Andersen settles with Conn.Arthur Andersen & Co. has...

BUSINESS DIGEST

May 05, 1993

Andersen settles with Conn.

Arthur Andersen & Co. has agreed to pay $3.5 million to settle charges of poor accounting work for the failed Colonial Realty Co., the state attorney general in Connecticut said yesterday.

The nation's largest accounting firm also agreed to accept a one-year ban on new contracts with the state and it promised to adopt more stringent rules on gifts its accountants can receive, said Attorney General Richard Blumenthal.

3DO public offering grows

3DO Co.'s initial public offering of 2.9 million common shares was priced at $15 each yesterday by an underwriting group led by Morgan Stanley & Co. The size and price of the offering were boosted above the figures disclosed in 3DO's registration statement filed with the Securities and Exchange Commission.

The San Mateo, Calif.-based company captured the interest of many investors because it is backed by such major companies as Electronic Arts Inc., Time Warner Inc. and American Telephone & Telegraph Co.

Sales of new cars, trucks surge

Sales of new cars and trucks surged in April to their best levels in 2 1/2 years as consumers went on an early spring buying spree, automakers reported.

Total car and truck sales in April, including imports, were up 11.5 percent over April 1992.

Business failures decline 10.2%

U.S. business failures fell 10.2 percent in the first quarter, reflecting a stronger economy during the first three months of 1993 than in the same period a year earlier, Dun & Bradstreet Corp. said yesterday.

USAir offering nets $231 million

USAir Group received $231 million from the previously announced offering of 11.5 million shares of common stock at $20.75 per share.

In connection with the common stock offering, USAir will also receive $99.2 million from British Airways PLC's purchase of a new series of preferred stock.

Easton Utilities joins coal project

Easton Utilities, owned by the city of Easton, was selected yesterday by the Department of Energy to participate in the agency's Clean Coal Technology Program. The government agreed to pay for half of a $37.3 million project to build coal-fueled diesel generators that will feature new pollution control technology.

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