Show wycf ouiiiwuuUAaii r iwcduo w iwf Business assets CFS trustee still trying to untangle finances SALT LAKE CITY (AP) — Eleven months after XTS Financial Corp filed for Chapter 7 bankrupttrustee charged with liquicy the dating the company still is trying to untangle its intricate financial structure and identify assets I Duane H Gillman a Salt Lake attorney specializing in bankruptcies was named trustee shortly after the bankruptcy petition was filed with the US Bankruptcy Court on March 6 1986 “This is an unusual case not only for its size but for its complexity" Gillman said “CFS organized 411 different partnerships and many of them had relationships with the company While there are not a lot of trade creditors in the classical sense you do have numerous individual creditors most of whom were investors" The financial problems of CFS which marketed real estate investments became publicized after : : Kathleen Sheets the wife of CFS president J Gary Sheets and Steven F Christensen a former CFS officer were killed by bombs Although documents dealer Mark W Hofmann recently admitted the slayings investigators initially looked into the possibility that the explosives were planted by a disgruntled CFS investor The company had notified its clients just two weeks before the bombings that it was insolvent Gillman said he now has on hand about 5 13 million that has been raised through the liquidation of CFS assets and he expects much more to be secured At the time of its bankruptcy CFS listed debts of $174 million and assets of $93 million Gillman said he investigating 80 to is cases 100 of possibly fraudulent transfer of CFS assets that took before the company’s collapse He place also is “I'll estimate that eventually I'll have to file 25 to 30 complaints" he said A federal grand jury and the FBI have been examining documents from CFS A fraudulent transfer takes place when assets are transferred or sold for less than their actual worth “A lot of times in the case of a fraudulent transfer there is not intent to defraud" Gillman said “In many instances assets get sold for less than they are worth because the company is feeling pressed for time and is desperately in need of cash" Gillman said he has demanded on the behalf of The grand jury has been looking into the CFS matter since at least October when US Bankruptcy Court Judge Glen E Clark signed an order based upon a stipulation between the US Attorney’s Office and Gillman that the contents of documents in the possession of the grand jury would not be made available to the public or creditors until permission was given by either the US attorney or federal courts Iomega furloughs part of work force Ogden editor business dustry that has seen Iomega experience a steady erosion of its profits during 1986 The first step was taken last September when Iomega announced it would indefinitely defer salary increase for all of its 1300 employees This was followed by a 10 percent reduction in work force in late December headquarters in Stamford Conn said the 195 workers are being furloughed to permit tooling up for production of a new 5 Vi inch 20 megabyte Beta 20 disk drive which it sells to manufacturers of original computer equipment The company said the retooling will e include bringing new process equipment and modification of existing equipment to improve production yields of the new disk drives By CUFF THOMPSON ROY — Another move to shore up its posture in the weakening computer infurk dustry has resulted in a lough for 195 workers at the Iomega Corp Roy manufacturing complex The company said the workers representing more than 10 percent of the work force will be furloughed without pay until Feb 23 but that those who wish may take the time off as vacation Iomega employs about 1130 workers at its Roy complex where it produces a family of high performance cartridge-base- d p mass storage products for computers based on its patented Bernoulli technology from corporate An announcement in January Chairman David J Dunn reported Iomega’s 1986 earnings of $63 million less than half of the $15 million recorded in 1985 despite a substantial increase in sales Dunn also announced Gabriel Fusco had resigned as chief executive officer of the company but would remain as president with primary responsibilities for marketing and customer service A spokesman said the company also plans to modify certain supplier processes in another move to improve production yields This is another in a number of steps taken by the company as a result of stiffening competition in the computer in- - Group issues new plan for thrift takeover SALT LAKE CITY (AP) — The Bennett Leasing Group which had proposed merging Utah’s five troubled thrift and loans into a single federally insured bank has submitted a new proposal officials say Details of the plan were not immediately available from either the Utah Department of Financial Institutions or Stock report Monday’s closing Dow Jones avg 30 Industrials 217942 Close Up 2138 NYSE Volume Profile be merged into a single entity to be known as Olympus State Bank That earlier proposal was rejected by the regional office of the Federal Deposit Insurance Corp when the office said it would recommend to the FDICs board of directors in Washington that federal insurance not be given to Olympus State Bank attomeys representing the Bennett Leasing Group investors But Bennett attorney Randon Wilson described the new plan as a “good proposal that could help a lot of the depositors” He said however the proposal is not as extensive as the group’s earlier proposal which called for the five thrifts to PE Sales Las! said its Department composite of leading indicators for December rose by 21 percent the biggest increase since January 1983 Analysts warned however that the report re- flected factors temporary such as a rush to beat tax law changes rather than any significant economic rebound The government also home said sales rose 127 percent while factory orders Mere up 21 percent in December The NYSE composite index of all its listed common stocks stood at 15786 up 041 The Amex index was up 075 at 30490 d He said United Savings and its Western Mortgage Loan subsidiary made loans totaling $583012448 to 9465 customers to buy building or refinance homes during 1986 “In addition $97226684 was provided to developers or investors to building or buy office buildings apartments shopping center industrial parts etc” Goddard said “Although a large percent of loans was to refinance existing loans at lower rates our loan servicing portfolio increased from $228 billion to $247 billion during the year" he said Goddard said United Savings had a 354 percent return on assets during fiscal 1986 which ranked it ninth among the nation’s 732 financial institutions in the nation with assets between $100 million and $250 million “During the same period United ranked first in profitability of all savings and loans in the Federal Home Loan Bank 12th district which includes Utah Idaho Washington Wyoming Montana Oregon Alaska and Hawaii” Goddard said NorfkSo Nortek a NAPhll NoestlH 17$ NlndPS NoStP s Nortrp 120 Norton 2 Norwst 348 Nynex OhioEd 182 OkiaGE ONEOK 25$ OwenC n Ownllls Oxford PacGE PacLtg PacTel Pacitcp 240 PanAm 88t Patten Penney PePL 2 Penwlt Penniol PepBoy XI J4 PepsiC PerkEI $0 Ptizer MO PneipD PhuaEI PhnMr a PhilPet JO Phtcrp n Ptlsbv a PttnyB I J$ Piftstn Poterid PortGC 18$ ProcfG PSvCoi 2 PSInd PSvEG 29$ Puget P 17$ PulteHm Pvro QuakO I GuaxSO JOa Ouestar M0 t Market at noon Commerce Ogden-base- United Savings and Loan Association Profits totaled $5495065 up from $42 million the previous year Chairman John B Goddard told stockholders of the financial holding company at their annual meeting here Goddard said this earnings figure was achieved despite adding $528429 to the company’s loan loss reserve fund Capital reserves and retained earnings increased from $22046426 in 1985 to $27888802 at the end of 1986 he said “This gives United Savings a net assets ratio of 13 percent” Goddard told stockholders V Chg graphic the A substantial increase in both profits and loans during 1986 was reported today by - composites up 237 NEW YORK (AP) — Stock prices were mixed today as traders pondered the impact of various economic reports and the effect of the treasury’s financing on the course of interest rates At noon the Dow Jones average of 30 industrials was up 239 at 218181 Volume on the Big Board came to 9677 million shares against 7709 million shares at noon Monday Advancers led dedi-neby nearly with 838 issues up 567 down and 449 unchanged In morning reports posts gains in profits loans for ’86 NEW YORK (AP) Midday al prices (or New York Stock change issues dividend annual includes List shares ratio (PE) hundreds (Sates) price at traded noon EST today (Last) and price change since previous day's close (Chg) Index 15745 up 134 Composite volume 208181130 27645 S&L Stocks and mutual funds Down Same Up 374 472 1179 Issues traded: 2025 S&P the estate the return of those assets transferred for less than their actual worth If the parties holding the property do not surrender the assets he will file complaints to secure the return checking approximately 1300 cases of possible preferential transfer of assets Preferential transfers take place when a company during insolvency and within four months of bankruptcy elects to pay certain creditors The effect is to give some creditors a greater percentage than they would receive through liquidation A trustee can take steps to regain the transferred assets Commodity listings Gold Selected day London Silver world gold br ices Tues$402 00 fixing morning London afternoon fixing 140400 0( (2 75 Paris afternoon fixing $40538 $2 42 off Frankfurt fixing $40224 $4 42 Zurich lata afternoon bid 90 off $2 85 $404 40 atxed off Handy & Harman $40400 $2 75 off $2 75 $405 Engelhard faoricated $425 82 off Engelhard $2 NY Come pot month gold Mon $40110 off $4 IS - USDA -CHICAGO (AP) Maior porno markets FOB tapUS IA Monoav in 100 ping pomt to are Colorado round raot Norm Dakota 00 Minnesota 00 russet round red 4 tack non iza A Witconun 4 75 Colorado 4 00 Idaho $25 4 Oregon 4 to carlont 100 count Rusva't W scornm Washington 00 Ore00 loano 8 00 gon lb cartons Par Cwf Russet 00 70 10 count W'vro"n 00 Cnoroo Weshmgion 00 00 fdano 00 Board of Trade CMtf AGO (API - Futures hiding on me Mriemie tic"- Chicago Mono Open fro Aar i 444 ' Hh Law Can par fe 'Of 4' 4 4' 4 5T0 j0 5' (tii 4480 5' Ot '5 IJ PH If t4 a l'4 up I' rrti timi 4IIUIM t—l ef ft fi li 4 4' t M n4 - YORK (AP) Soof metal prices Monoay Aluminum 5440 cent per NY Cornea pound spot month Closed Mon NEW cent $5$7ft Copper a destination pound Copper - 0 70 cent pee pound NY Come pot month Mon Lead pound Zinc cent pound livered Tin unouoted Week (Metal eompoit e price per Go d 404 per puttee Handy A Harman (only eany Quote) God $401 per Irov ounce NY Come pot month cloved Mon Siivar - $5 545 per ounca Handy Her man Silver $5 487 per frov ounca Nv Come tool month ctoed Mon 00 per 7$ Mercury 712 lb be New VorK u M0 440 J )4 i Fiatinum (contract) Pia'inum $SI8 50 ft V $pot per iroy cz Mon I 81000 f ao Apr Ju" ) ftij Mare boxed beef heifer carcasses steady ether carcass type not established mand generally light movement iow on light to moderate supplies see reported on 24 load steer and heiter carcasses teer cnoica 3 lbs 82 00 heiter carcasses cnotce 3 lb 80 00 tbt 87 00 lb 86 00 cow carcasses load reported few saies generally tiaady in (run lest most seller holding firm whue buyer bearish taking attitude lb and up lbs and up 500 utility boning 00 Cutter 3 50 400 lb and 86 Frasn pork lorn lb 5 00 lower skinned ham steady 4 75 bellies steady to higner h gher lb advance en trade How le moderate for most Item active on Skinned hems demand and Ottering light to ib hog moderate US No J carcass cu'out au advanced JO lo en estimated 6a cwt recocted on 2 men of pork cu' tom 00 mostly lbs 84 87 00 ham to 74 70 00 lb th 00 00 20 25 lb tee 4C4 4 fao 4CS Apr f t Uat J'7 f n POP aiLLII I 4t tern 40 Acid 20 O H I a Cash grain (API -- SPRiNGFlFLO Tfu( and po me lor to Cnicago O o'aon USDA represent pip Mon f No So" wheat No Ttiibw 580 hi 25 pin deity Horn $! No fto Viiw 84 J 8J a 4 evbf Corn ow Com esso p at from pro(sos ' filer 30 a) p ID e temn ewa'or n q not ouo'ed seo w b'fll 8’ a it 250 463 30 304 512 33 76 463 700 -7 38 8 4’ 76 7ft Northern index ft ft ft ft ft 480 20 4 3a ft 468 580 1ft 3a 7 a m MST) as of (Price Price Chang Albertson' 43 Am Stores (Skggs) ftC 62ft Campbell Soup 3 Em Eic (Pac Chr)101ft GuHRe ftC (GSLMm)13 Hercules Md (Jetway) — 29A ft IT T (Continental)— 60 ft 85 IS SFeSoP SaraL SCAN 232 Scltrpio Scntmo ScottP U $727 857 483 5grm Nucor Steel Coro Parker Harm Pilisbury Oueslar P Santa Union Pacific Ulan Power Light Waste Management (Br) t -- - 620 37' Westhse West hr 39 a 33ft ftC ft 68 — ftC 78ft AJ7 6J Ser SnellT 287 Snrwm Singer JOb 44 5yim SmkB 3 300 45 6 IS 860 88 Son' SonvCp 73 SCa't d SoumCo Soutmd SwBetl a SwtPS Soua’D Squibb II 8 S'4iv 706 ft 618 486 II 6 ft ft 1ft -- ft ft ft II 104 36f- t- -- TFC0 TRW 320 86 71 yiTfB' Tiiwv X Tnov 25 Tndvctt tin Teovn b Taw nncO 304 Tesor ft ft ft 6 2H7 J78 S'opSop Su"Ce 0 Syntax Svtro 28 263 tl 4'$ II 4i 4i"8 78 Trq J74 Tail tt Tawl Rr lUM 36 780 2463 38 28 S'ev3 vto'S lemihi m end mrhnd p m Cent' run pr ft 4' op I 4' 4440 Jt f II 7) 40 4 450 RJR M0 RLC JO RaisPur 124 Ramad Ranco 14 RangrO Ravtnn M0 ReadBt RecnC JO Revton RevMtl Rile 6$ viRooint Rockwl 120 Rnaasa JO Rohr Rorer 11$ Rowan RoylO 528e Rvdtr a J4 S'dOn SwriLg 0 4 fr b"e ft 4t 4 Ar 24 cant par n Cxi Lac fao 4 Irey price beef trimming grot vatu of choice lb cercavve at 88 22 unchanged lb carcatve unchanged carcavve at 8742 good changed at 85 20 based on 83 toads boxed cut and 2 load of beef trimming and boneies probeef choice 3 tteer end cessing in fag (41 ft Ounce Aar 4i ua I Metals 4’ 4j f f Etimaed 4 d 44If -- I - mainly unchanged untested JJ Ai 5140 ma n Apr 4' 4' 4 Ch 4) V tap 5140 f '' I Mt f Inn DES Iowa MOINES (AP) (USDA) Central US meat on Monday Boxad beef movement demand trade and auppitet moderate cutout cnt Potatoes CATTLE tot Midwest carlot - LONDON (AP) The bullion for tlver Tuesday in tht London market was $5 485 a troy ounce compared with $5528 Monday price ft 6 3'6 ft ft ft - ft ft ft 6 4' 1?ft yt52 a 8 till J5 l'SUVVvl' 187 70 II 26 04 30 45 tl t) I 45 05 28 )4 08 6$ )4 1316 II 15 CapJ 44a lft Ab I Utmt income Affiliated Fund Am Gen Pate Am Gen Venture Dravtu fidelity Equity Fund Fidelity Trend Hutton Bnnd tnc Hutton Suer qu Hutton Growtn Iny Co 0 Ametita Lord Abbe" Dv Gf— Me Iny Growth Mass tny Sm Trust Merrill Lvnrn B4SC Merrill Lynrn Merrill fed Sec New Perspertve Obpehhaimec ll'f Omwnheimer 5pec Pioneer fund Pioneer Putnam Growth Putnem Investor Row Price Tempieton Growth Tampieign World noser 144 20 10 114 73 76 ?t 09 70 tab 137 qars 52 40 (it t f 150 44 Wider i'J |