THE VIRGINIAN-PILOT
Copyright (c) 1997, Landmark Communications, Inc.
DATE: Wednesday, January 29, 1997 TAG: 9701290457
SECTION: BUSINESS PAGE: D3 EDITION: FINAL
TYPE: Briefs
LENGTH: 26 lines
The top executives at Best Products Co. Inc., other than Chairman Daniel H. Levy, will get 70 percent of their severance packages under a plan approved by U.S. Bankruptcy Judge Douglas O. Tice. The executives also will get relief from their obligations to repay money they borrowed to buy now worthless company stock. They will have to pay 27.1 percent of that amount. Levy will receive $850,000 in severance. That amount appears to be in addition to $650,000 in severance guaranteed by an irrevocable letter of credit. The severance deal affects 14 executives, only two of whom still work for the company, and will cost the company a maximum of $9.35 million. (AP) In other news... Virginia Tech was awarded a $600,000 grant from AT&T Corp. to support a new center that researches techniques for analyzing large amounts of data collected by telecommunications companies. The new center, named the AT&T Center for Scientific Visualization of Organizations, is developing ways to present business data in an easier-to-digest full-motion, three-dimensional color format. The center is based in the Pamplin College of Business and directed by management professor Steve Markham.
Five airlines, worried about competition if British Airways and American