Employee buyout revived at UnitedReviving an employee...


December 16, 1993

Employee buyout revived at United

Reviving an employee buyout effort that appeared dead just a month ago, advisers to United Airlines and its pilots and machinists unions agreed yesterday on a proposal, valued at more than $5 billion, to present to the airline's board today.

The proposal would give employees at least 53 percent of the company's stock, a stake that could rise to 63 percent if the stock price rose to certain targets within a year after a deal was completed.

Bank profits up 35% for quarter

Profits for the nation's banks soared to a record $11.5 billion in the third quarter, and earnings for the first nine months of the year already have topped 1992's annual record, regulators said yesterday.

The Federal Deposit Insurance Corp. said earnings for the 11,081 commercial banks jumped 35 percent from $8.5 billion in 1992's third quarter. The results exceeded the past quarterly record of $10.8 billion in the first three months of 1993.

Kodak stumbles on '94 forecast

Eastman Kodak Co.'s new chief executive gave Wall Street a dose of reality about the photographic company's prospects yesterday, warning that 1994 earnings are unlikely to reach analysts' expectations.

The news sent Kodak's stock, and in turn the Dow Jones industrial average, tumbling. Kodak stock fell $7.25, to close at $55.50.

Spectrum, MicroProse merge

Spectrum HoloByte completed its merger with Hunt Valley-based MicroProse Inc., the company said yesterday.

Spectrum stockholders now own about 60 percent of MicroProse's shares outstanding. Spectrum said its directors would occupy eight of 10 board seats of the combined company, which will operate under the MicroProse name. MicroProse's principal executive officers will be based in Spectrum headquarters in Alameda, Calif., while the division offices will remain in Hunt Valley.

Owners stop mansion auction

Owners of the Cedarwood estate, a landmark, 60-room mansion at 4604 N. Charles St., have stopped the scheduled auction of the 3 1/2 -acre property, an attorney for the owners, Geza L. and Ursula Kovacs, said yesterday.

Fortune Bank of Clearwater, Fla., foreclosed on the home -- built by Commercial Credit Corp. founder Alexander E. Duncan in the 1920s -- after the owners stopped paying on a $475,000 second loan in May. Trustees for the property called off the sale after the Kovacses paid a portion of the debt and arranged to refinance the loan, their lawyer said.

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