Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: SATURDAY, June 19, 1993                   TAG: 9306210333
SECTION: BUSINESS                    PAGE: A-8   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

IN BUSINESS

First Union Capital Partners Inc. of Charlotte, N.C., bought 1.9 million common shares of Chattem Inc., a Chattanooga, Tenn., manufacturer of pharmaceuticals, health and beauty products, for $14 million, according to a filing with the Securities and Exchange Commission.

First Union purchased the stake of about 26 percent for investment purposes. By virtue of their direct ownership of First Union common stock, Dominion Bank and First Union Corp. of Virginia, both based in Roanoke, and First Union Corp. of Charlotte, also filed as indirect beneficial owners of the shares held by First Union. - Wire report

Sears board OKs Dean Witter spinoff

Sears, Roebuck and Co. on Friday approved the spinoff of the company's 80 percent interest in Dean Witter, Discover & Co. to shareholders of Sears common stock. The spinoff will be through a special dividend payable June 30 to shareholders on June 28.

Sears in July will distribute certificates for its 136,175,000 shares of Dean Witter, Discover & Co. stock. Sears shareholders will receive approximately 0.40 shares of Dean Witter stock for each share of Sears common stock they hold. - Wire report

First Union sues over purchase block

WASHINGTON - First Union Corp. has filed suit in U.S. District Court to prevent the District of Columbia government from blocking its planned purchase of First American Bank.

The D.C. Council passed emergency legislation this week to block the sale, saying First Union had not submitted an application for the city to approve the deal.

"We're seeking a temporary restraining order to keep the city from enforcing the emergency legislation," said First Union spokesman David Scanzoni. Under the Charlotte, N.C., company's proposal, First American's operations would be merged into First Union Corp. of Virginia, based in Roanoke. - Associated Press

3 file in bankruptcy court

Newly filed petitions in U.S. Bankruptcy Court in Roanoke:

Baldwin Coal Co. of Grundy, seeking protection from creditors during liquidation, listed assets of $100,080 and liabilities of $458,403. Ellis W. Baldwin of Grundy was listed as the company's owner.

John Robert Kelley, operator of J.R. Kelley Burial Vaults in Vinton, seeking a wage-earner plan, listing assets of $1,880 and liabilities of $22,530.

Gene Harris, doing business as Gene's Lock Shop in Duffield in Scott County, seeking protection during liquidation, listed assets of $6,775 and liabilities of $23,577. - Staff report

Toyota loses suit over crash

AKRON, Ohio - A jury awarded $5 million Friday to a man who said the design of the fuel pump on his Toyota station wagon caused a fire after a car crash.

Dale Magistrelli of Richfield, Ohio, was severely burned in the March 1989 accident.

Sheldon Schlesinger, Magistrelli's attorney, said the fire started because the fuel pump on the 1987 Camry Wagon kept working after the crash, pushing gasoline into the engine until it caught fire.

Toyota said it may appeal the verdict. - Associated Press

Father's Day big day for retailers

Father's Day is considered a second Christmas for men's departments and specialty stores, retailers and consultants say.

"For the men's specialty shops, it's make it or break it. They count the days," in part because most merchandise sells at regular price instead of sale discounts, said Frederick Marx, a retail marketing consultant.

But Father's Day still isn't nearly as big for retailers as Mother's Day.

"There are more people involved with Mother's Day. What makes Mother's Day bigger is that one gift won't do it - it's a gift, flowers, dinner and lots of telephone calls," Marx said.

Many manufacturers, department-store buyers and sales reprsentatives will be looking at the Father's Day sales numbers when they're computed in July to tweak plans for the holiday shopping season based on which items sold best.

According to a retail rule of thumb, Father's Day sales rates are approximately one-tenth of the upcoming winter holiday sales rates. - Knight-Ridder/Tribune