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Show I TAH iwiVEfiSlTY OF i' UBHABicS JAN 1 7 1978 Getting set for checking accounts Whats in a name . . . The Obscure and Secure Sandwich Company appears to be neither according to a petition filed for court "Credit unions can never be protection under Chapter 11 of the federal bankruptcy laws. Obscure and Secure, dba Trolley Stop, a sandwich shop across the street from Trolley Square, filed the Chapter 11 petition this month claiming to have assets of $3,500 and liabilities of $15,750. The restaurant is owned by Coordinated Financial Services and about 12 limited partners, a Coordinated spokesman said. Obscure and Secure filed a Chapter 1 1 bankruptcy in federal court earlier this month and hopes to sell the restaurant to "pending buyers" early this year, the spokesman explained. Of the liabilities, $2,477 is owed to Trolley Square, landlord of Trolley Stop. Trolley Square filed suit against Obscure and Secure this month in district court, but Obscure moved for dismissal since the bankruptcy petition had already been filed. I. s $ ' ' a real threat to banks until vs - :, . Sfs . had already learned Utahs largest credit union, Credit Employees Union, based in Ogden, was (See skies. Sixty days later, he looks out the same window at the fog settling in for the holidays. "Geez, theyre starting a central bank for credit unions? A real central bank?" He settled back in his chrome and credit union equivadrafts lents of checking accounts to its 88,000 members ( Enterprise, Dec. 19). While it still appears FECU is months away from initiating a program, the announcement caused a ripple Schocker . , ; 'f .V v V. - The new organization of credit unions provides liquidliquidity ity for its members of a finite money supply that they have their own central bank and can offer checking accounts," said a Salt Lake financier, looking out his window at Utahs clear autumn leather chair. The fog thickened and swirled, obscuring briefly the First Security Bank ?' t neon sign flashing at 1st South and Main. r &W.' r , f . . : C ? : Vr ' v ; f. Ai-- S , v, , Federal considering offering share Utahs among money men. , But last week the Enterprise learned a group of representatives from a variety of Utahs "It is a liquidity facility, with some portions of the a 3 C & a o' o Let your hair down after Christmas as- sets of each member credit union going into it," said James J. Dawson, general manager of FECU and the man elected by other credit union representatives to guide the new "central bank" for the credit union through its first and formative steps. Other officers elected are Mary Damron, manager of the Utah Central Credit Union, vice president; and Blaine Anderson, manager of the Universal Campus Credit Union (Brigham Young University), secretary. "Its a move to make credit unions more a part of the central network for the money market," said Dawson. "Were finally being Along with the tinsel and holly, down will come retailers holiday displays after New Years . Ev Gray of the Retail Merchants Association believes Salt Lake stores enjoyed a record season this year with retail volume good and brisk. Despite a letter to the city office saying Construction collec- tivized," was the Salt Lake money man's response. "Credit unions don't pay taxes." losses and is unable to meet all current obligations when they become due," neither Robert Schocker nor his bonding agent are worried about financial difficulties. Schocker s letter, dated Nov. 25, directed the city to make all contract payments to the firms bonding agent. United States Fidelity and Guarantee, for both the 11th Avenue park project and demolition work at the Salt Lake International Airport. Each project was estimated to be worth about $450,000. "Its just a matter of cash flow, "the president of the 20 year old construction firm told the En terpris e. "This year we incurred $3 million in losses on jobs due to misrepresentation by federal agencies and are just waiting for our claims to come through." Schocker would not specify which projects were involved. Roger Baird of United States Fidelity told the Enterprise his company will pay subcontractors until all claims have been answered. "There is no cause for worry," Baird added. Vince Houtz of the city engineers office said Dont expect much from OSHA reform Small business people all over the country probably breathed a sigh of relief when the Labor Department announced plans to eliminate 1,100 "nit-pickin- g and picay- une" job safety rules. But a careful examination of those 1,100 rules and a look at the thousands and thousands that remain on the books show business people need not hold their breath waiting for relief. VOLUME 7 NUMBER 27 equipment. This whole announcement is realty a public relations ploy, In fact, few regulations have been eliminated. Most of the 1,100 were simply cut from the books of the Occupational Safety and Health Administration (OSHA) because they were obsolete or duplicated regulations already being enforced by some other agency. Net benefit for the business person: zero. Example: Dr. Eula Bingham, assistant secretary of labor, said OSHA is revoking all the rules dealing with cooperage, baking equipment and laundry machinery and MONDAY, JANUARY 2, 1978 Co. has "incurred substantial Utah. , 13) says city Schocker Liquidity facility CUs, page okay engineers 300 credit unions have been meeting to work out details of what is called the "Corporate Central Credit Union of - i ' s iKv.- He But not for a minute docs the government intend to let those industries go unwatched. It just decided specific al- though the paperwork has doubled "since there arc now two parties to please," faith in the financial stability of Schocker Construction has remained constant at his office through its current difficulties. "The company is well es- regulations for those particular businesses were redundant and could just as easily be enforced through general industry standards. tablished and has been "This whole announce- Houtz attributed rumors of Schockcrs difficulties to a (See SCHOCKER, page 4) ment is really a public rela-(Sc- c OSHA, page 8) around too long for it to go under at this point," Houtz said. "We anticipate working with them in the future as we have in the past." 50 CENTS |