Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, February 27, 1993 TAG: 9303010190
SECTION: BUSINESS PAGE: A-8 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
IN BUSINESS STOCK
Snow causes delay in Gables meetingFriday's first meeting of creditors of Gables Partnership, operator of Gables Shopping Center at Blacksburg, was postponed because of the snow. It will be at 11 a.m. March 12.
One of the principals of Myor Inc. of Franklin, Tenn., owner of the center, was unable to fly to Roanoke in time for the meeting.
The shopping center owner averted a foreclosure sale by filing last month for reorganization in U.S. Bankruptcy Court in Roanoke. Integon Insurance had scheduled a sale for Jan. 29. - Staff report
First Union to sell mortgage offices
First Union Corp. will sell the 10 mortgage production offices owned by Dominion Bankshares Corp., including one in Roanoke.
Brenda McDaniel, spokeswoman for Dominion, said the deal will close April 1, a month after First Union acquires Dominion. The buyer is Mortgage Service America of California.
McDaniel said the company will buy the assets of the offices and the expertise of the existing personnel.
Dominion has had stand-alone mortgage offices used primarily by builders and real estate agents, she explained. Most consumers have obtained mortgage loans through banking branches.
First Union prefers to originate all of its mortgage loans at branch banks, she said. - Staff report
Note holder buys old Stone Printing
The holder of the loan on downtown Roanoke's old Stone Printing Co. building bought it at a foreclosure sale Friday.
The Phillos Corp., an Ohio company, placed a written bid of $400,210.90, the only offer made for the North Jefferson Street building and an adjacent vacant lot. George McClean Jr., substitute trustee, accepted it as "a fair bid."
Phillos has connections with Double Mac, the building's owner, said James Douthat, lawyer for the bidder. Phillos bought the note from Crestar Bank after the bank set a foreclosure sale because Double Mac had defaulted on mortgage payments.
Douthat said the bidding price was the approximate value of the note. The note holder may place the property back on the market, he said. Frame One Corp., an artwork supplier, occupies the building.
Calvin McDowell, president of Frame One, bought the building and sold it to Double Mac in 1985. - Staff report
Briefly . . .
\ LADD Furniture Inc., High Point, N.C.-based parent of American of Martinsville, on Friday reinstated cash dividend payments to its shareholders with the declaration of a cash dividend of 3 cents per share of common stock, payable March 23 to shareholders on March 8. LADD's last previous cash dividend, also 3 cents per share, was paid on Nov. 15, 1991.
\ NationsBank Corp. said Friday it would create a $100 million fund to help provide affordable housing in communities it serves. The fund, called Nations Housing Fund, will be managed by The Enterprise Social Investment Corp. Nations Housing will invest in housing developments that qualify for the Low-Income Housing Tax Credit, a federal program that offers investors a credit against federal income taxes.
\ Our stock and mutual fund listings are incomplete this morning because of the explosion Friday at the World Trade Center in New York. The blast knocked out power to the Associated Press stock transmission facilities. When transmission was restored, it was too late to include the entire listings in today's editions.