Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, February 5, 1994 TAG: 9402050055
SECTION: BUSINESS PAGE: A-4 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
NEW YORK - Chrysler Corp. has recalled every new Neon car sold to date and is closing the plant that builds them for at least a week while it corrects a problem that could cause the engine to stall.
It also told Dodge and Plymouth dealers to stop delivering the cars until the problem is fixed.
The recall was announced Friday, only a day after Chrysler marketers outlined their plans to capture up to 15 percent of the subcompact car market in the car's first year. It involves all 1,300 Neons sold since the car went on the market Jan. 2.
Chrysler said it discovered water can leak into the Neon's engine controller, the brains of the computerized system that controls the engine, and potentially cause the engine to die out or fail to start.
- Associated Press
NationsBank OK'd for 2-state banking
WASHINGTON - For the second time this year, regulators are permitting a bank to operate across state lines.
Under action taken Friday by the Office of the Comptroller of the Currency, NationsBank Corp., the nation's fifth-largest bank holding company, will be able to operate its offices in Washington and its Maryland suburbs as a single branch network.
The comptroller's office, an arm of the Treasury Department, approved NationsBank's application to move the headquarters of its subsidiary, American Security Bank, from the District of Columbia to Aspen Hill, Md.
American Security will then merge with another NationsBank subsidiary, Maryland National Bank, which will move its headquarters from Baltimore to Aspen Hill.
On Jan. 10, the office approved a similar series of transactions involving First Fidelity Bank of Salem, N.J., allowing it to operate in both Pennsylvania and New Jersey. - Associated Press
Bankruptcy court gets 3 petitions
Three business petitions have been filed in the U.S. Bankruptcy Court for the Western District in Roanoke:
Calvin Richard Campbell, operator of Campbell Motors in Bristol, Tenn., filed for reorganization and protection from creditors, estimating both assets and liabilities at more than $1 million.
James E. Goodman of Rocky Mount, operator of Goodman Realty and Auction Co., filed for a wage earner plan for repayment of debts, listing assets of $715,481 and liabilities of $400,816.
Charles E. Cox and Vanessia M. Cox of Pulaski filed for liquidation, listing assets of $68,462 and liabilities of $86,297. Charles Cox has an interest in Cox Brothers Investment.
Also, Cedar Lawn Memorial Park Inc. amended its petition, which was filed in January, to the name of Cedar Lawn Burial Park Inc. The filing was reported by the Roanoke Times & World-News on Jan. 8. Cedar Lawn Burial Park operates as Franklin Memorial Gardens in Rocky Mount. Cedar Lawn Memorial Park is operated by F.V. Cemetery Co Inc. of Roanoke.
- Staff report
Toyota Camry probe widens
WASHINGTON - The government's traffic safety agency said Thursday it has upgraded an investigation into reports of battery explosions in some Toyota Camry models.
The National Highway Traffic Safety Administration, in its monthly defect investigation report, said it had received seven complaints of battery explosions or ruptures in 1990-93 Camrys. Toyota had received an additional 54 complaints, the agency said.
No accidents or injuries were reported. About 1.1 million of the Camrys are on the road. The investigation eventually could lead to a recall of the vehicles, but most cases are dropped. - Associated Press
Va. Blues study stock offering
RICHMOND - Blue Cross/Blue Shield of Virginia, the state's largest health insurer, with operations in Roanoke, is considering a public stock offering to raise money after the nation's health-care system is reformed.
The health-care industry, under President Clinton's plan or any combination of other reform plans, will be different and highly competitive, said Joseph Macrum, senior vice president and chief communications officer for Blue Cross. To compete, insurance companies must be big and agile.
Because Blue Cross is an open enrollment insurer, meaning it will write a policy for anyone regardless of health problems, it enjoys tax credits on that part of its business. A bill before the General Assembly would let the insurer keep that tax benefit as a public company, as long as it continues the open enrollment policy.
A hearing on the bill is scheduled for next week.
- Associated Press
by CNB