Washington Business Journal articles from October 1990

Washington Business Journal archives from October 1990

Loans to friends led to problems for River Capital boss. (Peter van Oosterhout)
October 29, 1990... Loans to friends led to problems for River Capital boss Peter van Oosterhout, the Springfield-based venture capitalist whose firm borrowed millions through a federal program to invest in small businesses, sank part of those funds in...

In a town of tennis, golf takes a swing. (at least 3 new courses planned for Washington D.C. area)
October 29, 1990... In a town of tennis, golf takes a swing In the next year three area golf courses will add another 54 holes to a market that the National Golf Foundation claims needs another 1,000 holes to bring Washington up to par with the rest of the...

Cheaper options batter Tempest. (Tempest Technologies Inc.)
October 29, 1990... Cheaper options batter Tempest The Tempest market, which grew from its humble beginnings of surrounding computers with metal hoods in the late 1950s into a big business during the last decade, is being hammered by tighter budgets, soaring...

Grumman: information systems company to relocate to Dulles. (Grumman Corp. Data Systems Div.) (Capital Region News)
October 29, 1990... Grumman Information systems company to relocate to Dulles In a major relocation move, Grumman Data Systems Division is leaving 57,000 square feet at 6862 Elm St. in McLean for 100,000 square feet of office space at 2411 Dulles Corner Park,...

Brokers target 1st-time buyers to boost sales. (real estate business in Washington metropolitan area)
October 29, 1990... Brokers target 1st-time buyers to boost sales With fewer new home sales in September than in any previous month this year in the Washington area, residential real estate brokers and mortgage bankers are aggressively targeting potential...

'Other' Cafritz company launches major makeover: firm founded by Morris Cafritz plans aggressive new campaign.
October 29, 1990... `Other' Cafritz company launches major makeover The slumbering Cafritz Co., one of Washington's oldest and most conservative real estate concerns, is undergoing a major makeover that company officials hope will propel it back to the top of...

Discrimination suit against civic leader set Nov. 5. (Marshall B. Coyne)
October 29, 1990... Discrimination suit against civic leader set Nov. 5 A gender discrimination case that pits some of this city's best known business and legal names against one another will make its way to trial this week, barring a last-minute settlement,...

Pre-paid cards get initial test at Md. campus: students use plastic to buy small-change items, services.
October 29, 1990... Pre-paid cards get initial test at Md. campus Greg Gregory wants to take the change out of your pocket and replace it with plastic. Instead of carrying dimes and quarters, Gregory envisions a day when U.S. consumers will use a single...

Days numbered for Perpetual's real estate arm. (Perpetual Real Estate Services)
October 29, 1990... Days numbered for Perpetual's real estate arm When Rockwell International Corp. inked a tentative contract to buy 68 acres of land at Westfields in Fairfax County, one of the players behind the scenes was Perpetual Real Estate Services, the...

MNC takes $173 million hit in third quarter. (MNC Financial Inc.)
October 29, 1990... MNC takes $173 million hit in third quarter Maryland National Bank employees were buckling down last week to deal with expected fallout from the dramatic losses announced Thursday by the company. MNC Financial Inc., the bank's parent...

Circle Releasing head resigns, firm to undergo reorganization. (Ben Barenholtz)
October 29, 1990... Circle Releasing head resigns, firm to undergo reorganization Brothers Jim and Ted Pedas, local movie moguls who created, then sold Washington's largest theather chain, are reorganizing Circle Releasing Corp., their D.C.-based film...

D.C. group takes Chapter 11 after suit for $18 million by tenants in York mall. (ARN Lt. L.P.)
October 29, 1990... D.C. group takes Chapter 11 after suit for $18 million by tenants in York mall Embroiled in an $18 million lawsuit, and stuck with bills it couldn't pay, a D.C. partnership that owns retail malls sought Chapter 11 protection in the U.S....

Real estate pros form workout advisory group. (Advisory Group Ltd.) (Around the Beltway)
October 29, 1990... Real Estate Pros Form Workout Advisory Group Three of Northern Virginia's most well-known real estate names are joining forces to jump on the workout bandwagon by forming their own consulting firm to help guide troubled real estate...

A bear market. (Teddies-N-Friends Inc.) (Around the Beltway)
October 29, 1990... A Bear Market When Nancy Reagan was hospitalized here during her husband's reign, former Redskins quarterback Joe Theismann sent her a teddy bear sporting a red dress, faux fur jacket and a paw full of balloons. Its name: Lauren...

Perpetual Financial: savings and loan cuts back staff, dividend. (Capital Region News)
October 29, 1990... Perpetual Financial Savings and loan cuts back staff, dividend Last week, the $5.2 billion Perpetual Financial Corp. eliminated 10 percent of its workforce. More than 110 employees were laid off in back-room positions, along with eight vice...

Corporate Real Estate: real estate consulting firm merges with Texas company. (Corporate Real Estate Advisors Inc.; The Amend Group) (Capital Region News)
October 29, 1990... Corporate Real Estate Real estate consulting firm merges with Texas company Corporate Real Estate Advisors Inc. in McLean merged with The Amend Group of Dallas, Texas, effective Oct. 1. Under the terms of the merger, Corporate Real...

Chesapeake Corp.: Richmond recycling firm forms paper waste partnership. (Capital Region News)
October 29, 1990... Chesapeake Corp. Richmond recycling firm forms paper waste partnership Chesapeake Corp. in Richmond formed a partnership with Stake Technology Ltd. in Toronto to market a system that will use steam explosion technology for the recycling of...

MOST cards: agreement with Exxon allows use of ATM cards for buying gas. (Internet Inc.) (Capital Region News)
October 29, 1990... MOST cards Agreement with Exxon allows use of ATM cards for buying gas Internet Inc. (MOST cards), Sovran Bank and Exxon Co. have worked out an agreement to allow MOST cardholders from Delaware to Tennessee to use their MOST ATM cards at...

Centex Simpson: 2 area construction firms merge to form new Centrex subsidiary. (Centex Simpson Construction Co.; Centex Construction Co.; Eugene Simpson and Brothers Inc.) (Capital Region News)
October 29, 1990... Centex Simpson 2 area construction firms merge to form new Centex subsidiary Centex Simpson Construction Co. has been formed by the merger of two area general contracting firms - Centex Construction Co. of Merrifield and Eugene Simpson &...

ERCE: Ogdem Corp. makes offer to buy rest of shares in Fairfax firm. (ERC Environmental and Energy Services Company Inc.) (Capital Region News)
October 29, 1990... ERCE Ogden Corp. makes offer to buy rest of shares in Fairfax firm Ogden Corp., New York, which owns 68 percent of the common stock of ERC Environmental and Energy Services Co. Inc., Fairfax, has offered to acquire the remaining stock at...

Pennsylvania Airlines: flight staff at USAir Express approve three-tear contract. (Capital Region News)
October 29, 1990... Pennsylvania Airlines Flight staff at USAir Express approve three-year contract Pennsylvania Airline flight attendants (USAir Express) ratified their first contract by mail ballot for a three-year period. Ninety-one percent of those voting...

Garfinckel's: Jewelmasters acquires right to use former retailer's name. (Capital Region News)
October 29, 1990... Garfinckel's Jewelmasters acquires right to use former retailer's name Jewelmasters Inc. has purchased the exclusive right to the name of Garfinckel's, the former Washington-based department store. The company intends to use the...

Matrix Corp.: Vienna firm sells assets at Panama City Beach, Fla. (Capital Region News)
October 29, 1990... Matrix Corp. Vienna firm sells assets at Panama City Beach, Fla. Analysis & Technology Inc., North Stonington, Conn., has purchased the Panama City Beach, Fla., assets of Matrix Corp., a private company in Vienna, Va. The purchased...

Ryland Group: homebuilder makes pact to buy Florida subsidiary. (Capital Region News)
October 29, 1990... Ryland Group Homebuilder makes pact to buy Florida subsidiary The Ryland Group Inc., Columbia, and Stokes-Collins and Co. Inc. have reached an agreement in principle for Ryland to purchase the homebuilding arm of Stokes-Collins, a...

Microlog: Germantown firm approves plan to buy California company. (Genesis Electronics Corp.) (Capital Region News)
October 29, 1990... Microlog Germantown firm approves plan to buy California company An agreement by Microlog, Germantown, Md., to buy California-based Genesis Electronics Corp., has been approved by the directors of both companies. Under the agreement,...

Executive Recruiters: Bryan Engle acquires retail staff company in Bethesda. (Capital Region News)
October 29, 1990... Executive Recruiters Bryan Engle acquires retail staff company in Bethesda Executive Recruiters Inc., Bethesda, has been acquired by Bryan L. Engle, formerly with Norrell Services. Executive Recruiters, founded in 1977, specializes in...

Hechinger retools North Carolina stores. (Hechinger Co.; Home Quarters Warehouses)
October 29, 1990... Hechinger retools North Carolina stores Home Quarters Warehouses, the supermarket for the fix-it-upper set, are increasingly being positioned as the future for Landover-based Hechinger Co. One year after it announced that Home Quarters...

Chevy Chase sells some of its credit cardbiz. (Chevy Chase Federal Savings Bank) (Banking)
October 29, 1990... Chevy Chase sells some of its credit card biz Chevy Chase Savings Bank FSB sold off a chunk of its hard-earned credit card assets in the last quarter to NCNB Corp., capping off a small-scale drive to keep the thrift in compliance with...

Signet Bank. (Banking)
October 29, 1990... Signet Bank NCNB isn't the only company in the market for credit card portfolios. Signet Bank in Richmond plans to purchase a $38 million portfolio of Visas and Mastercards from the United Counties Trust Co. in New Jersey. David K....

F&M National Corp. (Banking)
October 29, 1990... F&M National Corp. F&M National Corp. in Winchester, owner of seven banks with $810.8 million in assets, said this month it would begin buying up to 200,000 shares of its common stock on the open market. F&M said the shares would be used...

Marriott opens 2 resort hotels in Mexico. (Marriott Hotels and Resorts)
October 29, 1990... Marriott opens 2 resort hotels in Mexico In an ongoing expansion of its resort property development, Bethesda-based Marriott Hotels, Resorts and Suites last week opened two beachfront resorts in Mexico - a 450-room Marriott CasaMagna Resort...

Despite several major lease losses, county absorption pace holds steady. (Focus: Arlington County Growth Report)
October 29, 1990... Despite several major lease losses, county absorption pace holds steady Leasing activity along the Orange Line corridor through Arlington County is like a tale of the have and the have nots. Developers are either signing tenants or they're...

County looks to private developers to fill gap in affordable housing. (Focus: Arlington County Growth Report)
October 29, 1990... County looks to private developers to fill gap in affordable housing Hoping to absorb an influx of lower-income residents over the next decade, Arlington County has detailed an ambitious plan aimed at beefing up its small stable of...

CRI revises offer for New York funds. (CRI Insured Mortgage Association Inc.) (Focus: Arlington County Growth Report)
October 29, 1990... CRI revises offer for New York funds Rockville-based CRI Insured Mortgage Association Inc. (Criimi Mae) and its affiliate, AIM Liquidating REIT Inc., made two revisions last week in its exchange offer to investors in four AIM insured...

Shirlington hits halfway mark in leasing efforts. (The Oliver Carr Co.) (Focus: Arlington County Growth Report)
October 29, 1990... Shirlington hits halfway mark in leasing efforts Various phases of The Oliver Carr Co.'s $250 million Village at Shirlington mixed-use project are progressing with brisk leasing results as the renewal of one of Arlington's oldest shopping...

William F. Alder. (People on the Move)
October 29, 1990... William F. Alder PHH Corp. also named William F. Alder president of PHH FleetAmerica, the vehicle management services subsidiary of PHH Corp. He was senior vice president of strategic resources. Since joining PHH in 1985, he has also been...

Robert A. Kerstein. (People on the Move)
October 29, 1990... Robert A. Kerstein American Mobile Satellite Corp. appointed Robert A. Kerstein as chief financial officer and vice president. He comes from RK Associates, where he was president. RK Associates is a managing consulting practice in...

RCI Systems Inc. (For the Record: Business Notes)
October 29, 1990... RCI Systems, Inc. RCI Systems Inc. is the new name of Recording Consultants Inc. now in Rockville. The new address is 5615 Fishers Lane, Rockville, 20852-5200. The new phone numbers: 301-984-1800, Fax: 301-984-6175.

Commercial Finance Corp. (For the Record: Business Notes)
October 29, 1990... Commercial Finance Corp. Commercial Finance Corp., in Chantilly, is offering a program that will provide 100 percent financing for computer software in response to the growing number of programs needed by businesses to operate their...

Medimmune Inc. (For the Record: Business Notes)
October 29, 1990... Medimmune Inc. Medimmune Inc. is the new name for Molecular Vaccines based in Gaithersburg.

Planning Research Corp. (For the Record: Business Notes)
October 29, 1990... Planning Research Corp., Planning Research Corp., in McLean, is testing the nation's first automated motor vehicle registration renewal system. The test will allow Madison, Wis., residents to renew their vehicle registration via the...

Thomainfor. (For the Record: Business Notes)
October 29, 1990... Thomainfor Thomainfor, in Arlington, Thomson-CSF's computer maintenance subsidiary, and Forum International finalized their agreement on Thomainfor's acquisition of Forum's manufacturing sales and data processing assets for an undisclosed...

MCI Telecommunications Corp. (For the Record: New Products)
October 29, 1990... Maur Tel Corp. t/a Maaco Auto Painting 19310 Laytonsville Road Gaithersburg, Md. 20879 Social Security and Withholding Sept. 21 Amount: $24,497

Federal City Bank posts strong gains in dipping market. (Federal City National Bank)
October 29, 1990... Federal City Bank posts strong gains in dipping market Federal City National Bank, the small Capitol Hill bank that was started just four years ago, bucked the downward trend of area banking companies by posting strong gains in income and...

Belt tightening becoming way of life for firms. (Washington D.C. area reacts to government budget cuts)
October 22, 1990... Belt tightening becoming way of life for firms The 1990s will be an era of dismantling and rebuilding The news emanating from Washington last week will have an all-too-familiar ring in the coming weeks too -- budget cuts and more...

In a crisis, these are the guys to turn to. (The Corporate Response Group Inc.) (company profile)
October 22, 1990... In a crisis, these are the guys to turn to D.C. firm specializes in helping corporations weather a storm Hurricanes. Earthquakes. Oil spills. Nuclear meltdowns. To most companies, such events constitute the worst kind of...

3 inquiries launched in bank failure. (Washington Bancorporation and National Bank of Washington collapse)
October 22, 1990... 3 inquires launched in bank failure U.S. Attorney, FDIC, SEC eyeing Washington Bancorp Three broad, but separate, inquiries have been opened by federal investigators into the collapse of the National Bank of Washington and its...

Ward poised to build major distribution site. (Montgomery Ward plans center in Brandywine Industrial Park)
October 22, 1990... Ward poised to build major distribution site After courting several different developers, Montgomery Ward is poised to sign a multimillion dollar deal to build a major distribution center of between 600,000 and 700,000 square feet on a...

Sterling outfit hits RTC jackpot. (Real Estate Recovery Inc.; Resolution Trust Corp.)
October 22, 1990... Sterling outfit hits RTC jackpot Real Estate Recovery expects revenues of $15 million Despite just finishing a week of round-the-clock work, Christopher Kallivakos is grinning, and with good reason. It's the year of the workout, and...

Baby Bell forms software firm to be based in W.Va. panhandle. (Bell Atlantic starts Bell Atlantic Software Systems in West Virginia)(Capital Region News)
October 22, 1990... Bell Atlantic Baby Bell forms software firm to be based in W. Va. panhandle Bell Atlantic plans to combine its software systems development operation into one firm and locate the new entity in Morgantown, W. Va. Bell is...

N.Y. creditor pushes Spa Lady into involuntary bankruptcy. (First Park Associates L.P.)
October 22, 1990... N.Y. creditor pushes Spa Lady into involuntary bankruptcy Move comes as firm auctions off its fitness centers An unsecured creditor threw in the towel for beleaguered Spa Lady Corp. just as the company was preparing to auction off...

Acquisition of Amerisystems adds projects in 13 areas. (Capital Region News)
October 22, 1990... Fairchild Communications Acquisition of Amerisystems adds projects in 13 areas Fairchild Communications Services Co., in Chantilly, completed the acquisition of Dallas-based Amerisystems Partnership for an undisclosed amount. ...

Growth continues with purchase and sign up of more affiliates. (USTravel Systems Inc.) (Capital Region News)
October 22, 1990... USTravel Growth continues with purchase and sign up of more affiliates USTravel Systems Inc., in Washington, has acquired Cincinnati-based Mercury Travel and signed up a dozen more agencies for its travel management network....

Fast-growing consulting firm graduates from (8)a program. (Washington Consulting Group) (Capital Region News)
October 22, 1990... Washington Consulting Fast-growing consulting firm graduates from (8)a program Washington Consulting Group successfully graduated out of the Small Business Administration's (8)a minority business program. Launched on an $8,000...

Flight attendants reach accord after year of negotiating. (USAir) (Capital Region News)
October 22, 1990... USAir Flight attendants reach accord after year of negotiating Flight attendants employed by USAir Group Inc., in Arlington, represented by the Association of Flight Attendants, reached a tentative contract agreement with the...

Voice mail firm to acquire Genesis Electronics Corp. (Microlog Corp.) (Capital Region News)
October 22, 1990... Microlog Voice mail firm to acquire Genesis Electronics Corp. Microlog Corp., in Germantown, will acquire Genesis Electronics Corp. for approximately $2 million is stock and cas. Microlog will be paying $500,000 in cash and...

European aerospace firms expand in Northern Virginia. (Rolls-Royce Inc.; Airbus Industrie of North America) (Capital Region News)
October 22, 1990... Rolls-Royce; Airbus Industrie European aerospace firms expand in Northern Virginia Rolls-Royce Inc. dedicated its new North American headquarters in Reston while Airbus Industrie of North America Inc. started churning dirt for a new...

Software developer forms alliance with R.L. Polk & Co. (Group 1 Software) (Capital Region News)
October 22, 1990... Group 1 Software Software developer forms alliance with R.L. Polk & Co. Group 1 Software in Greenbelt entered into a strategic marketing alliance with R.L. Polk & Co., a compiler of consumer and demographic data and a direct mail...

John Hanson reports $448,000 quarterly income. (John Hanson Savings Bank)
October 22, 1990... John Hanson reports $448,000 quarterly income John Hanson Savings Bank in Beltsville posted a net income of $448,000 in the quarter ended Sept. 30, compared to $2.1 million in the same period last year. The income for the quarter...

Manor Care Inc. (Insider Trading)
October 22, 1990... MCI Communications Corp. Clarence Rogers, director, bought 1,500 shares on Sept. 6 for $33.38 each. He now holds 2,500 shares.

ERC Environmental & Services Co. (Insider Trading)
October 22, 1990... ERC Environmental & Services Co. Hilliard Paige, director, sold 5,000 shares on Aug. 2 for $11.38 each. He no longer owns any shares.

MCI Communications Corp. (Insider Trading)
October 22, 1990... Manor Care Inc. Richard Carey, vice president, bought 1,000 shares on Aug. 23 for $10.50 each. He now owns 1,000 shares. Stewart Bainum, vice chairman, bought 9,700 shares on Aug. 23 for prices ranging from $10.63 to $10.75 each. He now owns...

Sage Software Inc. (Insider Trading)
October 22, 1990... Sage Software Inc. Robert Goldman, director, sold 15,000 shares on June 29 for $13.88 each. He no longer holds any shares.

Arix Corp. (Insider Trading)
October 22, 1990... Arix Corp. Greater Washington Investors, Chevy Chase, filed an intent to sell 69,589 shares worth $87,000.

Kay Jewelers Inc. (Insider Trading)
October 22, 1990... Kay Jewelers Inc. Harry Braveman, vice president, sold 15,615 shares on July 16 for $13.75 each. He no longer owns any shares.

James Madison Ltd. (Insider Trading)
October 22, 1990... James Madison Ltd. Morton Funger, director, bought 18,000 shares on July 18 for $5 each. He now holds 50,678 shares.

Perpetual Financial Corp. (Insider Trading)
October 22, 1990... Perpetual Financial Corp. Judith McCaffrey, secretary, sold 6,075 shares on July 11 for $2 each. She no longer holds any shares.

Syntellect Inc. (Insider Trading)
October 22, 1990... Syntellect Inc. Greater Washington Investors, Chevy Chase, filed an intent to sell 136,000 shares for $2.7 million.

Gregory Paulay joined Testwell Craig Laboratories Inc. (People on the Move)
October 22, 1990... Gregory Paulay joined Testwell Craig Laboratories Inc., Silver Spring, as president and managing partner. Testwell Craig, New York, recently expanded its environmental division by opening an office in Silver Spring. Paulay was with MPC &...

Charles H. Piersall Jr. (Anadac Inc.) (People on the Move)
October 22, 1990... Charles H. Piersall Jr. has been appointed the chief operating officer of ANADAC Inc. in Arlington. After a 28-year military career, Piersall held several positions including executive vice president/chief operating officer for...

Limited partnership in Chapter 11, secured claims top $16 million. (Cub Run L.P.)
October 22, 1990... Limited partnership in Chapter 11, secured claims top $16 million Cub Run L.P., a Virginia limited partnership based in Rockville, filed for Chapter 11 reorganization in the U.S. Bankruptcy Court in Rockville Oct. 12. The partnership did...

Martin Marietta Crop. (Contracts)
October 22, 1990... Martin Marietta Corp. in Bethesda bought the rights to complete production of the Advanced Tactical Air Reconnaissance System from the Control Data Corp. in Minneapolis, the program's prime contractor. Martin Marietta also won a $37 million...

ION Systems Corp. (Contracts)
October 22, 1990... ION Systems Corp. in Gaithersburg won contracts with Applied Cybernetics in Arlington; the Department of Interior Geological Survey in Reston; the Federal Emergency Management Agency in Philadelphia; Weeks Enterprises in Centreville; and...

Data Measurement Corp. (Contracts)
October 22, 1990... Data Measurement Corp. in Gaithersburg won a $650,000 order from NKK Corp. in Japan to supply instrument and control systems.

Grunley Construction Co. (Contracts)
October 22, 1990... Grunley Construction Co. in Rockville won the following contracts from the General Services Administration; renovations to the exterior of the GSA Central Office Building for $1.3 million; installation of sprinkler systems at the Housing and...

Business Information Technologies Inc. (Contracts)
October 22, 1990... Business Information Technologies Inc. in Silver Spring won a $275,000 contract for a microcomputer local network at Georgetown University's Department of Surgery.

Planning Research Corp. (Contracts)
October 22, 1990... Planning Research Corp. in McLean won 12 contracts worth $12.4 million to provide a wide range of computer-based public safety and criminal justice systems to state, county and municipal governments in the U.S. and Canada. Advanced Technology...

Telecommunication Systems Management Inc. (Contracts )
October 22, 1990... Telecommunication Systems Management Inc. Sterling won a contract to provide 16 telephone systems for Fort Bragg, N.C.

American Capital and Research Corp. (Earnings and Dividends)
October 22, 1990... American Capital and Research Corp., Fairfax, reported earning $3.3 million, or 17 cents a share, on revenue of $136 million for the quarter ended in August. This compares with earnings of $1.9 million, or 14 cents a share, on revenue of $120...

Radiation Systems Inc. (Earnings and Dividends)
October 22, 1990... Radiation Systems Inc., Sterling, said it has authorized its employee stock ownership plan to borrow up to $1 million to repurchase shares on the open market.

Laurel Bancorp Inc. (Earnings and Dividends)
October 22, 1990... Laurel Bancorp Inc., Laurel, reported earnings of $204,000 on net income of $865,000 for the quarter ended in August. This compares with earnings of $117,000 on net income of $756,000 for the same period last year.

Survival Technology Inc. (Earnings and Dividends)
October 22, 1990... Survival Technology Inc., Bethesda, reported a loss of $361,000, or 13 cents a share, on revenue of $20.1 million for the year ended in July. This compares with a loss of $1.4 million, or 51 cents a share, on revenue of $16.6 million for the...

Orkand Corp. (Earnings and Dividends)
October 22, 1990... Orkand Corp., Silver Spring, reported revenue of $32 million for fiscal 1990 compared with revenue of $27 million for 1989.

Alpha Investor Services Inc. (New Businesses)
October 22, 1990... James Popino has established Alpha Investor Services Inc.. The firm specializes in facility and real estate asset management, business development and business representation. The address for the firm is 12450 Fair Lakes Circle, Suite 350,...