BIZWATCH : MEMO.MARKETS CLOSED: U.S. and most foreign financial markets were closed Friday in observance of Good Friday. They will reopen Monday. HAMLET ACCEPTS KOO KOO ROO roo Noun pl roos Austral informal a kangaroo OFFER: Hamburger Hamlet Restaurants Inc. has agreed to sell 14 of its restaurants to Koo Koo Roo Inc. for $11.45 million. A Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. hearing has been set for April 18 for the deal. Another party can still make a bid on the Sherman Oaks-based Hamlet before the hearing, officials said. But any new bidder would have to top Koo Koo Roo's offer by at least $600,000 plus pay a breakup fee breakup fee A provision in a takeover agreement that requires a firm to pay the investment banker a large sum of money if another firm takes over the target company. A breakup fee tends to discourage other firms from making bids for the target. to Koo Koo Roo for $350,000. MARTIN LAWRENCE OFFERS REORGANIZATION PLAN A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. : Van Nuys-based Martin Lawrence Limited Editions Inc., which filed for Chapter 11 bankruptcy protection in December, said its creditors are supporting a reorganization plan that gives Chalk & Vermilion Fine Arts LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control control over the retailer. Chalk, the company's largest secured creditor One who holds some special monetary assurance of payment of a debt owed to him or her, such as a mortgage, collateral, or lien. , would exchange its $1.2 million debt for all the equity of the reorganized company and set aside $525,000 for payment of general unsecured claims, while existing common and preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. would be worthless. The company said it will seek alternatives but will support the proposal if no other plan emerges by April 16, the expiration of the period during which only the company may file a reorganization plan. CHINESE THEATRE MAY GET COMPANY: The area flanking Mann's Chinese Theatre may give rise to two entertainment and shopping complexes under plans unveiled for two ambitious redevelopment projects. Toronto-based TrizecHahn Corp. hopes to erect a $145 million retail and entertainment center to the east of the historic Chinese Theatre on Hollywood Boulevard. And a local partnership plans to build a smaller complex to the west, where a parking lot now stands. Although lofty redevelopment plans for the same site have fallen through in the past, city officials are optimistic, and supporters say many factors are pushing the area to the brink of revival. PACTEL'S DEAL HINGES ON REBATE: Pacific Telesis Group's acquisition by SBC (1) (SBC Communications Inc., San Antonio, TX, www.sbc.com) A large, national telecommunications company that grew from a multitude of local and regional companies, including Southwestern Bell, Pacific Bell and Nevada Bell, into a single, unified brand by 2002. Communications, Inc. is expected to be approved Monday when a final plan is agreed upon to pass to customers the savings that result. Three proposals are on the table but at most, they would translate to rebates of $37 per customer over several years. The Federal Communications Commission Federal Communications Commission (FCC), independent executive agency of the U.S. government established in 1934 to regulate interstate and foreign communications in the public interest. , the Justice Department and the California attorney general The California Attorney General is the State Attorney General of the government of the state of California in the USA. The officer's duty is to ensure that "the laws of the state are uniformly and adequately enforced" (California Constitution, Article V, Section 13. have all signed off on the plan to combine the two Baby Bells into one of the largest phone companies in the United States. PC GIANTS TO DEVELOP HOME THEATRE STANDARDS: Intel Corp., the world's biggest maker of computer chips, and Compaq Corp., the biggest maker of PCs, are teaming up with major electronics companies to develop standards for big-screen entertainment devices known as PC Theatre. Their hope is to have compatible products that will enable consumers to hook up to a system that controls home entertainment products from television to digital video disc See DVD. Digital Video Disc - Digital Versatile Disc players and stereo systems. The devices also will let users browse the Internet, play videogames, and communicate over phone networks. Joining in the effort are electronics companies like Hitachi Ltd., Toshiba Corp., Mitsubishi Electric Corp., Philips Electronics NV Philips Electronics NV in full Royal Philips Electronics NV Dutch Koninklijke Philips Electronics NV Major Dutch manufacturer of consumer electronics, household appliances, lightbulbs, and imaging equipment. , and Thomson Consumer Electronics. TRANSAMERICA SETTLES LAWSUIT: The San Francisco-based insurer agreed to settle a class-action lawsuit by issuing policy discount offers, and said it will take a $20 million charge for attorney fees and expenses related to the suit. Transamerica valued the policy discounts at as much as $135 million. It said the discounts won't hurt earnings and it doesn't expect to take any more charges. The suit, filed in November 1995, alleged Transamerica's Transamerica Occidental Life Insurance Co. subsidiary didn't warn policyholders about the interest-rate risks of their life insurance packages and the company misrepresented them as retirement savings plans rather than life insurance. Transamerica said policyholders can either buy new policies at a reduced rate or have their current policies discounted. CAPTION(S): Chart Chart: (Color) BIZ FACTS STILL NOT EQUAL Estimated earnings of women as a percentage of men's earnings, by age group, 1993: Knight-Ridder Tribune Graphics Network |
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