THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Saturday, March 30, 1996 TAG: 9603300268
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
TYPE: Briefs
LENGTH: Medium: 56 lines
A judge extended for two weeks a freeze on assets that were allegedly defrauded from Signet Banking Corp. and six other banks. The order, as well as another handed down this week, keeps $210 million in assets from the alleged loan fraud in place, prosecutors said. Meanwhile, they continue their search for the rest of the $323.5 million they say Edward Reiners obtained illegally. Reiners, a former Philip Morris Cos. employee, is charged with loan fraud. Federal prosecutors say he pretended he still worked for the tobacco company to get loans from Signet and NationsBank Corp. Signet assigned portions of the loan to other banks. (Bloomberg) PSC Fabricating opens plant in Newport News
PSC Fabricating, a supplier of gaskets to Canon Virginia Inc., has opened a manufacturing plant in Newport News that could eventually employ up to 50 people. The Louisville, Ky.-based company has leased 12,000 square feet in a building on Warwick Boulevard. PSC Fabricating recently began operations with 12 employees. The workers take non-metallic materials - such as foam, plastic and paper - and die-cut and fabricate them ``like cookie cutters,'' he said. Its products are used in everything from automobiles to appliances to toys. For Canon the company makes Mylar gaskets that prevent toner from leaking in its copiers and printers. Entry-level jobs at the plant pay about $6 an hour. (Staff) Food distributor in Portsmouth posts loss
Doughtie's Foods Inc. announced Friday that it lost $790,600, or 78 cents per share, in the fourth quarter, compared with a profit of $81,500, or 8 cents per share, in the same period last year. The Portsmouth-based specialty meat producer said fourth-quarter sales slipped to $17.9 million from $18.6 million. It lost $1.2 million in 1995 on sales of $76.5 million compared with a 1994 gain of $364,100 on sales of $73.4 million. Most of the loss was caused by its majority interest in a gourmet foods manufacturer, Doughtie's said. It recently won a $19 million contract to provide products to military bases. (Staff) Chesapeake company's quarterly loss worsens
Harmony Products Inc. reported Friday that its fourth-quarter loss grew to $121,000 from $90,000 in the same period last year, a loss of 2 cents per share. Fourth-quarter sales slipped to $277,000 from $317,000. For the year the Chesapeake-based manufacturer of organic-based fertilizers said it lost $3.3 million on sales of $1.8 million. The company took a $1.9 million charge in June to close its primary manufacturing line. It now licenses its process and imports fertilizers. Harmony is also fighting to retain its listing on the NASDAQ Small Cap market. (Staff) by CNB