Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, June 25, 1994 TAG: 9407110201
SECTION: BUSINESS PAGE: A-6 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
WASHINGTON - A Texas appeals court has rejected General Motors' plan to give $1,000 truck-purchase coupons to owners of the state's 645,000 older GM pickups, calling the proposal a GM ``windfall'' that doesn't help the truck owners.
The coupons involve 1973-87 GM pickups, which critics argue have fuel tanks that can explode in side crashes but which GM says are safe.
While the court ruling applies only to Texas, it could affect GM's plan to use the coupons to settle 38 class-action suits filed nationwide. The suits contend the fuel tanks ruined the value of the vehicles; the coupons would cut $1,000 off the price of a new GMC or Chevrolet truck.
The ruling, signed Wednesday and disclosed Friday, reverses a Texas state judge's approval of the coupon plan for that state.
- Associated Press
HSN delays start of service
Home Shopping Network, a television retailer operating a warehouse in Salem, on Friday changed the launch date of its new shopping service, Television Shopping Mall, from this summer to early 1995
Gerald F. Hogan, president and chief executive officer of HSN, said, "Pushing back TSM's premiere is a prudent move in view of the severely limited channel capacity faced by all programmers. As long as channel capacity remains limited, there is no advantage in rushing into new programming."
The TSM concept, announced earlier this year, is a new enterprise designed to provide a cost-effective means for merchants to explore television shopping under the experienced leadership of the industry's founder, HSN.
- Wire report
New trial sought in Phar-Mor case
CLEVELAND - Prosecutors said Friday they would seek a new trial for ousted Phar-Mor Inc. president Michael Monus, who is accused of looting millions of dollars from the discount drugstore chain he founded.
A federal court jury deadlocked late Thursday on all 126 counts against Monus.
``We knew that the large number of counts and the amount of money involved meant the case would be complicated, but we streamlined it as much as possible,'' Assistant U.S. Attorney John Sammon said. Prosecutors allege that Monus, 46, diverted more than $10 million from Phar-Mor to prop up the World Basketball League - his failed minor-league venture - and stole more than $500,000 for his own use.
- Associated Press
by CNB