Houston Business Journal articles from August 1997

Houston Business Journal archives from August 1997

Telecom firm files Chapter 11; Nasdaq suspends stock trading, CFO resigns. (Nasdaq Stock Market suspends stock trading of Total National Telecommunications Inc as Michael Higgins, CFO, resigns)
August 1, 1997... Houston-based Total National Telecommunications Inc. last week filed for reorganization under Chapter 11 in Houston federal bankruptcy court. The company filed for protection from creditors on the same day that checks totaling $680,000 were...

Vantage returns with big industrial project; firm builds first park since go-go days. (Vantage Houston Inc)
August 1, 1997... One of the top developers of the 1970s and '80s is making a market comeback with construction of a new 620,000-square-foot industrial park in northwest Houston. Vantage Houston Inc. will soon break ground on the first phase of Northwest Point...

U.S. Liquids going public. (US Liquids Inc plans initial public offering)
August 1, 1997... A newly formed waste treatment company plans to go forward with an initial public offering of common stock, further solidifying Houston's status as a hub for the waste industry. U.S. Liquids Inc. has filed with the U.S. Securities and Exchange...

Rising tide lifts supply boats; offshore drilling boom brings back Gulf fleet. (surge in offshore drilling business boosts profits of Trico Marine Services Inc)(Industry Overview)
August 1, 1997... Supply Boat Fleet in the Gulf of Mexico Year Day Rate Fleet size 1987 $1,350 226 1992 $1,400 219 1996 $5,500 252 1997 $8,250 278...

Consumer focus groups meet in high-tech facility. (Opinions Unlimited Inc facility hailed as the best in North America for conducting focus groups)
August 1, 1997... One of the first steps in any marketing campaign is to find out the consumer's opinion. Following the path blazed by Gallop, hundreds of companies throughout the United States are in business to do just that, often by recruiting representative...

Minding the megatrends: Enron's Lay says conditions bode well for Houston. (Ken Lay of Enron Corp forebodes positive economy for Houston)
August 1, 1997... Despite Enron Corp.'s disappointing stock price recently, Ken Lay remains confident about his company and Houston's economy in the future. Near term or long term, the energy scenario looks good, Enron's chairman and chief executive told a...

OCC refocuses local offices on regulation of community banking. (Office of the Comptroller of the Currency for the Southwestern District)
August 1, 1997... Some major changes in the banking industry in recent years have prompted one federal agency that regulates national banks to drastically overhaul its Texas examination structure and the way it operates. And the changes are for the better, say...

Tanglewood bank hands new director position to Daniels. (Tom Daniels elected to the board of Bank of Tanglewood)
August 1, 1997... Flamboyant Houston banker Tom Daniels has some new financial irons in the fire. Daniels, who was president of Sugar Creek National Bank and served as a regional president of Comerica Bank-Texas after the two banks merged in 1992, has been...

Fashionable Shepherd Plaza sold to Trammel Crow joint venture. (Trammel Crow Real Estate Investors)
August 1, 1997... Shepherd Plaza, regarded as Houston's trendiest nightclub scene by local 20- and 30-somethings, was sold last week for an undisclosed sum to a limited partnership that includes Dallas-based Trammell Crow investors. The area, bounded by...

Columbia to open children's hospital near Texas Medical Center. (Columbia/HCA Healthcare Corp)
August 1, 1997... Columbia/HCA Healthcare Corp. is expected to announce this week that it is opening a new pediatric hospital near the Texas Medical Center. The facility has been rumored to be in development for the past six months. "The children's hospital...

PCA complaints provoke state investigation. (Physician Corp of America and its PCA QualiCare hmo under investigation by Texas Dept of Insurance)
August 1, 1997... The Texas Department of Insurance is investigating Miami-based Physician Corporation of America and its local Medicare risk HMO following complaints by three former Houston employees. TDI visited PCA's Houston and Austin offices last month to...

Marketing muscle: World Gym operators add a Smoothie King. (World Gym Family Fitness Centers opens Smoothie King inside gym)
August 1, 1997... Fitness and food franchises usually don't mix, but one local gym is finding that sometimes it can make for healthy business. World Gym in suburban Houston has become home to a Smoothie King, a chain that combines made-to-order fruit-based...

Lay of the land: Mike Inselman knows who the people are in everybody's neighborhood. (managing the American Metro/Study Corp)
August 1, 1997... Some people refer to Mike Inselmann's company as the Census Bureau of Houston's residential market. One client has even called him the Alan Greenspan of residential real estate. And while a few words from Inselmann may not send interest rates...

Purr-fect solution: litter box liner's future smelling good. (Ekonokat Inc sells Litternet)(Company Profile)
August 1, 1997... It may be a dirty job, but Marcee Lundeen will do it. Or at least she can help you make the task a little bit more bearable. Lundeen is the inventor of Litternet, a cat litter box lining. It's now sold in several local grocery and pet stores...

Climbing the walls. (Texas Rock Gym specializes in rock climbing)(Company Profile)
August 1, 1997... A 32-year-old former mechanical engineer is making his way up the corporate ladder with his hobby - rock climbing. "My friends who are still wearing suits, sitting at computers are jealous," says Monty Queener, founder of the Texas Rock Gym....

Luxury hotels get boost from Ritz-Carlton fallout; legal dispute leaves hotel with no name. (Ritz-Carlton Hotel Co. removes name from Houston property)
August 8, 1997... Legal dispute leaves hotel with no name Houston's luxury hotels benefited from the four-star fallout last week following a decision by Atlanta-based Ritz-Carlton Hotel Co. to pull the flag from the chain's Houston property. "We ended last...

Public firm ousts officers in tax dispute. (Intile Designs Inc.)
August 8, 1997... Stockholders of Houston-based Intile Designs Inc. ousted the company's president and board of directors last week after controversy developed over the underreporting and underpayment of taxes. A number of local taxing entities have begun...

Columbia makes formal its plans for kid's hospital near Med Center. (Columbia/HCA Healthcare Corp.)
August 8, 1997... Columbia/HCA Healthcare Corp. last week formally announced its new pediatric hospital near the Texas Medical Center called Columbia Children's Hospital of Houston. The new facility will be located at 7600 Fannin in the old Medical Center...

Vastar will hold 40 percent interest in energy marketing joint venture. (Vastar Resources Inc.)
August 8, 1997... Vastar Resources Inc. has formed a gas and electric marketing joint venture with Atlanta-based Southern Co., the largest utility holding company in the country. Houston-based Vastar will receive $40 million and a 40 percent stake in the new...

When the chips are down: Smith & Associates is emerging from an industrywide semiconductor downturn.(Growth Strategies)
August 8, 1997... Smith & Associates is emerging from an industrywide semiconductor downturn Brothers Lee and Robert Ackerley have been successful in building the second-largest independent distributor of semiconductors in the world. But the trust test of their...

Cartridge company in step with growth of laser printing; remanufacturer becomes leader in a new industry. (Enhanced Laser Products)(Growth Strategies)
August 8, 1997... Curtis Morris knows about recycling. He not only runs Enhanced Laser Products, a company that recycles toner cartridges for laser printers, but he turned that company from a failed investment into a corporation that has made the "Houston 100"...

BMC Software investment provides technological edge. (BMC Software Inc.)(Growth Strategies)(Directory)
August 8, 1997... BMC Software Inc. spent $7 million last month to acquire a group of products that will increase the efficiency of its PATROL Management Suite of products. PATROL software products monitor, manage and automate computer systems. The software...

Takeover fever strikes oil, gas sector; pace of mergers quickens this year among E&P firms. (exploration and production companies)(includes related article on hostile takeover bids)(Industry Overview)
August 15, 1997... As Houston-based Pennzoil Corp. fights for its corporate life in a Delaware court, Burlington Resources is seeking to finalize a $3-billion merger with Louisiana Land & Exploration announced last month. Although the tenor of Burlington's merger...

Ready for Prime time; community bank plans for IPO after years of expansion. (Prime Bancshares Inc to undertake initial public offering)
August 15, 1997... Another of Houston's fast-growing "super community banks" has taken the first steps toward publicly-held status. Prime Bancshares Inc., the parent company of Prime Bank. and several of its shareholders have filed with the U.S. Securities and...

Sparkling idea: local inventor's 'Cork Guard' bubbles up to national contest. (James Sweed invents Champagne Cork Guard)
August 15, 1997... James Sweed just may have uncorked a market niche that could give champagne lovers another reason to toast. The Houston inventor's new product, called the Champagne Cork Guard, keeps the corks from popping out of champagne bottles and hurtling...

BMC joins Trammell for land buy; A&M Foundation selling pair prime Beltway 8 property. (BMC Software Inc and Trammell Crow Co to buy Texas A&M Foundation property)
August 15, 1997... BMC Software Inc. and Trammell Crow Co. are planning to buy 27 acres in southwest Houston from Texas A&M Foundation to eventually transform the barren property into a suburban office complex. Officials from both companies only would confirm...

Natural gas industry experts differ over future gas prices, supply and demand.(Industry Overview)
August 15, 1997... Several natural gas pipeline companies are anticipating the winter season of 1998-1999 when pipeline projects will come on line bringing Canadian gas to domestic markets and new revenue for the pipelines. In fact, the winter months of 1998-1999...

Sorry Charley: owner revamps old restaurant to reflect changing times. (Charley's 517 to be remodeled and renamed as Clive's the Grill)(Company Profile)
August 15, 1997... Charley's 517 will reopen with less frills as Clive's Clive Berkman is understandably a little nervous. The owner of the Charley's 517 knows he's taking a gamble by closing the 27-year-old downtown eatery for a complete overhaul. Berkman...

Overseas U.S. projects demand American gas experts.
August 15, 1997... American gas companies are recruiting an increasing number of professionals to work on overseas natural gas projects. Only within the last several years have development of international natural gas projects such as pipelines and power projects...

Rehabilitated banker: Charles Beall used a long career in finance to build a healthy hospital system. (profile of Charles Beall, CEO of The Institute for Rehabilitation and Research)
August 15, 1997... Charles Beall never intended to head a hospital system in the Texas Medical Center. He had a 26-year career at Texas Commerce Bank, working his way up to chairman and chief executive officer. But as a bank officer, Beall was encouraged to serve...

Accidental entrepreneur: real estate business owner has turned necessity into opportunity. (profile of Ed Ryland, owner of Ryland Enterprises)(Company Profile)
August 15, 1997... Ed Ryland never intended to make a career out of real estate. But when he lost his job with the State Comptroller's office, he fell back on his weekend stint with Century 21 realty company. "My plan was: I'm going to give this real estate stuff...

Water Street: a happy new fishing hole for seafood fans. (profile of Water Street Seafood Co)(Company Profile)
August 15, 1997... Moving a seafood chain into Houston is like delivering coals to Newcastle. But the recent arrival of Corpus Christi-based Water Street Seafood Co. is anything but redundant. The place certainly has a positive attitude. It's outfitted an old...

Big Laredo bank to buy University. (International Bank of Commerce; University State Bank)
August 22, 1997... Allbritton selling stake in 55-year-old bank The owners of University State Bank have agreed to sell their interest in the 55-year-old financial institution to Laredo-based International Bank of Commerce, the second-largest independent bank in...

Dallas competitor buys Houston cable TV firm. (OpTel Inc. of Dallas; Phonoscope)
August 22, 1997... OpTel paying $35.3 million for Phonoscope Houston-based Phonoscope has agreed to sell its local residential cable television business to one of its biggest rivals - OpTel Inc. of Dallas - for $35.3 million. OpTel will acquire the...

A parting of the ways. (Dienna/Simpkins Co.)
August 22, 1997... Peter Dienna and Doug Simpkins survived the real estate bust together. But the new boom has broken up their 16-year partnership. Like many development firms, The Dienna/Simpkins Co. prospered during the real estate boom of the early 1980s....

Pavilion files suit as Saks plans party. (Radler Pavilion Ltd.; Saks Fifth Avenue)
August 22, 1997... Less than a month before Saks Fifth Avenue is scheduled to open in The Galleria with a lavish black-tie gala, the specialty retailer has been hit by its longtime landlord with a $130 million breach-of-contract lawsuit to stop Saks from leaving...

Employee benefits suffer in era of contract worker.(Focus On: Insurance Report)
August 22, 1997... Eric Tegeler is a company man in every way but the most important one. For the last 15 months, Tegeler (not his real name) has worked for a mid-sized Houston business that repairs turbine engines. The work is grueling. Tegeler will spend the...

Big backlog prompts energy manufacturer to go public. (Dril-quip Inc.)(Company Profile)
August 22, 1997... Dril-quip bidding to raise $103.5 million for expansion An 80 percent increase in backlogged orders for oil and gas drilling equipment has prompted a private Houston manufacturer to seek expansion capital through a public offering of stock....

Major shipper reaches agreement to launch Port of Houston service. (APL Ltd.)
August 22, 1997... Deal opens Latin America to APL transport business The nation's second-biggest shipping line has announced plans to begin service out of the Port of Houston to Latin America. APL Ltd., based in Oakland, Calif., has reached a deal to...

Duke, Williams Cos. find buyer for Altra Energy joint subsidiary. (Duke Energy Corp.; Battery Ventures; Altra Energy Technologies)
August 22, 1997... Battery Ventures focuses investments on software, communications firms The owners of Altra Energy Technologies have agreed to sell controlling interest in the local firm to a Massachusetts-based venture capital firm that specializes in...

Houston firm getting DOE grant to remove sulfur from gasoline. (Energy BioSystems Corp.; Department of Energy)
August 22, 1997... Energy BioSystems develops technology using enzymes in refining process The U.S. Department of Energy is expected to give The Woodlands-based Energy BioSystems Corp. a $2.5 million grant next week to support a bio-based technology that removes...

Clearing the hurdles. (IFS Financial Corp.'s emergence as one of the largest Hispanic-owned companies in the US)(Company Profile)
August 22, 1997... Hugo Pimienta has overcome several obstacles to make IFS Financial Corp. one of the largest Hispanic-owned companies in the country. Fresh out of Anahuac College in Mexico City with a degree in computer science, Hugo Pimienta followed his...

Allwaste Inc. (proxy report excerpts)(Company Profile)
August 22, 1997... NYSE ALW 5151 San Felipe, Suite 1600, Houston 77056 (713) 623-8777 Allwaste Inc. is a Houston-based, diversified industrial resource and services company with operations throughout the United States and Canada, Mexico and Europe Total...

Texaco visionary helped make Houston center of oil industry. (Joseph S. Cullinan)(Company Profile)
August 22, 1997... When the building pictured below was constructed for the Texas Co. in 1910, it marked the beginning of Houston's role as center of the emerging oil industry in southeast Texas. Joseph S. Cullinan, a pioneer in the oil industry, had begun his...

A quality revolution. (Roger Parrish began his business at the height of the Soviet Union revolution)(Company Profile)
August 22, 1997... When the Soviet Union fell Roger Parrish began a turnaround of his own When the former Soviet Union broke up in 1991, it coincided with a slumping oil and gas industry in the United States. Houstonian Roger Parrish jumped at the opportunity...

OCC grants charter to new 'virtual bank'; CompuBank will offer cyber customers on-line access to accounts and services. (US Office of the Controller of the Currency)
August 29, 1997... CompuBank will offer cyber customers on-line access to accounts and services It's taken a year, but federal regulators last week approved a local banker's bid to open the first nationally chartered "virtual bank." The U.S. Office of the...

Industrial market hits 12-year high; activity has some real estate brokers urging caution.
August 29, 1997... [TABULAR DATA OMITTED] The pace of industrial construction is at its highest point in about a dozen years, In tact, more than 1.7 million square feet of industrial development should be completed by year's end. But that kind of activity...

Production costs climb for oil, gas companies; labor shortages, higher rig counts fuel cost increase.
August 29, 1997... Amidst all the glowing news about the oil and gas industry revealed this week by Arthur Andersen, the Big Six accounting firm also hinted that the smooth sailing was about to get a little rougher. For the first time in four years, production...

Fresh waters: BFI founder makes $3.5 million investment in Tyler. (Browning-Ferris Industries Inc.)
August 29, 1997... A founder of Browning-Ferris Industries Inc. has invested $3.5 million in Tyler Corp., a publicly held conglomerate currently in the process of moving its headquarters to Houston from Dallas. Louis Waters is the principal owner of Richmond...

Company orders $85 million seismic vessel. (Petroleum Geo Services)
August 29, 1997... Petroleum Geo Services is betting on the oil and gas recovery by ordering a new state-of-the-art $85 million seismic vessel to be delivered in two years. Despite recent tremors in the market for oil service stocks, company officials say...

Continental picks NY agency to handle $50 million account. (New York Mayor Rudolph Giuliani eyeing Continental Airlines)
August 29, 1997... New York Mayor Rudolph Giuliani may have to keep an eye on Continental Airlines. The Houston-based carder has chosen New York City-based N.W. Ayer & Partners as the lead agency for its $50 million worldwide advertising account. In July, Ayer...

An advertising original: Lyle Metzdorf has come full circle, from Houston to Madison Avenue and back again.
August 29, 1997... Lyle Metzdorf's creative talents served him well for a short time following his graduation from Central College in Fayette, Mo. in the late 1950s. He worked for Kansas City-based Hallmark, creating greeting cards. And he spent some time as an...

Record profits; Southwest Wholesale has stayed in the groove while its industry is in a rut.(Growth Strategies)
August 29, 1997... The year Richard Powers and Robert Guillerman founded Southwest Wholesale, Boston and Fleetwood Mac topped the charts, eight track tapes were hot and the music industry as a whole was rocking along. But since 1976, a lot has changed in the...

Extended-stay alternatives springing up around town; Austin-based chain building four hotels in Houston area.
August 29, 1997... Temporary housing opportunities are expanding for employees who are relocating to Houston from other cities or are on extended assignments here. Primary alternatives for executives or families needing accommodations while in the midst of a...

Relocating firms compete in a tighter office market. (Houston, Texas)(Focus On: Relocation)
August 29, 1997... Companies eyeing Houston for a possible relocation will find a far different office market than they saw five, or even two, years ago. At a pace so gradual as to be almost indiscernible to the casual observer, Houston's office market has...