schaefer said SGF, a company subsidized by the Quebec provincial company, has said it will build a plant to compete directly with Vista, which has 200 workers.

Income funds win first quarter

The income-fund tortoises outran the aggressive-growth hares in the performance race among stock mutual funds in the first quarter of 1993.

Quarterly figures issued yesterday by Lipper Analytical Services Inc. showed equity-income and growth-and-income funds, aided by a sharp drop in long-term interest rates, posting gains of roughly double the advances recorded by growth and capital-appreciation funds.

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