THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Saturday, April 20, 1996 TAG: 9604200450
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: Medium: 58 lines
A man seriously injured when a Norfolk Southern Railway Co. train crashed through a 23-ton steel wall was awarded $10 million Friday by a Richmond Circuit Court jury. Norfolk Southern agreed to pay $2.7 million to the estate of Larry E. Bryant, 35, who was killed in the July 28, 1994 accident. Willie T. Edwards, 47, was working on the Richmond floodwall when the train came barreling through unexpectedly. The railroad acknowledged that it was negligent in allowing the boxcar to roll 1.8 miles to the floodgate. The railroad plans to appeal the award to Edwards. (Associated Press) Magellan's Vinik, 6 others under scrutiny by the SEC
Jeffrey Vinik, manager of Fidelity Investments' $56 billion Magellan Fund, and other Fidelity employees and former employees are being investigated by the Securities and Exchange Commission, The Washington Post reported Friday. The SEC is trying to determine whether Vinik and six others purchased shares of companies before Magellan bought the same equities. The practice is known as ``front-running.'' The investigation began in 1994 and involves trading by Vinik and Larry Greenberg, who runs Fidelity's Emerging Growth and VIP Growth funds; Michael Gordon, who runs the Retirement Growth fund; and Harris Leviton, who manages the Advisor Strategic Opportunities Fund. (Bloomberg Business News) Tenneco delays filing shipyard spinoff papers
Tenneco Inc. said it would delay filing an application for a tax-free spinoff of Newport News Shipbuilding with the Internal Revenue Service by two months as it decides whether to sell or spin off its energy subsidiary. The Greenwich, Conn.-based company had said the request would be filed with the IRS by the end of April. Officials now say they will file the paperwork before the end of June, so they may combine it with a possible request to spin off the energy unit. The IRS usually takes four to six months to review such requests. The spinoff should still be completed by the end of the year, a spokeswoman said. (Knight-Ridder Financial News) Bell Atlantic to cut rates for on-line data service
Bell Atlantic Corp. said it will cut residential rates by 15 percent for its integrated services digital network, or ISDN, phone lines in New Jersey, Delaware, Pennsylvania and Virginia this summer, pending approval by regulators in each state. The service enables consumers who use the Internet or other on-line services to transmit and download data faster. Bell Atlantic said the new pricing will initially be available only to residential customers, but by late summer, it expects the rate cuts will be available to businesses that pay for ISDN services for employees who work at home. Bell Atlantic said it plans to file for similar rate reductions in the rest of its Mid-Atlantic service area. (Dow Jones News) by CNB