Show Pk Halt fake Business ibune Tuesday Morning— September 8 1987 Section D Page 7 For Acquisitions Repossessed Homes Go on Block to Cut HUD Inventory Times Mirror May Change Share Status ’ LOS ANGELES (AP) — Times Mirror Co has proposed substantial changes in its stock to strengthen the power of existing shareholders and provide a vehicle for future acquisitions The proposal will require majority approval at a special shareholder meeting Nov 30 It would give the company three classes of common stock with varying voting rights compared to its existing one class The company has issued 646 million of its authorized 80 million common shares The company’s chairman and chief executive Robert Erburu called the proposal a means “to maintain the continued independence and integrity of its media operations to enhance financial flexibility and to preserve shareholdthe interest of long-ter- ip UO nrinr ir DC Lr nc!' Hlfl !!!! rnr as Oil artist’s rendering shows entrance of Intermountain Health Care’s Medical Mall set to open in 1988 Construction on facility will begin next month An it was not aware of any planned hostile takeover at- 20000-square-fo- Plans are under way on Intermountain Health Care’s Medical Mall 3865 W 4700 South part of a regional project for IHC affiliated hospitals The building will offer a variety of health-car- e services and will be operated by Cottonwood Hospital Medical Center Alta View LDS Wasatch Canyon hospitals and Primary Chil 20000-square-fo- dren’s Medical Center recent groundbreaking ceremony was held for the $2 medical mall with construction set to begin in October according Kim Hansen project manager The facility is scheduled for com8 pletion in The project will be constructed in three phases with the first to in A mid-198- tilda Bay wine cooler for three months But it may surprise some folks in Kansas City and Atlanta where Matilda Bay has been sold as a concoction from the “Tropical Islands” “It’s going to be an interesting pub- By Skip Wollenberg Associated Press Writer NEW YORK Miller Brewing Co gambling that the recent American fascination with Australia is more than a fad has decided to market its new wine cooler as a drink firmly rooted in the Land Down Under That may be old news in Denver or San Diego where Miller has been advertising the Aussie roots of its Ma - lic relations challenge” Miller spokeswoman Beverly Jurkowski conceded Miller announced Friday that it COMPUTER? GcmEWSOOK' IREGISTER MOW llth Annual UTAH CONFERENCE ON ENERGY MINING AND NEW TECHNOLOGY 11 1987 Friday September 8 am- - 3 pm J Security Corp and member American Bankers Association Economic Advisory Committee "The Economic Future of Utah and the United States" Brophy vice president for research University of Utah Charles R Greene director chairman Fossil Energy Technology Science Applications International Corp "National Energy Policy: Trends Rep Wayne Owens member House Interior Commit- and Concerns” tee and subcommittees on energy and environment mining and naTHE IMPACT Or SPACE tural resources and water and TECHNOLOGY ON UTAH 11:10 am 12:20 pm power “A Congressional Perspective on Major Energy Issues" Kenneth L DeVries associate for research College of Endean Laurence H Lattman presidegineering University of Utah nt New Mexico Institute of Mining chairman and Technology "The Future for Energy and Minerals Industries in Don L Lind professor of PhysUtah and the US" ics Utah State University and former space shuttle astronaut TEE STATE OF THE ECONOMY "Utah's and the Nation's Future in 9:45 am 11:10 am the Space Age” David M Bodily associate dean C executive James -- Bryan Johnny State College of Mines and assistant to the commander Minerals Industries University of Ogden Air Logistics Center Hill Air Force Base "Benefitting Kelly K Matthews senior vice Through Hill Air Force Base's president and economist First Procurement Programs” Utah chairman Registration uuh Spouoxd Now Being Accepted By By Engtneerini experiment sutioa iweemityoiuuh ri p pharmacy pediatric speech and hearing clinic community health education facilities health screening programs and back treatment services “Intermountain Health Care has felt strong support from the residents of this area to expand medical services" Mr Hansen said nt taitukcctty UTS4H2 has begun its national rollout of Matilda Bay its first product in the wine cooler category which has exploded from virtually nothing in 1981 to more than $1 billion in sales last year brewer a The Milwaukee-base- d subsidiary of Philip Morris Cos Inc took its time about entering the wine cooler business It decided on a version of a cooler that a sister company Lindeman’s Ltd in Sydney Australia was marketing in Australia Unlike many coolers on the US market Matilda Bay is It is made with premium California wine and a combination of natural and artificial fruit flavors from Australia Miller said But Miller wasn’t certain that it wanted to market the drink as an Australian cooler “We wanted to make sure that the Australian frenzy that people are tying into was not just a fad but would be around long enough for us to identify a product with it” said Mrs Jurkowski Characters with distinct Australian accents are shown at a “boomerang bash” on a beach Sales went well in all four cities Mrs Jurkowski said Meanwhile Miller tested both versions of its Matilda Bay commercials with consumers and found a marked preference for the Australian versions she said “Americans are intrigued by Australians They are perceived as being where Americans were 100 years ago the whole Western mystique" she said The cooler will be introduced in phases across the country through William Slone president of Beverage Media Ltd a New York-base- d trade publishing concern said Miller may be right on target with an Australian approach He said sales of Australian beer and wines are booming in the United States But he said keeping pace with the leaders in the wine cooler business could depend on how much Miller spends to support the new brand Steel “The New Geneva Steel" G Frank Joklik president of Kennecott Corp and member national Strategic Materials Advi- Bell Mr Taylor said the average HUD loan is $60000 while the average price of the homes being offered is $40000 to $50000 Mr Bell noted the homes are absorbed through the HUD insurance fund which is financed through holders of HUD insured properties who pay 38 percent of the mortgage for the insurance “It is not costing the taxpayer any money” Mr Taylor said the office is selling between 70 and 75 homes per month but is getting 120 to 130 through foreclosure Last year the office acquired 869 homes and is expecting 1400 to 1500 this year Last year the local HUD office paid $21 million in sales commissions on about 780 properties and expects to pay $36 million this year NY Limos to Get Cellular Phones - NEW YORK (UPI) Airwaves Communications Network Ltd in conjunction with NYNEX Corp said it will install mobile cellular telephones that accept credit cards in e small limousines in New for-hir- York The service described as the first of its kind in the eastern United States allows passengers to charge calls to a credit card by passing the card through a slot in the phone The credit card data are transmitted to a NYNEX switching center that verifies it and then bills the credit card companies 1 1 “Kennecott's Anderson ers that have just overextended their credit and are unable to make the mortgage payments There has also been a noticeable drop in the number of new families in the state noted Mr We know that people who frequently relocate or buy larger homes require a great deal of flexibility m mortgages and interest rates That's why our Adjustable Rate Mortgages (ARMs) adjust at 3 or 5 year intervals with a choice of terms So you can choose the year interval if you think interest rates are going down Or the 5 year interval if you think they’re going up In many cases too our ARMs have lower initial monthly payments and lower closing costs than our fixed rate mortgages With loans up to $750000 or more available to qualified applicants And prompt conditional approval if you qualify So make an appointment at your Chase Personal Financial Service office You’ll find that our professional prompt service sets Chase apart Joseph A Cannon president and board chairman of Geneva L drink’s origins quite differently Divorce is another reason where one income will not cover the monthly mortgage payment along with the loss of a job and there are some own- FOR THOSE WHO FREQUENTLY MOVE ONWARD AND UPWARD Dee C Hansen executive director State Department of Natural Resources chairman Larry the drink But in Denver and San Diego Matilda Bay commercials depicted the director University of Utah Center for Advanced Coal Technology "New Initiatives in Advanced Coal Technology" Howard R Ritxma consulting geologist and recognized authority on tar sands and other synthetic fuels "Current Data For Commercial Development of Utah's Tar BECAUSE MONEY ISN’T EVERYTHING Sands" Parking available eaat of the Olpin Union in the designated pay lot Parking tickets will be validated at the registration desk Phone Call 204 W Chase Manhattan of Utah Salt Lake City 801-581-63- PLEASE REGISTER HE FOR: Conference and Luncheon ($ lOOO) Conference only ($400) Luncheon only ($800) Check Enclosed m The Annual WritnUKf Rje mj van C 1W Ouse Manhaiuc of I'uh al- ready been appraised and homes can be closed within three to four weeks ADJUSTABLE RATE MORTGAGE LUNCHEON AND MINING SESSION 12:30 pm - 3:30 pm Panorama Room Olpin Union sory Committee New Look” king and recalling how they created lock boxes Mr Bell noted the homes have The chase SPEAKERS AND TOPICS 9:35 am drive-u- Miller tested two advertising approaches in four cities where it made the drink available this summer In Kansas City and Atlanta Matilda Bay was advertised as a drink developed in tropical islands A commercial showed natives of a mythical island paradise gathered around their SF KEYNOTE SESSION: ENERGY MINERALS AND TECHNOLOGY 8:35 am clude physician offices an urgent-car- e facility radiology services a Pnnuro am Miller uui ii v Aussie Fad Sticking Around by Bruce Hammond 15 He cautioned HUD is not trying to disrupt or flood the market with the properties but the price for some homes are below comparable homes in an area because of their condition although not all homes fall in that category Mr Bell said several factors contributed to the recent surge in foreclosures These include the state’s flat economy where owners have no equity in the home because of low inflation and minimal home appreciation and the low down payment paid to initially get in Brewer Introduces Matilda Bay Wine Cooler Duffy ptfPlMNG ot IHC Breaks Ground on Its Medical Mall To Serve Patients in West Valley Area one-tent- WHATSTUEPfcOWm Alan Taylor chief property officer office for the Salt Lake HUD-FHsaid the office had 756 homes when the program began Mr Taylor said the office received 150 properties last month an average of seven homes per day and that topped July as the month with the highest number of home foreclosures “And it the foreclosure rate hasn’t bottomed out yet” said Mr Taylor “but it could be in the next few months” The homes have been acquired over several months and the program is an effort to quickly reduce inventory and the expenses of holding them said Richard Bell HUD office manager For buyers HUD is offering $500 down payments for owner-occupapurchasers 7 percent adjustable rate financing or 9 percent fixed rate mortgages and fast buyer approval through direct endorsement lenders The loans are assumable mortgages A m tempt Under the proposal the existing common stock would be designated Class A common and the authorized number of shares would increase to 300 million ' The company would be authorized to issue 100 million shares of Class B h common which would have only vote per share That stock would be used primarily as a tool for future acquisitions without diluting the voting power of current shareholders The company also would be authorized to issue 150 million shares of Class C common which would carry 10 votes per share Initially one share of Class C stock would be issued as a special dividend to holders of each share of Class A stock Class C stock will not be publicly traded and can be transferred only among family members and close affiliates Officers directors and affiliates of Times Mirror currently own 417 percent of the the company’s outstanding stock including 327 percent held by the Chandler family The Chandlers are among the descendants of Harrison Gray Otis who founded Times Mirror in 1884 Times Mirror publishes nine newspapers including its flagship The Los Angeles Times It also publishes nine managzines and repair escrows are available on some properties Mr Bell said To attract real estate brokers and agents to market the homes HUD is offering $300 to $500 bonuses on selected properties in addition to the usual 6 percent commissions It is also offering a 10 percent commissions on selected properties Mr Taylor said the offers are opened daily and the homes have new combination 30 ers” The company said By TR Dowell Tribune Real Estate Writer The Salt Lake office of the Department of Housing and Urban Development normally the provider of mortgage insurance for residential homes has unwillingly entered the real estate industry — acquiring the 10th largest inventory of foreclosed homes in the country In an effort to reduce that inventory a program of special incentives for home buyers and real estate agents who sell HUD homes has been implemented and runs through Nov |