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By Thomas C. Hayes and Thomas C. Hayes,New York Times News Service | February 4, 1992
DALLAS -- LTV Corp. said yesterday that it had agreed to sell its historic -- and profitable -- aerospace and missile businesses to a new company formed by Lockheed Corp. and Martin Marietta Corp.Terms of the deal were not disclosed, but analysts estimated the price at about $350 million in cash.LTV has been in bankruptcy since July 1986, when it contended that future pension claims of $2 billion in its steel operations were too costly for the company to honor. After a long legal battle, the Supreme Court ruled in 1990 that LTV must pay the claims.
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NEWS
December 19, 2004
Agnes Martin, 92, a highly regarded abstract artist whose spare paintings reflected the simple life she sought, died Thursday at the Plaza de Retiro, a retirement community in Taos, N.M. She had lived a simple life in the artists' haven in northern New Mexico since 1991, even as her art grew in popularity around the world. She was one of America's most distinguished artists, with an "amazing ability to reduce to essence all that we feel about space and light," said Elizabeth Broun, director of the Smithsonian's American Art Museum in Washington.
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BUSINESS
By Ted Shelsby and Ted Shelsby,Staff Writer The New York Times News Service contributed to this article | August 12, 1992
The battle over LTV Corp.'s missile and aircraft divisions escalated yesterday when a group headed by Loral Corp. raised its bid for the units and the Carlyle Group filed a $150 million lawsuit against Martin Marietta Corp. for allegedly tampering with its earlier offer.Loral, which has teamed with Northrop Corp. and Carlyle in an attempt to buy the two LTV units, raised the price of an offer made last week by $30 million, to $475 million.The new Loral-Carlyle-Northrop offer includes $450 million in cash, $54 million more than Martin Marietta's offer, and $25 million in preferred stock.
BUSINESS
By JAY HANCOCK | August 6, 2003
THE calendar is Wilbur L. Ross Jr.'s friend. He split from his wife, Betsy McCaughey, and withdrew $2.25 million from her doomed New York gubernatorial campaign two months before she lost the 1998 election. He set up a firm to invest in bankrupt companies on April 1, 2000, three weeks after the start of the worst bear market since the 1930s. He clinched a deal to buy LTV Corp.'s steel factories on Feb. 28, 2000, five days before President Bush moved to block cheap steel imports. Last week, Ross disclosed plans to issue stock in International Steel Group, the company he formed by assembling the remnants of LTV, Acme Steel and Bethlehem Steel.
BUSINESS
By New York Times News Service | July 24, 1992
DALLAS -- Loral Corp., a leading military electronics concern, said yesterday that it had agreed to join with Thomson CSF of France in a radically altered bid by Thomson to acquire themissile unit of LTV Corp. for a combined $250 million.Thomson withdrew its $300 million offer for the missile unit earlier this month after the Bush administration indicated it would reject the bid because of worries that the French government, a majority owner of Thomson, might obtain U.S. military secrets.
BUSINESS
By Ted Shelsby and Ted Shelsby,Staff Writer | July 8, 1992
Martin Marietta Corp. is keeping a close eye on French government-controlled Thomson-CSF's restructuring of its offer to acquire LTV Corp.'s missiles unit and is prepared to resubmit its own bid if the opportunity arises, the Bethesda-based company said yesterday."
BUSINESS
By Thomas C. Hayes and Thomas C. Hayes,New York Times News Service | February 4, 1992
DALLAS -- LTV Corp. said yesterday that it had agreed to sell its historic -- and profitable -- aerospace and missile businesses to a new company formed by Lockheed Corp. and Martin Marietta Corp.Terms of the deal were not disclosed, but analysts estimated the price at about $350 million in cash.LTV has been in bankruptcy since July 1986, when it contended that future pension claims of $2 billion in its steel operations were too costly for the company to honor. After a long legal battle, the Supreme Court ruled in 1990 that LTV must pay the claims.
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | June 28, 2001
The deadline for the creditors of bankrupt LTV Corp. and the United Steelworkers of America to renegotiate their contract passed yesterday with no resolution. Talks are continuing indefinitely. The discussions are being watched closely by union members in Baltimore because Bethlehem Steel Corp., which employs about 4,000 people at its Sparrows Point plant, says it will demand that the union grant to it whatever concessions are given to LTV. Bethlehem's current contract with the Steelworkers went into effect in August 1999 and goes through July 2004.
BUSINESS
By Dallas Morning News | July 12, 1992
DALLAS -- Even if Thomson-CSF can restructure its bid to buy LTV Corp.'s missile business, the French defense manufacturerlikely can't win political approval for the controversial acquisition, according to several defense analysts, congressional aides and members of Congress.Since withdrawing its proposal Monday to buy the LTV Missiles Division for $300 million, Thomson-CSF officials have feverishly worked to refashion the deal with a U.S. partner. Thomson is talking with Northrop Corp., Loral Corp.
BUSINESS
By Bloomberg Business News | July 4, 1992
PARIS -- Thomson-CSF, a state-owned French defense electronics company, is looking to Northrop Corp. to help it continue its planned purchase of LTV Corp.'s missile division after strong opposition to the acquisition from Congress and the U.S. aerospace industry."We are exploring possibilities with Northrop," said Colin Boardman, Thomson-CSF's communications director. He declined to give details of the talks but said there could be an announcement soon.Thomson-CSF has been stung by criticism that it would effectively be taking part of the U.S. defense industry into French government ownership and that it could spirit away sensitive U.S. missile technology for the benefit of the French government.
BUSINESS
By Gus G. Sentementes and Gus G. Sentementes,SUN STAFF | January 8, 2003
Bethlehem Steel Corp. likely will not see a better deal than the $1.5 billion offer made Monday by a competitor, leaving creditors and the board few options other than to accept the offer or risk an uncertain future with the steelmaker trying to continue on its own, industry experts said yesterday. Management expects to consult with creditors while wrapping up details of a purchase agreement for the bankrupt company's assets for presentation to the board by the end of the month. If accepted, the offer by Cleveland-based International Steel Group Inc. would then await only the approval of the U.S. Bankruptcy Court.
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | November 7, 2002
When a New York investment firm decided to go after the assets of defunct steelmaker LTV Corp. in Cleveland this year, it was able to make the acquisition without the extra baggage that would have come from buying an operational company, such as health-care payments for retirees, pension payouts or a labor contract with the union. When the steelmaker shut down at the end of December, those obligations evaporated. Now that firm, WL Ross & Co. LLC, is looking at buying all or part of Bethlehem Steel Corp.
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | November 6, 2002
International Steel Group Inc. said yesterday that it is in the preliminary stages of examining Bethlehem Steel Corp. for a possible acquisition. The two sides signed an agreement that gives ISG the exclusive right to perform due diligence at Bethlehem, the first step before buying a company. The agreement expires Jan. 6. Bethlehem's plant in Burns Harbor, Ind., is "the newest integrated plant in North America and has always had a good reputation," Rodney Mott, chief executive of ISG, said in an interview.
NEWS
By Patrick Kerkstra and Patrick Kerkstra,KNIGHT RIDDER/TRIBUNE | October 28, 2002
PHILADELPHIA - Over the last two centuries, abandoned coal mines leaking a toxic mix of sulfuric acid and heavy metals have fouled more than 3,100 miles of Pennsylvania rivers and streams, making them the chief source of water pollution in the commonwealth. Soon, the problem that state officials and environmentalists already describe as "terrible" could get worse, and present Pennsylvania with a grim choice: allow a new tsunami of poisons to contaminate dozens more waterways - or pay tens of millions of dollars a year, every year forever, to control it. `Deplorable condition' "Our streams are in deplorable condition, and they are hardly done paying for the games of the coal companies," state Rep. Camille George, a Clearfield Democrat and minority chairman of the House Environmental Resources and Energy Committee, warned.
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | March 1, 2002
While Brazil's largest steel maker and Pittsburgh-based United States Steel Corp. have emerged as possible purchasers of Bethlehem Steel Corp.'s interests, they are not the only companies that could be looking to buy the company or its plants , industry analysts said yesterday. Officials from the Brazilian firm, Companhia Siderurgica Nacionale (CSN), were in Baltimore this week touring the Sparrows Point plant and discussing its future under Brazilian ownership. Bethlehem officials declined to comment on the visit, but a spokeswoman for the Pennsylvania steel maker said the company has been "pursuing a number of avenues that will lead to consolidation in the steel industry, and we have been speaking with a number of potentially interested parties for several of Bethlehem's facilities, including Sparrows Point."
BUSINESS
By Kristine Henry and Kristine Henry,SUN STAFF | June 28, 2001
The deadline for the creditors of bankrupt LTV Corp. and the United Steelworkers of America to renegotiate their contract passed yesterday with no resolution. Talks are continuing indefinitely. The discussions are being watched closely by union members in Baltimore because Bethlehem Steel Corp., which employs about 4,000 people at its Sparrows Point plant, says it will demand that the union grant to it whatever concessions are given to LTV. Bethlehem's current contract with the Steelworkers went into effect in August 1999 and goes through July 2004.
BUSINESS
By Maria Halkias and Maria Halkias,Dallas Morning News | April 1, 1992
DALLAS -- Nothing comes easy in LTV Corp.'s bankruptcy reorganization.What appeared to be a smooth sale of its aircraft and missiles business to a joint venture formed by Martin Marietta Corp. and Lockheed Corp. may become entangled in a congressional inquiry or even land on President Bush's desk.A competing bid from a French military electronics contractor could delay LTV's emergence from bankruptcy, as issues concerning the sale of classified technology make their way through the legislative and executive branches.
BUSINESS
By Kenneth R. Harney | March 28, 1999
AMERICA'S fastest-growing form of home mortgage financing during the last four years -- loans that exceed the value of borrowers' houses by 25 percent to 50 percent -- has nearly gone bust in the chill winds of early 1999.Pitched on once-ubiquitous television commercials by sports celebrities, so-called "high-LTV" (loan-to-value) mortgages were the rage from 1995 through late 1998 -- jumping from near zero volume to an estimated $12 billion a year.The loans offered borrowers huge temptations to hock their houses to the hilt: Rather than being limited by traditional requirements that the property value exceed the loan amount, high-LTV mortgages encouraged borrowers to push their total debt to 125 percent to 150 percent of the home's value.
BUSINESS
By BLOOMBERG NEWS | December 30, 2000
CLEVELAND - LTV Corp., the No. 3 U.S. steelmaker, filed for Chapter 11 bankruptcy protection yesterday for the second time in 14 years, yet avoided a total shutdown and the loss of 18,000 jobs by getting a last-minute loan. The financing came from Chase Manhattan Corp., said Rep. Dennis Kucinich, a Democrat from Cleveland, where LTV has two steel mills. Kucinich said the agreement allows the company to use accounts receivable for operating expenses for about two weeks. The company has said it needed $225 million.
BUSINESS
By Kenneth R. Harney | March 28, 1999
AMERICA'S fastest-growing form of home mortgage financing during the last four years -- loans that exceed the value of borrowers' houses by 25 percent to 50 percent -- has nearly gone bust in the chill winds of early 1999.Pitched on once-ubiquitous television commercials by sports celebrities, so-called "high-LTV" (loan-to-value) mortgages were the rage from 1995 through late 1998 -- jumping from near zero volume to an estimated $12 billion a year.The loans offered borrowers huge temptations to hock their houses to the hilt: Rather than being limited by traditional requirements that the property value exceed the loan amount, high-LTV mortgages encouraged borrowers to push their total debt to 125 percent to 150 percent of the home's value.
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