ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Thursday, May 23, 1996 TAG: 9605230057
SECTION: BUSINESS PAGE: B-8 EDITION: METRO
Claimants in the stockholders' suit against the former Dominion Bankshares Corp. of Roanoke will receive about 7 percent of the amount of their claims, if they are made by the end of June - "barring some unforeseen glitch," said Arthur Strickland, Roanoke counsel for the plaintiffs. The payment process is being handled for the U.S. District Court in Roanoke by a Philadelphia accounting firm.
Strickland said Wednesday more than 3,000 persons filed claims in the action, in which stockholders said Dominion misled them as to its financial condition. Their claims totaled about $42 million, Strickland said, and the fund for paying them holds about $3,012,000.
That means, Strickland said, that anyone who filed a claim to recover $1,000, for instance, will receive a payment of about $70.
He said the figures are misleading, because many claimants suffered no financial loss. Investors who held their Dominion stock until the bank was purchased by First Union Corp. in 1993 actually made money but can still recover in the settlement. People who sold prior to First Union's acquisition might have lost money, he said.
First Union paid $5 million in December 1994 to settle the suit. The lawyers, led by Sam Simon of Philadelphia, received $1.75 million, and costs exceeded $250,000. The money has been earning interest, however. |-MAG POFF Construction starts
on Dynax plant
Japanese officials of Dynax Corp. broke ground Wednesday for the company's new 150,000-square-foot transmission-parts plant and American headquarters at the EastPark Commerce Center in Botetourt County.
The Hokkaido, Japan-based company, which makes parts for passenger cars, says it has more than 60 percent of the Japanese car market and more than 5 percent of the U.S. market.
Dynax expects to employ 50 people in the plant by April 1997. Wages are expected to average about $13 an hour. |-GREG EDWARDS
Litton completes
Sperry buyout
Litton Industries Inc., corporate parent of Litton Polyscientific in Blacksburg and Litton FiberCom in Roanoke, said it has completed acquisition of Sperry Marine Inc. of Charlottesville.
Sperry Marine, which provides advanced electronic navigation and guidance systems to commercial and military customers for marine and aircraft use, reported 1995 sales of $145 million. Litton of Burbank, Calif., makes advanced electronic and defense systems and designs and builds surface ships for the U.S. Navy and other nations. |-Staff report
Botetourt OKs
bonds for Meadville
The Botetourt County's Board of Supervisors has approved issuance of up to $10 million in industrial revenue bonds for the benefit of Meadville Forging Co. The Pennsylvania company has proposed building and operating a $35 million wheel bearing plant near Buchanan.
County Administrator Jerry Burgess said the county and Buchanan invest no money in the bonds and have no role in servicing the debt.
The bonds are exempt from federal income taxes because they benefit a manufacturer that is creating jobs. |-MATT CHITTUM
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