Greyhound questions bankruptcy
Greyhound Lines Inc. yesterday questioned the validity of an attempt to force the bus company into involuntary bankruptcy reorganization.
Late Wednesday, a group saying it represented some 25 percent of Greyhound's $98.9 million in bonds filed a petition in federal bankruptcy court in Dallas. They asked a judge to force the only national bus company into Chapter 11 reorganization, and sent Greyhound a letter saying it must immediately pay off its bonds.
Greyhound questioned the validity of the bankruptcy petition yesterday, saying none of the signers were formally registered as bondholders.
UAW candidate investigated
The Labor Department is investigating accusations that the leading candidate for president of the United Auto Workers union may have improperly influenced the awarding of contracts for auto workers' eye-care benefits, the Detroit Free Press reported yesterday.
The newspaper reported that at least 11 people had been questioned by investigators about possible ties between Stephen Yokich, the candidate who is now a union vice president, and Avery Sterling Jr., owner of Sterling Vision Shoppes Inc. of Mount Clemons, Mich.
A spokesman for the department declined to say whether an investigation is in progress.
Time Warner discusses venture
Time Warner Inc., looking aggressively to expand its cable television operations, is discussing a joint venture with Cablevision Industries, the country's ninth-largest cable operator.
Such a venture would give Time Warner access to more homes in several areas of the country, especially New York state, David Testa, a Cablevision vice president, said yesterday.
Cablevision Industries provides cable television services to about 1.3 million homes, with its largest group of subscribers in New York state.
First United profits up 4.1%
First United Corp., of Oakland, reported a 4.1 percent gain in third-quarter earnings, due to increases in lending and income from trust, brokerage and insurance activities. The company earned $1.52 million, or 25 cents a share in the third quarter, compared with $1.46 million, or 24 cents a share a year ago. First United is the parent of First United National Bank & Trust, Myersville Bank and First United Bank of West Virginia N.A.
Kirschner shareholders OK merger
Kirschner Medical Corp. shareholders approved the company's merger with Biomet Inc. at a special meeting yesterday, the Timonium company announced. The approval completes the deal.
The agreement calls for a payment to Kirschner shareholders of $10.75 a share in cash, stock or a combination of the two.