Barnes & Noble to sell sharesJoining the fall rush to cash...

BUSINESS DIGEST

September 03, 1993

Barnes & Noble to sell shares

Joining the fall rush to cash in on the voracious appetite for new public stock offerings, Barnes & Noble Inc., the country's largest operator of book superstores and owner of the B. Dalton, Doubleday and Scribner's bookstore chains, is planning to sell a stake in its future.

In documents filed with the Securities and Exchange Commission yesterday, the company said it planned to sell 8.235 million shares priced between $16 and $18 a share.

Ex-banker guilty of fraud

A former banker pleaded guilty to three charges in a politically charged bank fraud case involving $5.5 billion in illegal loans to Iraq.

Christopher Drogoul's admission of guilt yesterday came as a surprise, 11 months after he withdrew another guilty plea in the case and six days before he was to stand trial in U.S. District Court in Atlanta.

Intuit, ChipSoft to merge

Intuit Inc. said it plans to merge with ChipSoft Inc. in a $225 million transaction that would form the world's largest personal finance and tax software company.

ChipSoft is the leading producer of tax software such as TurboTax, and Intuit makes finance programs such as Quicken.

U.S. approves Md. for drought aid

The Clinton administration approved a disaster declaration yesterday for Maryland farmers who have lost an estimated $50 million in damage to their crops from this summer's drought and heat.

Times Mirror may move offices

Faced with a depressed California regional economy, the Times Mirror Co., publisher of the Los Angeles Times, Newsday, The Sun and The Evening Sun, is considering selling its downtown Los Angeles headquarters and moving to a high-rise office tower, the New York Times reported, citing people familiar with the plan.

Officials of Times Mirror said yesterday that they had hired a consultant to conduct a feasibility study of the cost advantages in moving, but that no decision had been made on relocating. Much of the space in the current complex is in disrepair, and fixing it could be far more costly than renting space elsewhere, those familiar with the plan said.

UNC acquires Texas company

UNC Inc., an Annapolis-based aviation company, said yesterday that it acquired Metcalf Servicing Co. in Odessa, Texas. Metcalf serves the industrial turbine engine market with overhauls, repairs, parts, replacement and exchange units, and contract maintenance services.

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