Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, January 30, 1993 TAG: 9301300162
SECTION: BUSINESS PAGE: A-7 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
IN BUSINESS
Cray chairman gets nod for CommerceWASHINGTON - President Clinton on Friday nominated John A. Rollwagen, chairman and chief executive officer of Cray Research Inc., to be deputy secretary of commerce.
Rollwagen, 52, has headed Cray, the world's largest maker of supercomputers, since 1977. He also is on the board of directors of Apple Computer, Inc., Dayton-Hudson Corp. and Minnesota Public Radio.
Rollwagen has served on trade advisory committees in both the Reagan and Bush administrations. - Associated Press
Union vote planned at Medeco Locks
About 330 production and maintenance employees at Medeco Security Locks Inc. of Salem will be eligible to vote on representation by the International Union of Electronic Workers in a National Labor Relations Board election March 11 and 12.
"We've got a real good shot" at winning representation, said Charles Van Dellen, an IUE regional official. It is believed to be the first union election at the plant, he said.
Company officials were not available to comment. - Staff report
Roanoke developer seeks court haven
C&R, a Roanoke real estate development company owning property in Rockbridge County and Florida, has filed for protection during financial reorganization in U.S. Bankruptcy Court in Roanoke.
C&R, owner of 2,000 acres in Manatee County, Fla., and 86 acres in Rockbridge County, reported debt of $19.9 million and assets of $43 million in court papers.
Members of C&R are the Virginia Hunt Club of Lexington Ltd. and Hunt Club Manor Inc., the papers said. Mason H. Littreal, a former Roanoke electrical contractor, is listed as vice president.
The reorganization follows recent approval by the Internal Revenue Service of C&R as a limited liability company giving it a tax benefit, said Hampton Thomas, lawyer for the company.
C&R creditors include Franklin Schachter, Palm Beach Gardens, Fla., who claimed $8.4 million; the Manatee County, Fla., treasurer, a tax bill of $182,210; and Stuart C. Fisher, Sarasota, Fla., $271,110.
Another reorganization petition involves Gables Shopping Center in Blacksburg. The center, owned by Myor Inc., a Franklin, Tenn., partnership, has had a high vacancy rate since the Leggett department store moved out several years ago, but a Harris-Teeter supermarket is scheduled to open there this year.
The Blacksburg shopping center sought bankruptcy protection to avoid a scheduled foreclosure by Integon Insurance Co. An Integon lawyer said the center is delinquent on its mortgage payments. - Staff report
Briefly . . .
\ Brendle's Inc., an Elkin, N.C., retailer operating discount stores in the Roanoke Valley, said Friday it will eliminate 31 positions at its headquarters and distribution center. The move is part of a restructuring that also includes closing eight stores.
\ Earnings . . .
\ Premier Bankshares Corp., based in Tazewell, reported 1992 earnings up 32 percent, but down in the fourth quarter. Income last year was $7.5 million compared to $5.7 million in 1991. Per share, earnings rose from $1.28 a year ago to $1.70 last year, adjusted for a 20 percent stock dividend declared in December. For the quarter, income fell nearly 5 percent, from $1.67 million, or 38 cents a share, in 1991 to $1.59 million, or 36 cents. Premier cited hiring of additional employees and incentive bonuses of $124,125 for all personnel.
Assets at year-end stood at $480.7 million.
\ Charter Federal Savings Bank of Bristol reported Friday it lost $1.8 million, or 50 cents a share, in its second quarter ended Dec. 31, compared to a gain of $2.3 million in the year-earlier quarter.
The thrift said the loss was caused by the addition of $4.8 million to its loan-loss reserves at the request of the government's Office of Thrift Supervision. Most of the reserve was earmarked for a possible loss on standby letters of credit issued several years ago.
For for first half of the fiscal year, Charter had a profit of $1 million, or 28 cents a share, compared to $2.5 million, or 69 cents, in the 1991 period.