ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Saturday, December 14, 1996 TAG: 9612160046
SECTION: BUSINESS PAGE: A-9 EDITION: METRO
NS asks court to make Conrail hold meeting
PHILADELPHIA - Norfolk Southern Corp. filed a motion Friday asking a federal judge to prevent Conrail from postponing a Dec. 23 shareholder meeting.
In its request of the U.S. District Court for a preliminary injunction, NS accused Conrail and CSX Corp. of ``subverting the processes of corporate democracy'' by trying to reschedule the meeting. But Conrail denies it will even try to move the date.
Conrail shareholders will be asked at the meeting to waive a Pennsylvania law that blocks CSX from buying more than 20 percent of Conrail stock. CSX already holds 19.9 percent and plans to buy 20 percent more for cash if it wins shareholder approval.
NS said in its motion that Conrail wants to postpone the meeting until it is sure shareholders will approve the request. That is ``fundamentally unfair conduct directed at Conrail's shareholders' most fundamental right - the right to vote,'' the company said.
``This is nothing more than frivolous litigation and without merit,'' Conrail spokesman Chris Wagner said. ``We have a meeting scheduled at Dec. 23 at 5 p.m. at the Academy of Music.''
Conrail said on Oct. 15 that it would merge with CSX in a cash-and-stock deal worth about $8.5 billion. A week later, NS offered to buy all Conrail stock for $10 billion.
At stake is control of a railroad that would make either suitor the No. 3 freight line in the United States with command over lines in the heavily populated eastern half of the country.
- Associated Press
Regulators OK bank in Ferrum
First National Bank of Rocky Mount has received regulatory approval for construction of an office at Ferrum, on U.S. 40 across from a new fire and rescue squad building. No date has been set for its opening.
The bank has offices in Rocky Mount, Boones Mill, Gretna, New Castle, Bedford and Hershberger Road in Roanoke. Renovation is in progress at another Roanoke branch on Peters Creek Road.
- Staff report
Bankruptcies
Eight bankruptcies with business affiliations were filed this week in the U.S. Bankruptcy Court for Western Virginia at Roanoke. Four of them are personal bankruptcies that the court listed as businesses because they have commercial connections and could be of interest to business creditors and customers.
Wayne F. Eubank of Roanoke filed for liquidation, listing assets of $8,650 and liabilities of $31,833. The petition listed his business as D&W Sales, owned by his wife, but she was not named in the petition.
Barry Dwain Boothe of Pounding Mill in Tazewell County, trading as Wild Cat Productions, filed for liquidation, reporting assets of $34,230 and liabilities of $60,357.
Celam Inc. and M. Farkle L.L.C., both retail and wholesale greenhouse and nursery operations at Hiwassee in Pulaski County, filed for liquidation. Celam trades as Thornton's Greenhouses & Snowhill Nursery; Carl Eugene Mitchell is president of both companies. No assets were reported, and liabilities were estimated at between $500,000 and $999,999 for Celam and between $100,000 and $499,999 for M. Farkle.
Howard Barrett Corp. of Dublin, trading as New River Cruise Corp., Virginia Deli & Gifts and Pioneer Maid, filed for liquidation, estimating assets of between $100,000 and $499,999 and liabilities of less than $50,000.
Also, Howard L. Barrett Jr. and Joyce E. Barrett, and Howard Barrett Corp. of Austinville in Wythe County, listed as owners of New River Cruise Co., filed for a wage earner plan estimating both assets and liabilities as less than $50,000.
Sentry Mine Services Inc. of Bluefield, Va., filed for protection from creditors during financial reorganization. The president, Jessee M. Jones, reported assets of $51,110 and liabilities of $84,351.
Richard Steven Lovell, trading as MMC Trailer Rentals in Big Stone Gap, filed for liquidation, listing assets of $220,900 and liabilities of $247,201.
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