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Show Sunday, September Business THE HERALD, Provo, Utah, 11, 1988 in the stock markets and the business world. 25 Page Saw Utah Financier makes $1.2 billion buy offer for UP&L SALT LAKE CITY (AP) Utah financier Ian (dimming has made a $1.2 billion cash bid for majority interest in Utah Power & Light Co., an attorney has confirmed, but he declined to discuss how the deal would be financed. The offer is about $600 million less than one accepted by the utility a year ago from Oregon-base- d PacifiCorp. UP&L spokesman Dave Mead said the privately held utility, in the process of vacation, and his New York office referred calls to a Salt Lake attorney, Stephen D. trying to gain approval for the merger with PacifiCorp, refused to comment on the less than 67 percent," Swindle said. Swindle said it would be "premature to discuss" how the acquisition would be financed. Wall Street analysts were baffled why Leucadia would be interested in the regulated utility. "I don't seek any significant earnings growth over Swindle. offer. Swindle said Cumming made the offer through a letter to UP&L directors in June. The lawyer confirmed the bid is a cash offer of $30 per share for at least 67 percent of UP&L stock. "We indicated as a condition of the deal we would not Cumming, who lives Ln Salt Lake and is chairman of National Corp., a New d holding company with sales of $320 million in 1986, could not be reached for comment Thursday. A secretary in his Salt Lake office said he was out of state on Leu-cad- ia York-base- be the next few years as a stand-alon- e company," said interested in acquiring Mark Luftig, an analyst for Salomon Brothers Inc. "If he raises the money with junk bonds, where is he going to get the money to repay it?" said Ed Tirello, an analyst with Shearson Lehman Hutton. "This is a regulated utility, and you just can't raid the treasury to repay the bond interest." Junk bonds are high-yiel- d, speculative bonds often sued to finance takeovers. is- SEC portrayal of Boesky draws skeptical response Irene J. Draney Rogan L. Taylor Gregory W. Williams By RICK GLADSTONE AP Business Writer NEW YORK (AP) A theme underlying the govern- - Kevin Barnes ment's unprecedented civil Keith Hightower Bill Miller Trends Floral shop Creative Contact, a floral, craft and gift shop, 440 North University Ave., Provo, is having its grand opening, according to owner Irene J. Draney. The store was previously located in University Mall, Orem. The store features special services such as wedding flowers, wall decorations, creative silk and dried arrangements, a window de- signer, special occasion decorations, and general crafts supplies. Draney has 22 years of teaching and taking classes. She taught clases out of her home for the city, PTA and church. She worked at Creative Trends for three years at University Mall. She owned Creative Contact for 20 months in University Mall. She is married, has four children and lives in Pleasant Grove. Physical therapy Rogan L. Taylor, president of Spine, Orthopedic & Sports Physical Therapy, Jamestown Square, 3355 N. University Avenue, Suite 100, Provo, is pleased to announce the addition of a new partner, Brad D. Pearson, M.P.T. Pearson received his B.S. from Brigham Young University where he graduated with honors. He obtained his graduate training from the U.S. ArmyBaylor University Program and graduated with a Master's degree in physical therapy. He has served as an officer in the Army for 5 years obtaining the rank of Captain. He was stationed at Madigan Army Medical Center for the past ZVi years working as an Army physical therapist. He was awarded the Army Commendation Medal shortly before leaving Washington for his service which included Chief Physical Therapist, U.S. Army Medical Clinic No. 1. Pearson is a native of Provo. He married Cathy Brower of Black-foo- t, Idaho and they have two children. They plan to make their home in Provo. Underwriter Gregory W. Williams, Educators Mutual Insurance Association, has earned the Chartered Life Underwriter (CLU) diploma and professional designation from the American College, Brynmar, Pa. The CLU designation is awarded to persons who complete and demonstrate proficiency in a program of study and examination and fulfill rigid experience and ethical requirements. Williams has been associated with Educators Mutual since 1983. Prior to joining Educators Mutual he graduated from BYU in education, was a teacher and coach in Jordan School District and did graduate work in business management and finance at the University of Utah. Since entering the insurance business he has earned his Life Underwriters Training Council Fellow (LUTCF), the National Quality Award from the National Association of Life Underwriters in Washington, D.C., qualified for membership in the Million Dollar Round Table, and consistently been his company's leading agent. His office is located with the Bonneville UniServ offices', a subsidiary of the Utah Education Association, 1113 South 800 East in Orem. Stouffer Foods Stouffer Foods is pleased to announce the following organizational changes: Kevin Barnes has been promoted sharply with the now imprisoned speculator's earlier image as a shrewd, ruthless speculator. More likely, they say, is that Boesky and Drexel had a mutually beneficial relation- The mammoth lawsuit, filed in federal court here Wednesday after an investigation lasting nearly two years, in effect asserts that Drexel had a secret pact with Boesky to cheat the firm's clients, profitably trade on inside information, manipulate stock, he to the government and falsify records. But as outlined in the SEC complaint filed in federal court, Boesky appeared to be acting in a subservient role during many of the allegedly illegal transactions. For example, the complaint asserts, Drexel and its star warehouse operation. Kevin joined Stouffer's as a call-i- n in May of 1986. Since that time he has held the positions of warehouse person and lead person. He and his wife Janalee live in Provo. Jane Hightower has been transferred from the Stouffer plant in Gaffney, S.C. Hightower is a research technologist and has been with Stouffer's since September of 1984. Keith Hightower has been promoted to plant engineering supervisor. He also transferred from South Carolina where he has worked since January of 1985. Keith and Jane live in Orem. Bill Miller, who also transferred from South Carolina, has been promoted to industrial engineering manager. ship, assuming the accusations leveled by the Securities and Exchange Commission are accurate. "Frankly, I'm very skeptical that Drexel was the manipulator behind the scenes of Ivan Boesky," said Sam Scott Miller, a partner in the New York law firm of Orrick, & Sutcliffe and a member of the Securities Industry Association's trading practices committee. "It's true in the securities market generally that people work together in all kinds of ways. Transactions are sel- Her-ringt- on to assistant teamleader in our A pant," he said. "So it's possible that Boesky could be an agent technically for some accept, since it contrasts Jane Hightower Analysis h, lawsuit against Drexel Burn-haLambert Inc. is that the junk bond pioneer used convicted insider trader Ivan F. Boesky as a stooge for cheating and illegal profiteering. But some securities lawyers find that idea difficult to m Mike Reinhard Cos., Pacific Lumber, National Gypsum, Stone Container, Diamond Shamrock, Fisch-bacMGM-UEntertainment and MCA. The SEC asserted that Boesky served as a front for dom isolated to one partici- - Drexel purpose in dealing with Drexel, but I'd say the converse is likely. That fact doesn't lead me to conclude Drexel was a puppeteer in this role." equally chief, Michael junk-bon- d Milken, used Boesky's organization improperly acquire or manipulate the common stock in Harris Graphics, ial Petroleum, Storer Communications, Wickes approximately 200 hoteliers supervisor. Reinhard has been with Stouffer's as an industrial engineer since December of 1986. He and his wife Jenny live in Provo. UPA president WASHINGTON, D.C. - Grandey was elected president and chairman of the Uranium Producers of America (UPA). He succeeds Robert Luke. Grandey is president of Energy Fuels Nuclear, Inc., an independent domestic uranium company with mining interests in Arizona, Colorado, Wyoming and Utah. He is a mining engineering graduate from the Colorado School of Mines, and holds a law degree from Northwestern University. Luke is vice president of Kerr-McGCorp. and has been president and chairman of UPA since the organization was formed in May 1985. He will remain a member of the board of directors of UPA. Under Luke's stewardship, the UPA gathered bipartisan support in Congress for legislation to revitalize the U.S. uranium industry and create a competitive enrichment enterprise. Engineering - CITY The Consulting Engineers Council of Utah o (CECU) has named John L. as council president for 1988 Pro-basc- 89. Probasco, who is employed by Bush & Gudgell Engineers, served as vice president for the council during 198788. Also appointed to the board of directors were Dee J. Wamsley, Walter B. Jones, president-elect- ; vice president; John D. Frank as treasurer; J. Frank Bonell as national director. CECU is a founding member of the American Consulting Engineers Council and is comprised of consulting engineers and engineering firms from the state of Utah. day-to-d- ay Holf tha honlr rptain hisl loan committee and function in an advisory capacity. what many people have been talking about for the last couple of years," Rep. Edauward Markey, thor of a proposed law to tighten penalties for insider trading and other securities fraud, said after the SEC action was announced. "Boesky looked like the middle- man." Nevertheless, other legal experts dispute that portrayal, partly because it is so inconsistent with Boesky's historical prowess at stock speculating. positkm on board of and Jit--i i .thefHr ) the" Anderson I I T. Glen Anderson started his banking career in 1939 when he was first employed as a teller and bookkeeper. He moved up through the ranks filling most positions in the bank until he became president in 1975. In addition to his service at the bank, Anderson has given a wide variety of service to his profession, church, country and community. He served in the U.S. Army from 1942 to 1945 with service overseas in Italy. H has been director of Utah Bankers Association two different times and is presently a member of the legislative committee for the Utah Bank-- , ers Association. He has served as an Ameri- can Fork Councilman Call Accountemps, the specialist in accounting and bookkeeping temporaries. 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The keynote speaker is Bob Hazard, president and CEO of Quality International, Inc., the world's third largest lodging chain. ee SALT LAKE the tors WITH CATERING Jerry in- for the past 13 years, has announced his retirement from If the portrayal of Boesky as little more than a corrupt Drexel agent is true, it would suggest the government's crusade against Wall Street corruption is shifting more toward outwardly legitimate activities of big investment banking firms and less on errant individuals. "This is the final phase of of Wyoming. Owners-Manage- 18 Glen T. Anderson, president of the Bank of American Fork laws. from Utah, Nevada, and parts Lynn & Marilyn Crandall, of the Former mayor set to retire will Miller started with Stouffer's in Solon, Ohio, in June of 1979. He now lives in Lindon. Mike Reinhard is assuming the responsibility of production control 16 Luftig speculated it might be acquired with the idea of merging it with another company. "To me that is a possible avenue for a profit. But there is a lot of regulatory morass." stances in which Drexel and four of its employees are said to have violated securities Hoteliers convene in Park City "Round Up in the Rockies," the Utah Hotel Motel Associa-tin'- s 4th annual convention and trade show will be held at the Park City Olympic Hotel, Wednesday through Friday. The convention will bring in in "You can't raise the dividend much higher. You certainly can't fool around with the rates ... so it doesn't make much sense to buy it," Tirello said. "It is only valuable to another utility." East 33(H) South. Salt Lake City. IT M 15 4M..I700 363 North University Ave.. Provo. LT 374 - 9340 Esnc |