Colonnade loses round in courtA U.S. Bankruptcy Court...

BUSINESS DIGEST

August 21, 1993

Colonnade loses round in court

A U.S. Bankruptcy Court judge in Baltimore yesterday opened the way for a foreclosure on the Inn at the Colonnade hotel and condominium complex near Baltimore's Guilford neighborhood. Judge James F. Schneider lifted a stay barring creditors from taking action against the limited partnership that owns the Colonnade. The move came at the request of Uptown Hotel Corp., which bought a $16 million mortgage on the property for $10 million last month.

The stay was imposed when Tiber Construction Co. of Washington filed a bankruptcy petition against Colonnade L.P. on July 13, the day the complex was scheduled to be auctioned. Tiber forced the case into bankruptcy court because it is owed about $3 million from the construction of the complex.

Charles Moster, an attorney for Uptown, said the company is likely to resume its plan to force an auction, but no firm date has been set.

Soft-drink firms complete deal

In a deal that tightens the links between two of the world's largest soft-drink companies, Cadbury Schweppes PLC said yesterday that it had agreed to buy the Prudential Insurance Co.'s 20.2 percent stake in the Dr Pepper/Seven-Up Cos. for $231.3 million. The purchase brings Cadbury's holding in the company to 25.9 percent of the outstanding shares.

New Microsoft probe begins

The Justice Department said yesterday that it is investigating Microsoft Corp., taking over from a Federal Trade Commission inquiry into alleged antitrust activity by the giant software company. Issues being investigated include Microsoft's practice of offering discount prices on its MS-DOS system to personal computer makers who pay a royalty for each machine they make. The FTC ended its three-year investigation a month after deadlocking for a second time on whether to file a complaint.

Cox, Northern Telecom in venture

Cox Enterprises and Northern Telecom said yesterday that they are working on combining a new type of wireless phone nTC system with cable television. Atlanta-based Cox Enterprises owns newspapers, cable TV stations and has other media interests. Toronto-based Northern Telecom is a leading maker of telephone equipment.

Video-game collaboration expected

Nintendo of America Inc. and Silicon Graphics Inc. will announce Monday that they are collaborating on a new generation of video game players, people close to the companies said yesterday. Neither company would comment, but they have scheduled a joint news conference for Monday morning.

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