Rouse files with SEC to sell securities worth $400...


February 01, 1997

Rouse files with SEC to sell securities worth $400 million

Rouse Co. filed with the Securities and Exchange Commission yesterday to sell up to $400 million in securities.

Rouse filed a shelf registration that would enable the company to raise the money through the sale of common and preferred stock and debt securities.

The Columbia real estate developer said it would use the proceeds from the securities sales for general corporate purposes. The terms of the securities will be available in a supplemental filing.

Apple plans layoffs in effort to return to profitability by 1998

Apple Computer Inc. will lay off more employees this year as part of its plan to return to profitability by 1998, the company said yesterday, but has not determined how many it will fire.

The fourth biggest U.S. maker of personal computers also is taking a closer look at unprofitable product lines with an eye at discontinuing them, said David Harrah, Apple's corporate spokesman.

The job cuts are part of Apple's plan to slash up to 20 percent of its costs to compensate for falling revenue. Earlier this month, Apple said it would start more restructuring aimed at cutting $400 million in costs.

Battling railroads meet to discuss Conrail takeover

Conrail Inc., CSX Corp. and Norfolk Southern Corp. met yesterday to discuss the takeover battle for Conrail, but declined to comment on the session.

"Conrail, CSX and Norfolk Southern have concluded their meeting and have agreed that no further details on this meeting or timing of future meetings will be announced," the railroads said in a joint statement.

The meeting between chief executives David LeVan of Conrail, John Snow of CSX and David Goode of Norfolk Southern, was held in an attempt to resolve a stalemate in the three-month takeover battle for Philadelphia-based Conrail.

Huttoe gets prison, fine for fraud, money laundering

Miami businessman Charles O. Huttoe was sentenced to 46 && months in federal prison, two years' probation and a $10,000 fine yesterday for fraud and money laundering in what federal authorities said was a $12 million stock manipulation scheme involving an Internet stock-picking service.

Documents unsealed yesterday in U.S. District Court in Alexandria, Va., show that Huttoe pleaded guilty to the charges in November and since has steered investigators to nearly two dozen likely criminal targets in a complicated plan to drive up his firm's stock price and launder profits.

Five others were charged with similar offenses in the case last fall.

Pub Date: 2/01/97


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