Comsat CFO quits for new job
C. Thomas Faulders III, vice president and chief financial ZTC officer of Comsat Corp., has resigned to take the equivalent position at a Virginia company, the Bethesda-based satellite communications and entertainment company announced yesterday. Comsat said it has not yet named a replacement for Mr. Faulders.
Mr. Faulders came to Comsat in 1992 from MCI, where was senior vice president of business marketing. He is going to BDM International Inc., a global information systems and technology services company based in McLean, Va.
Consumer installment credit rising
Consumers continued to pile up installment debt in February, the Federal Reserve Board reported yesterday, apparently ignoring indications that the economy may be slowing.
The Fed said that consumer installment credit rose $8.16 billion in the month, or at a 10.6 percent annual rate, after rising a revised $9.03 billion in January at a 11.9 percent annual rate.
AT&T unit to offer $3.3 billion
AT&T Corp.'s wireless unit will offer $3.3 billion for the part of LIN Broadcasting Co. it does not already own, settling on a price recommended by an investment consultant after the two firms disagreed on LIN's value.
McCaw Cellular Communications Inc., the cellular company bought by AT&T last fall, in 1989 acquired a 52 percent stake in LIN, which owns a TV station and cellular properties in New York, Los Angeles, Houston and Dallas-Fort Worth.
McCaw had the right to buy the remainder this year at an assessed market value.
AMR sells jets to Federal Express
AMR Corp., the parent of American Airlines, agreed to sell 12 of its largest jets to Federal Express Corp. in a transaction estimated to be worth at least $840 million.
American will deliver three of the McDonnell Douglas MD-11s to Federal Express in each of the next four years, said John Hotard, a spokesman for Fort Worth-based AMR.
Shoney's founder rescinds offer
Shoney's Inc.'s founder, Raymond Danner, who left in 1993 amid accusations that the company practiced racial discrimination, has rescinded an offer to become chairman and chief executive of the struggling restaurant company.
Mr. Danner, 70, said that the company's response to his offer to come back for $1 in pay and stock options was a notice that it was given to an executive search firm for review.
"I can only interpret the board's failure to communicate to me a favorable response on my offer as the same as a rejection," said Mr. Danner, the Nashville, Tenn., company's largest shareholder.