Judge removed from IBM caseInternational Business Machines...

BUSINESS DIGEST

January 18, 1995

Judge removed from IBM case

International Business Machines Corp. won a battle yesterday to get a federal judge removed from a government antitrust case he has overseen for almost 40 years.

The U.S. 2nd Circuit Court of Appeals granted IBM's motion to force U.S. District Judge David Edelstein off the case, saying the judge's statements about IBM would cause a reasonable person to question his impartiality.

In June IBM filed a motion to end a 1956 antitrust decree because advances in technology had made it obsolete and it was adversely affecting the company's ability to compete.

Banco Santander to raise stake

Banco Santander received approval from the Federal Reserve Bank of New York to increase its stake in First Fidelity Bancorp. to 30 percent from 24.8 percent, the Madrid bank said yesterday.

Banco Santander plans to purchase stock in the Newark, N.J.-based bank, which acquired Baltimore Bancorp last year, on the open market.

Crown Books shares tumble

Concerns about alleged financial and management problems at Crown Books Corp. caused shares of the Landover book retailer to tumble more than 20 percent yesterday.

The Washington Times yesterday reported that a memo prepared by Chief Financial Officer Robert Marmon warned that without more cash reserves, Crown Books could face bankruptcy.

Crown Books noted yesterday that Mr. Marmon ultimately concluded in the memo that Crown Books can survive. Crown Books stock ended down $3.125, at $11.875, in Nasdaq trading.

Wireless bidding war intensifies

The tug-of-war over the single Baltimore-Washington license in the Federal Communications Commission's auction of radio spectrum for a new generation of wireless communications became more intense yesterday.

In the morning's 37th round, GTE Macro Communications Corp. pushed the price to $66.2 million, overbidding CCI Data Inc.'s high bid from last Friday of $60 million. But in the afternoon's 38th round, AT&T Wireless PCS Inc. bid $72.8 million.

Travelers earnings rise

Travelers Group said yesterday that fourth-quarter earnings rose 21 percent as sales of life insurance overcame lower results at its brokerage unit, Smith Barney.

Travelers, which owns Commercial Credit Co., said its net income rose to $333.9 million, or 99 cents a share, from year-earlier profit from operations of $276.6 million, or $1.10. The per-share results reflect additional shares issued in conjunction with the merger between Primerica Corp. and Travelers Inc. in December 1993. A $21.3 million, or 9 cents a share, gain for the reversal of a deferred tax liability resulted in year-earlier net income of $297.9 million, or $1.19 a share.

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.