ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Saturday, November 9, 1996 TAG: 9611110025
SECTION: BUSINESS PAGE: A-5 EDITION: METRO
Shareholders OK telephone merger
RICHMOND - Bell Atlantic Corp. shareholders on Friday overwhelmingly approved a proposed $23billion merger with Nynex Corp., completing shareholder endorsement of the deal.
The preliminary approval came two days after Nynex shareholders voted for the marriage of regional phone companies, which would create the nation's second largest telecommunications company.
State and federal authorities still must approve the merger. A final decision is expected by early next year.
With nearly three-quarters of Bell Atlantic shares counted, the margin of approval for the transaction was 97 percent among shareholders. Votes cast at Friday's meeting of shareholders will be added to the total later.
The merger also was endorsed Wednesday by the Communications Workers of America after Nynex and Bell Atlantic agreed not to lay off workers.
Talks are continuing with the International Brotherhood of Electric Workers.
Philadelphia-based Bell Atlantic and New York-based Nynex agreed in April to merge their operations.
- Associated Press
Bankruptcies
Four bankruptcies with business affiliations have been filed in the U.S. Bankruptcy Court for Western Virginia at Roanoke. One of them is a personal bankruptcy that the court listed as a business because it has commercial connections and could be of interest to business creditors and customers.
* Weblite Corp. Inc., a Roanoke-based manufacturing company, filed for liquidation with assets of $447,403 and liabilities of $640,111.
* Shenandoah Homes, a real estate limited partnership based in Southfield, Mich., with assets in Virginia, filed for reorganization and protection from creditors. The partnership listed assets of $12,757,211 and liabilities of $2,152,299.
* Patton Franklin Gilley and Anna Mae Greene Gilley of Big Stone Gap filed under a special provision for reorganization of family farms. They had assets of $199,700 and liabilities of $96,145.
* Sherri Jessee Jamerson of Bristol, a self-employed cosmetologist, filed for liquidation. She did not estimate assets or liabilities.
Briefly
* Shenandoah Life Insurance Co. of Roanoke received an "A+'' rating from Duff & Phelps Credit Rating Co., the fifth-highest grade from that agency. Also, Shenandoah has an "A" rating from A.M. Best Co., that company's third highest rating. Incorrect information was reported in a story on Friday's Business page.
* Optical Cable Corp. said its sales for October of $5.5 million set a record compared with sales of $3.1 million during October 1995. The Roanoke County maker of fiber-optic cable said the $5.1 million in orders received in October also set a new high for the month.
* Federal agencies awarded these contracts this week in Western Virginia:
Virginia Tech won a $729,491 contract from the Federal Highway Administration for research and development services.
ITT Corp. of Roanoke won a $229,381 contract from Robins Air Force Base in Georgia to supply communication, detection and coherent radiation equipment.
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