THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Monday, February 13, 1995 TAG: 9502130206
SECTION: BUSINESS WEEKLY PAGE: 04 EDITION: FINAL
LENGTH: Medium: 84 lines
Tidewater's cold snap caught many homes short of heating fuel. ``It's a panic situation,'' Andy Anderson, manager of Riverside Heating and Air Conditioning Inc. in Newport News, said last week. On a frigid day a furnace can burn 10 gallons of oil.
It's worth noting the origin of the river of fuel. Half the oil consumed in the United States last year was imported, far more than the 34.8 percent imported in '73.
Of course, a band of oil nations in late '73 temporarily cut shipments to the U.S. The oil embargo doubled energy prices, opened a wide market for Japan's small cars, and contributed to rapid inflation. Memory of that inflation galvanized the will of the Federal Reserve Board, which this month again raised interest rates to fend off inflation.
Speaking of venture capital, we noted last week Atlanta has a lot of it and Hampton Roads doesn't. Donald Waldy read that and called up. `I've been a well kept secret,'' he said.
Waldy may be the only tried and true venture capitalist residing in Hampton Roads. He's president of United Capital Resources Inc., part of Global Capital Resources Inc. of Chicago.
``We have, I don't want to say unlimited capital, but because of the wealthy individuals we syndicate with, whatever amount of money we need we usually get,'' Waldy said.
Searching for investments between $1 million to $5 million, Waldy moved to Virginia Beach in July '93 from North Bergen, N.J. Nothing has been funded here, but of eight prospects, two were rejected, five remain on the table and one is ready to close.
Have a solid venture that can use an extra million? Waldy's number is 481-5700.
Waldy has his eye on, of all things, a fledgling venture capital fund based in Norfolk. J. Allan Lindauer has been trying to line up investors, including cities in the region, for the proposed Eastern Virginia Small Business Investment Corp.
Lindauer intends to license it sometime in the second quarter with an arm of the U.S. Small Business Administration. Global Resources has expressed interest in putting cash in the new SBIC as well as partnering on deals beyond its scope.
Virginia Port Authority's executive director spoke up in Washington. J. Robert Bray told the House Water Resources and Environment Subcommittee the feds must continue paying for dredging, or the port can't continue generating jobs. Lawmakers are considering changing U.S. dredging policy. A similar bill stalled last year, delaying dredging projects nationwide. About 100,000 Virginia jobs depend on the ports.
Smithfield Foods Inc., the biggest mover and shaker in Smithfield, indeed, one of the biggest movers and shakers in Hampton Roads, is moving... down the street. The ham processor intends to buy and remodel the old Peeble's department store in downtown Smithfield. The headquarters will include chieftan Joseph Luter III's offices. ``It's one more great thing that Joe Luter has done for this town,'' said Diane Howard, tourism director.
Hampton Coliseum now shares something else in common with the Pontiac Silverdome. Both buildings resemble UFOs. And now Joe Tsao, marketing and events director at the Detroit Lions' home carpet, will land in Hampton and direct the Coliseum. He'll replace longtime director Andy Greenwell on March 1. Welcome to Hampton Roads, Joe.
Tidewater's self-employed could get another health care alternative. ChamberSelect may expand to firms that have no employees. ChamberSelect now provides health coverage for businesses with 2 to 49 employees. It was launched in '92 by the Virginia Peninsula Chamber of Commerce and the Hampton Roads Chamber of Commerce.
It's no surprise why Del. Alan A. Diamonstein sponsored a computer software bill. The Newport News Democract acted on behalf of Newport News Shipbuilding. Virginia's largest private employer discovered something even its 20,000 workers couldn't remove: a time bomb in its computer software.
Diamonstein's bill would prohibit software makers from putting a disabling device, known as a time bomb, in their products without telling customers. Time bombs are meant to discontinue use of the software after the user's license expires.
Jack Borgenicht, 85, never climbed Mt. Everest. But he wanted to, and he met in 1988 with exercise specialist Ken Kambis, a kinesiology prof at the College of William and Mary. The relationship bode well for the school. Borgenicht, of Long Valley, N.J., recently gave the Williamsburg college $1 million. Part will endow a visiting peace scholar, part will endow the study of human muscle movement. by CNB