Igc

Interstate General Co. Limited Partnership yesterday completed a planned spin-off of its thoroughbred horse racing interests, part of a push by the St. Charles-based real estate developer to boost the market value of its assets.Equus Gaming Co. L.P.'s units -- shares of a publicly held partnership -- closed at $4.50 in trading on the Nasdaq market, off $1 from its opening price. The new company holds a majority interest in the partnership that controls the El Comandante race track in San Juan, Puerto Rico, and a related off-track betting system.

The developers of a Columbia-style planned community in Charles County pleaded guilty in federal court yesterday to illegally filling in wetlands as they were building one of the neighborhoods and agreed to pay a $1.5 million fine, the largest assessed in such a case in Maryland.In a parallel civil suit, the developers, Interstate General Co. (IGC) and its subsidiary, St. Charles Associates, also agreed to place 157 acres in a conservation easement and pay a $367,000 fine.The plea in U.S. District Court in Greenbelt occurred 3 1/2 years after a federal jury convicted ICG's chairman, James J. Wilson, and the two companies of illegally filling 70 acres of wetlands in four tracts around the community -- St. Charles -- on the southern edges of Waldorf between 1983 and 1993.

Three decades in the business had taught James J. Wilson about real estate cycles -- sharp spurts of growth followed by steep plunges.He was determined to avoid those, if possible, for his company, Interstate General Co. Ltd. Partnership. And the secret, Mr. Wilson concluded, lay in diversity.So much so, that he has worked tirelessly to transform the St. Charles-based real estate apartment investor, homebuilder and community developer into such diverse businesses as horse racing and waste conversion.

Interstate General Co. Ltd. Partnership yesterday reported net income of $9.4 million for the first half of 1996, a nearly sixfold increase from the corresponding period last year.The St. Charles-based real estate development firm attributed the increase -- to 91 cents a share from 13 cents a share -- primarily to the March sale of four apartment projects it controlled in Puerto Rico and $6.1 million in other land sales there. The multi-family sales generated $16 million for IGC.Revenues for the six months ended June 30 increased 79 percent, to $38.7 million, the firm reported.

Interstate General Co.'s No. 2 executive resigned yesterday, a day after the company's top boss was sentenced to jail for illegally filling wetlands in Charles County.Gregory G. Kreizenbeck, who has been IGC's president and chief operating officer since March 1994, "is leaving the company to pursue personal interests," the company said in a written statement.Kreizenbeck was traveling and could not be reached for comment.IGC spokesman Gregory A. -TenEyck declined to elaborate on the reasons for Kreizenbeck's exit.

A federal judge yesterday suspended a planned $615,000 dividend payout by Interstate General Co. Ltd. Partnership, less than a week before the Charles County real estate development firm is to be sentenced for breaking environmental laws.Judge Alexander Williams Jr. of the U.S. District Court in Greenbelt is expected to review the matter June 17, when IGC and Chairman and Chief Executive James J. Wilson will be sentenced after being convicted in February of four felony violations of wetlands law under the Clean Water Act.If the judge lifts the suspension, IGC will be able to proceed with its first quarterly distribution to shareholders since June 1994.

Interstate General Co. Ltd. Partnership may be forced out of business because of federal fines and loan defaults stemming from its conviction on felony wetlands violations, according to Securities and Exchange Commission documents filed by the company.The Charles County developer, scheduled to be sentenced in June, could be liable for millions of dollars in both criminal and civil penalties for violating four counts of the Clean Water Act.In addition, the convictions have resulted in loan defaults on $5.5 million in debt owed to Signet Banking Corp.

Uplifted by record earnings in the initial three months of 1996, troubled developer Interstate General Co. Ltd. Partnership yesterday declared its first quarterly cash dividend in two years.The Charles County development firm, which faces sentencing next month after being convicted of various felony wetlands law violations, will pay shareholders as of June 3 a 6 cents per share dividend on June 13.IGC had not paid a quarterly cash dividend since a 5 cents per unit payout in June 1994.In all, IGC will pay shareholders -- formally called unitholders because of the company's limited partnership status -- a total of $615,400, based on its average number of units outstanding in the first quarter.

The developers of a Columbia-style planned community in Charles County pleaded guilty in federal court yesterday to illegally filling in wetlands as they were building one of the neighborhoods and agreed to pay a $1.5 million fine, the largest assessed in such a case in Maryland.In a parallel civil suit, the developers, Interstate General Co. (IGC) and its subsidiary, St. Charles Associates, also agreed to place 157 acres in a conservation easement and pay a $367,000 fine.The plea in U.S. District Court in Greenbelt occurred 3 1/2 years after a federal jury convicted ICG's chairman, James J. Wilson, and the two companies of illegally filling 70 acres of wetlands in four tracts around the community -- St. Charles -- on the southern edges of Waldorf between 1983 and 1993.

Interstate General Co. Ltd. Partnership yesterday reported net income of $9.4 million for the first half of 1996, a nearly sixfold increase from the corresponding period last year.The St. Charles-based real estate development firm attributed the increase -- to 91 cents a share from 13 cents a share -- primarily to the March sale of four apartment projects it controlled in Puerto Rico and $6.1 million in other land sales there. The multi-family sales generated $16 million for IGC.Revenues for the six months ended June 30 increased 79 percent, to $38.7 million, the firm reported.

Interstate General Co.'s No. 2 executive resigned yesterday, a day after the company's top boss was sentenced to jail for illegally filling wetlands in Charles County.Gregory G. Kreizenbeck, who has been IGC's president and chief operating officer since March 1994, "is leaving the company to pursue personal interests," the company said in a written statement.Kreizenbeck was traveling and could not be reached for comment.IGC spokesman Gregory A. -TenEyck declined to elaborate on the reasons for Kreizenbeck's exit.

GREENBELT -- In a case of national significance, a federal judge yesterday sentenced multimillionaire real estate developer James J. Wilson to 21 months in prison and fined him $1 million for illegally filling wetlands in Charles County.U.S. District Judge Alexander Williams Jr. also levied a record $3 million in fines against the two development companies that Wilson controlled. He also ordered them to restore 50 acres of the wetlands they were convicted of filling without seeking required federal permits.

To friends and business associates, James J. Wilson is an exemplary real estate developer, as dedicated to preserving trees as to pursuing a profit. The huge, Columbia-style community of St. Charles he is building in Charles County even earned praise from the state several years ago for efforts to curb pollution of Southern Maryland's streams.But to federal prosecutors, James Wilson is a criminal whose actions belied his professed concern for the environment. He was convicted in February by a U.S. District Court jury of directing his employees to fill 70 acres of wetlands, which prosecutors say are vital "natural kidneys" protecting the Potomac River and Chesapeake Bay from pollution.

A federal judge yesterday suspended a planned $615,000 dividend payout by Interstate General Co. Ltd. Partnership, less than a week before the Charles County real estate development firm is to be sentenced for breaking environmental laws.Judge Alexander Williams Jr. of the U.S. District Court in Greenbelt is expected to review the matter June 17, when IGC and Chairman and Chief Executive James J. Wilson will be sentenced after being convicted in February of four felony violations of wetlands law under the Clean Water Act.If the judge lifts the suspension, IGC will be able to proceed with its first quarterly distribution to shareholders since June 1994.

Uplifted by record earnings in the initial three months of 1996, troubled developer Interstate General Co. Ltd. Partnership yesterday declared its first quarterly cash dividend in two years.The Charles County development firm, which faces sentencing next month after being convicted of various felony wetlands law violations, will pay shareholders as of June 3 a 6 cents per share dividend on June 13.IGC had not paid a quarterly cash dividend since a 5 cents per unit payout in June 1994.In all, IGC will pay shareholders -- formally called unitholders because of the company's limited partnership status -- a total of $615,400, based on its average number of units outstanding in the first quarter.

Interstate General Co. Ltd. Partnership may be forced out of business because of federal fines and loan defaults stemming from its conviction on felony wetlands violations, according to Securities and Exchange Commission documents filed by the company.The Charles County developer, scheduled to be sentenced in June, could be liable for millions of dollars in both criminal and civil penalties for violating four counts of the Clean Water Act.In addition, the convictions have resulted in loan defaults on $5.5 million in debt owed to Signet Banking Corp.

To friends and business associates, James J. Wilson is an exemplary real estate developer, as dedicated to preserving trees as to pursuing a profit. The huge, Columbia-style community of St. Charles he is building in Charles County even earned praise from the state several years ago for efforts to curb pollution of Southern Maryland's streams.But to federal prosecutors, James Wilson is a criminal whose actions belied his professed concern for the environment. He was convicted in February by a U.S. District Court jury of directing his employees to fill 70 acres of wetlands, which prosecutors say are vital "natural kidneys" protecting the Potomac River and Chesapeake Bay from pollution.

InterstateGeneral Co. L.P. ... ... ... Ticker ... ... ... ... Yesterday's... ... ... ... ... .. .. .. Symbol ... ... ... ... Cls. ... Chg.... ... ... ... ... .. .. .. IGC ... ... .. ... ... 7 3/8 .. .. + 1/2Period ended3/31/94 ... ... ... ... 1st qtr. ... ... ... Year ago ... ... Chg.Revenue ... ... ... ... $12,569 ... .. .. .. $9,827 .. .. ... +27.9%Net Income .. .. .. ... $2,093 ... ... .. .. $2,319* .. .. .. -9.7%Primary EPS ... ... ... $0.21 ... ......

Bell Atlantic to sell computer service unit to Decision ServcomBell Atlantic Corp. will sell its Business Systems Services computer maintenance unit to Decision Servcom Inc. for an undisclosed sum, the companies said yesterday.The transaction, expected to be completed next month, will make closely held Decision Servcom a company with more than $700 million in revenue and more than 6,000 employees. Bell Atlantic has 4,300 employees worldwide. It wouldn't disclose revenue figures for its computer-service unit.

Interstate General Co. Limited Partnership yesterday completed a planned spin-off of its thoroughbred horse racing interests, part of a push by the St. Charles-based real estate developer to boost the market value of its assets.Equus Gaming Co. L.P.'s units -- shares of a publicly held partnership -- closed at $4.50 in trading on the Nasdaq market, off $1 from its opening price. The new company holds a majority interest in the partnership that controls the El Comandante race track in San Juan, Puerto Rico, and a related off-track betting system.