| Show STANDARD-EXAMINE- COMICS DEAR ABBY STOCK MARKET R THURSDAY JUNE 27 1991 4 BUSINESS EDITOR: 625-424- KOOG TV $ phanges owners Redevelopment status sought By TAMI LATIMER Standard Examiner staff OGDEN — The city will study the block surrounding Mountain Fuel Supply Co over the next few months to determine if it qualifies as a redevelopment area By TAM! LATIMER r staff "Ogden television station KOOG will experience changes this next year due to a change of owners t ) GASES Mountain Fuel wants to modernize facilities Station plans to move antenna to Salt Lake Standd-Examme- BRIEF If it does Mountain Fuel which has no present plans to expand could be eligible for finan- said the president of American Communications & Television Inc a public company headquar- cial assistance to improve its tered in Sarasoia Fla ACTV announced Wednesday that it is selling KOOG and WTCG which serves Savannah Ga to T nves Financial Services Corp in New York for about $19 million said Peter W McTigue ACTV president The deal will be closed in about two weeks after the company’s shareholders and the Federal Communications Commission approve the transaction ACTV is selling the two stations because it has been carrying the assets far below their real value causing problems in trading stock McTigue said ACTV kept sinking more and more money into the two stations and finally decided to sell them to Trivest so money could be invested in more profitable ventures he said SanavO-Examn- facilities The company at 2940 Washington Blvd has been talking about modernizing its facility for more than five years It may consider relocating somewhere m the Weber County area if the cost of adding buildings downtown is too high said Gary KofTord Mountain Fuel center manager The facility built m the 1950s needs more square footage for its 80 or so employees The company also wants a department consolidated on one floor rather than split between two as it is now he said The Ogden Redevelopment Agency has said it will hire a con- sultant to determine if individual properties on the block bounded by 29th and 30th streets between Adams Avenue and Washington Boulevard meet Utah Neighborhood Redevelopment Act blight criteria The study also may include the perimeters of the area business People so improvements can be done on both sides of the street said Richard McConkie the city’s director of business de- Realtor curb-and-gutt- er Janet Tramp affiliated with W a r d I e y velopment Whether residents paint houses or plant flowers will not have any bearing on the study he said Factors out of the owner’s control like cracked foundations inadequate sidewalks and age and condition of structures are considered However designating an area as “blighted" does not necessarily mean the city will buy the property or condemn it McConkie said See BLIGHT on 4E Lay-to- Hills Mall office among people wide was 250 nation- who completed the level curriculum of Floyd Wickman’s Master Sales Academy in Las Vegas The three-da- y graduate course required completion of a intensive sales training course graduate 12-we- REGIONAL Director named BOISE — Mary Cunningham Agee has been elected to the Board of Directors of Key Bank of Idaho Agee is president of Semper Enterprises Inc and executive director of the Nurturing Network Inc She has held executive positions with Seagram and Sons Inc and The Bendix Corp McTigue hopes to have the change of ownership completed by early September Until six months ago McTigue NATIONAL which he said he formed in 1985 with the purpose of exploring the purchase of public companies involved in broadcasting McTigue said he resigned to fairly complete the transaction “Because these two companies are related we felt that we must be overly fair with the other stockholders who own stock m these ACTV stations” he said “When it See KOOG on 4E WASHINGTON (AP) The number of bankruptcy filings jumped 26 percent during the first three months of 1991 as the economy sank deeper into Bankruptcies —up was also president of Trivest I Corp Better Homes and n Gardens’ the recession says the American Bankruptcy Institute allow bank ownership — Bill would WASHINGTON Commercial businesses such as Sears Roebuck & Co and Ford Motor Co could own banks under legislation before the House Banking Committee The panel on Wednesday an attempt to rejected 32-2- 0 delete the historic change from a Bush administration proposal to sweepmgly overhaul the nation’s banking system Company’s expansion turned down By DICK BOWMAN Standard Examiner correspondent Spending rises — PLEASANT VIEW — A possible expansion of Admiral Beverage Corp is caught m a Catch 22 that resulted m the city council voting Tuesday to reject a key rezomng request A public hearing before the 2 vote brought m 43 residents most of whom favored Harold T Jones’ request to rezone 95 acres of land from agricultural to commercial use Jones planned to eventually sell the land to Admiral Beverage fawhich has an cility at 2751 N 1000 West The company however won't enter into a purchase agreement until Jones’ land has been rezoned And the city council has said it will not approve the rezomng until it gets a specific proposal of what the beverage company intends to do with the site Weighing on the controversy is the adamant opposition of former Mayor Peary B Barker’s family Barker his son Kenton P Barker and Rodney G Garner all live on 100 West along the east side of the street across from Admiral Beverage The family complained that the business which cans warehouses and distributes soft drinks is too noisy already with trucks coming and going 24 hours a day “The city has stopped me from selling my property" Jones said He has presented the council with a petition of 138 signatures in favor of the rezomng but to no avail “I’ve been turned down twice by the city council — the first time for trying to sell Admiral Beverage 30 acres and the council said ‘That’s too much This ime it has been reduced to 95 acres" he said Gamer who lives closest to Admiral Beverage said he objects to any change “We were there before Admiral Beverage and my appeal is that I don’t think that Robin Hood should exist in our community in terms of stealing from me" 3-- 80000-square-fo- ot son-in-la- w HEATHER STONEStandard-Examme- WASHINGTON Consumer spending surged 11 percent in May according to a government report today that contained the strongest evidence yet the economy was beginning to recover from recession r Kimberly Anderson manager of the Balloon Bunch hopes the city’s blight study blows over so her store can stay where it is Neighbors mixed over possible changes Residents merchants may be moved By TAMI LATIMER Standard Examiner OGDEN — Property owners and tenants near Mountain Fuel Supply Co downtown have mixed views about the company’s plans for the area The city is preparing a blight study for the area bounded by Washington Boulevard and Adams Street and 29th and 30th streets the block on which Mountain Fuel sits W hile blight studies usually precede a redevelopment project Mountain Fuel officials say they would probably not ask the city to condemn any properties because many property owners have said they would be willing to sell at the nght price Clark Rose owns a Washington Boulevard commercial building that rents to about eight businesses Mountain Fuel has indicated it would like to buy his property because building along Washington would make the company more visible to the public Rose said if the company made an offer at fair market value he would take them up on it “If my tenants wanted relocation assistance I would approach Mountain Fuel about it but I really don’t think they would have a problem" Rose said “They could just move to the building across the street” Rose however does not own any buildings across the street But Kimberly Anderson manager of the Balloon Bunch at 2958 Washington Blvd said being forced to relocate from Rose’s building could end the business that has been in that location since 1984 Also parking and low rent is difficult to find in that area she said “We get a lot of walk-i- n customers here” she said “People go over to Aztec Copy and they can see us through the glass and they come over to see what we have This is a really good location We don’t want to leave it" It would take Wedding Arts at 2946 Washington Blvd a couple of years to recover from a move said manager AC Hekkmg But he could do it “We’ve been here a lot of years since about 1952 but there are plenty of spaces to move into here m Ogden” he said “But it would affect business for about two years That’s usually how long it takes whenever you relocate It’s not something I look forward to" Laura Andrus is buying the house on the corner of Adams Avenue and 29th Street She is willing to sell the house to Mountain Fuel now depending on the WASHINGTON — A Utah state regulator illegally allowed a Utah chartered savings comand loan to convert to a mercial bank in an effort to block a federal takeover of the Institution a federal court judge ruled Wednesday U S District Judge David K Winder in Salt Like City ruled that the June 19‘0 conversion of Home Savings Bank Salt Lake City without the approval of the Office of Thrift Supervision is “null and vo’d" and upheld the subsequent receivership of the state-charter- SAL federal regulatory process by encouraging then approving the conversion without seeking the required OTS approval In granting Ryan’s request for a declaratory judgment against Sutton W'inder also dismissed a separate lawsuit filed against Ryan by Home Mortgage Bank which was the new name adopted by the converted SAL “We are pleased with this decision" Ryan said “Our purpose was to confirm OTS’ authority to secure the safety and soundness of the SAL industry Home Savings was deeply insolvent Its continued operation in any c form would have incurred great taxpayer nsc " Sutton said he thinks the case is unique and the decision limited “The fact is that it was cntialy legal" he said The key issue he said was whether the OTS had wrongfully taken over the mortage cx-p- OTS Director Timothy Ran fled suit against George Sutton commissioner of the State of Utah Department of I inancial on July 6 19V0 one day after OTS placed Home Savings in receivership The suit allegid that Su cm interfered with the Insi-tutio- ns A i i A ' A “ V ft X £ 4 H! jr Swiss buy fighters LOUIS — y The Swiss ST government plans to spend $2 billion to buy 34 new FA-1- 8 fighter jets from McDonnell Douglas Corp the company fftu W t X r tip S - announced Wednesday The plane was selected over made by General the Dynamics Corp Sweden’s F-- ' f and the French Mirage said McDonnell Douglas spokesman Lee Whitney JAS-3- 9 2000-- 5 L f fcA Laura Andrus sits with her son Shawn and friend Amy at her home at 29th Street and Adams Avenue offer “If it’s fair I sure would" she said “This house needs a lot of fixing up about $4000 or $5000 worth I’d say As far as I’m concerned they can take it I’d gladly sell it at the market price We bought this house as a ‘deal’ Look how the front porch sags It’s definitely a Carl Manzel who owns the house at the comer of 30th Street and Adams Avenue also would sell if approached with a fair market value offer fixer-uppe- r” Martu-rell- o “I’d rather have a nice new Mountain Fuel building than this old thing" he said “I’m always willing to sell but at a fair pnee" Sam Stanger who owns two rental houses on the block thinks Mountain Fuel should easily acquire property The block has about six vacant houses with several others up for sale His tenants could easily relocate because he has other rental houses and the market as a whole has many rentals Stanger said ‘null bank “The judge ruled they did have the authority to seize it" Sutton contended the institution could have been rehabilitated but for OTS intransigence and that OTS did not have legal authority to seize the institution even if it were in trouble Winder’s ruling stated that although Utah law appears to authorize such a conversion Mate law is superseded by federal law which requires OTS approval of the conversion The judge rejected Home Mortgage Bank’s argument that the cotv'ersion is authorized by certain provisions of the I inancial Institutions Reform Recovery and Lnforccmcnt Act of I9b9 “W'cre state financial officers able to apconversions like the one prove attempted in this case they could seriously weaken OTS regulation and oversight of last-minu- NEW YORK — The Manhattan district attorney’s office is conducting a preliminary inquiry into what happened to money that was supposed to fund the advertising industry’s 1991 Clio Awards 7TT 3 Judge rules conversion of savings and loan Business Wire Clio inquiry begins and void’ savings associations" Winder said "Surely Congress did not intend such a result " On May 18 1990 OTS signed a receivership order for Home Savings and notified Sutton As required by law Sutton had 30 days from that dale to approve or to state reasons for disapproving the grounds for the teccivership bciorc the federal takeover was consummated Sutton did not respond to the order but instead on June 19 notified Rvan that he had approved the conversion of H rue Savings to a bank WORLD scandal Japan TOKYO — The disgraced presidents of two Japanese brokerage houses — one of them the world s largest — stepped down today after apologizing to stockholders for a growing scandal involving shady financial deals Stockholders at the annual meetings of Nomura Securities Co and Nikko Securities Co asked repeatedly about the questionable deals which included compensation to wealthy clients for investment losses and dealings with gangsters CONSUMER TIPS statc-ehartcr- state-charter- On July 5 OTS placed the insolvent Home Savings in receivership Its condition was due primarily to consistent losses a hi h cost of funds and a hqh level of nonprrlorming assets The following day yan sued Sutton Livestock brands The 1991 Utah Livestock Brand Book the first in the nation to include phone numbers with each brand is on sale at the Utah Department of Agriculture for $25 per hardbound copy The price includes postage and handling plus all updates issued In the next four years Send a brief letter of request to Utah Department of Aqnculfure Animal Identification Bureau 350 N Redwood Road Salt Lake City 84116 — Standard Examiner staff id wire services |
