Houston Business Journal articles from March 1998

Houston Business Journal archives from March 1998

Insurance giant seek S&L charter. (American General Corp.)
March 6, 1998... American General making first foray into banking and trust business American General Corp., a local giant in the insurance and consumer finance industry, is now setting its sights on the banking and trust business as well. American General...

Nonunion company sues port. (Empire Stevedoring Inc. sues Port of Houston Authority and its commissioner)
March 6, 1998... Stevedoring firm is denied access to docks A nonunion stevedoring company, after being denied access to public docks, has filed a lawsuit seeking a license from the Port of Houston Authority to load anti unload ships - and $10 million in...

Going digital. (digital television broadcasting)
March 6, 1998... Federal mandate focuses on new video technology Bill Moffett believes the coming of digital television is the hottest thing since color TV. The owner of Moffett Productions, a Houston-based video production agency, recalls how, when he was a...

HMO membership hits record high. (health maintenance organizations)
March 6, 1998... Enrollment jumps for 15 of 16 plans Houston's health maintenance organizations enjoyed a hearty increase in enrollment last year as a record number of new members signed up with HMOs. Aetna US Healthcare was the biggest winner with a 332...

Houston financial planners temper enthusiasm for Roth. (Roth individual retirement account)
March 6, 1998... Investors continue to show strong interest in Roth IRA Investors are eager to embrace the Roth individual retirement account, but not all Houston financial planners intend to recommend the hot new investment vehicle. A creation of last...

Classic cinema chain makes major debut in local market. (Edwards Theaters Circuit Inc.)
March 6, 1998... Edwards plans to develop theater complex in Greenway Plaza, entertainment center on old Cameron Iron Works site The nation's oldest movie theater developer is debuting in Houston with the opening of a 24-screen megaplex in Greenway Plaza and a...

Accounting firm agrees to settle class-action suit for $11 million. (Deloitte & Touche)
March 6, 1998... Collapse of Entertainment Marketing led to legal dispute over financial disclosure Big Six accounting firm Deloitte & Touche has agreed to pay $11 million to settle a class-action lawsuit over the 1991 bankruptcy of a client. The suit...

Pair of planned mergers promises to consolidate oil service sector. (petroleum industry)
March 6, 1998... Halliburton will purchase Dresser; EVI to combine with Weatherford Enterra Consolidation within the oil service sector showed signs of quickening last week, as Halliburton Co. reached an $8.9 billion merger deal with Dresser Industries Inc.,...

Big outside banks set to duel for SBA loans. (First Union Corp, Money Store Inc, Bank of Commerce, Small Business Administration)
March 13, 1998... Money Store merger spurs expansion by Bank of Commerce Houston is shaping up as a major battleground between two out-of-state financial giants vying to be the nation's largest Small Business Administration lender. First Union Corp., a...

Rambling Rose: CEO of Diamond Offshore resigns to ponder job offers. (Diamond Offshore Drilling Inc CEO Bob Rose)
March 13, 1998... After coming under pressure for not doing enough to retain key company executives, Diamond Offshore Drilling Inc. is now losing its top officer. Diamond CEO Bob Rose has announced his resignation effective March 31 to "pursue another...

Monumental waste merger: USA Waste, WMX combining to create a $20 billion colossus. (USA Waste Services Inc and Waste Management Inc)
March 13, 1998... Houston-based USA Waste Inc. will merge with Waste Management Inc. of Oak Brook, Ill. in a $13.5 billion stock deal to create the world's largest waste services company with combined assets of more than $20 billion. If the merger goes through,...

Florida firm to build 20-story office tower on West Loop. (Songy Partners)
March 13, 1998... New construction follows renovation of long-vacant building A Florida developer is preparing to construct a 20-story office tower on the West Loop. Boca Raton-based Songy Partners confirmed plans for the new project at Post Oak and Loop 610...

Takeover target Western Atlas goes on acquisition spree. (acquires Wedge Dia-Log Inc and 3-D Geophysical Inc)
March 13, 1998... Western Atlas Inc., the center of recent merger rumors, went on a buying spree itself this week. Western acquired Wedge Energy Group's Wedge DIA-LOG Inc. for $2.18 million in cash and $33 million in debt. Western also extended a tender offer...

EqualNet buys assets of bankrupt competitor, names new president. (EqualNet Holding Corp, SA Telecommunications Inc; Robert Turner)
March 13, 1998... Houston-based EqualNet Holding Corp. has purchased the assets of a Texas rival out of bankruptcy and has appointed a new president in a flurry of actions aimed at bringing the local company back to profitability. EqualNet, a local...

Houston health care group files plan for public offering. (Physicians Trust)
March 13, 1998... Physicians Trust will focus on neuro, muscular and skeletal practices A group of Houston health care professionals is attempting to put together the country's second public physician management company focused on neuro, muscular and skeletal...

Knowing the drill: Tom Richards rose from rig roughneck to become CEO of Grey Wolf.(Profile)
March 13, 1998... Even when Tom Richards got his marketing degree from Texas A&M University, he wasn't so sure he wanted to do marketing. Richards, now CEO of Grey Wolf Inc., had worked summers as a roughneck on offshore rigs for Global Marine Inc. to help pay...

Electrical evolution: seized opportunities turn distributor into growing equipment repair firm. (ECP Tech Services Inc)(Growth Strategies)
March 13, 1998... The repair shop at ECP Tech Services Inc. is painted a lovely gray blue and trimmed with natural wood crown molding. The reception room and offices are even more elaborate. The decor seems more appropriate for a furniture showroom than a...

Fort Bend Holding Corp. (Proxy Report Excerpts)(Company Profile)
March 13, 1998... Nasdaq FBHC 3400 Avenue H, Rosenberg 77471 (281) 342-5571 Fort Bend Holding Corp. is a savings and loan company with Fort Bend Federal Savings and Loan Association of Rosenberg as its subsidiary. Total shares of common stock...

Top HMO networks join forces; Aetna, NYLCare will combine operations. (health maintenance organization; NYLCare Health Plans)
March 20, 1998... Houston's fastest-growing HMO is buying Houston's largest HMO. Aetna Inc. announced this week that it will acquire the NYLCare Health Plans business of New York Life Insurance Co. for $1.05 billion in cash. New York Life could receive an...

How the waste was won; megamerger will benefit all players. (merger between Waste Management Inc. and USA Waste Inc.)
March 20, 1998... [TABULAR DATA OMITTED] The $20 billion merger announced last week between Waste Management Inc. and Houston-based USA Waste Inc. is expected to have a positive impact on the entire $40 billion solid waste industry. One of the main...

Drury fulfills dream to be number one. (USA Waste Inc. Chairman John Drury)(How the Waste Was Won)
March 20, 1998... The cover of USA Waste's annual report two years ago featured a baseball player with a huge number one printed on his shirt, pointing to the stands and predicting a home run. While the hardball graphic had little to do with the waste services...

Bell, AT&T dial up competition for local service.
March 20, 1998... Two state and federal filings mark the latest salvo in the ongoing battle between local phone company Southwestern Bell and long distance giant AT&T. Earlier this month, Bell filed with the state Public Utility Commission (PUC) to offer long...

Southdown reaches merger agreement with Ohio competitor. (Medusa Corp.)
March 20, 1998... Medusa purchase will make local company nation's second largest cement manufacturer If local cement manufacturer Southdown Inc. completes its proposed purchase of Ohio-based Medusa Corp., it will become the nation's second largest cement...

Compromising spirit: Unocal, Shell settle confidentiality suit; litigation filed after rival raided eight geologists.
March 20, 1998... Spirit Energy 76, a division of Unocal based in Sugar Land, has settled with Shell Oil Co. in a lawsuit filed by Shell last fall to protect the company's proprietary information. Shell filed the action in Harris County state district court...

Speculation settles on potential bidders in Bank America branch sale.
March 20, 1998... Bank of America's 166 Texas retail branches now up for sale would be "the perfect cup of tea" for Houston-based Bank United, says local banking analyst Bill Strunk. "Bank United could buy it all, and they need the deposits," says Strunk,...

APS Holding Corp. (Proxy Report Excerpts)(Company Profile)
March 20, 1998... Nasdaq APSI 15710 John F. Kennedy Blvd., Suite 700, Houston 77032-2347 (713) 507-1100 APS Holding Corp. is a nationally recognized distributor of Big A Brand and manufacturers' branded automotive replacement parts, as well as tools,...

Second wind: Morris Architects finds growth after six decades.(Growth Strategies)(Company Profile)
March 20, 1998... Countless Houston companies can brag about surviving the bust. But a far fewer number can boast 40 percent growth during their 60th year in business. Morris Architects is one of those. Since 1938, when founder Sy Morris started the company...

Dispute hobbles top health care alliance. (Memorial Hermann Healthcare System to dissolve its joint venture with Sisters of Charity of the Incarnate Word Health Care System)
March 27, 1998... Memorial, Sisters dissolving part of venture The largest alliance of health care providers in Houston is in critical condition. The Memorial Hermann Healthcare System and Sisters of Charity of the Incarnate Word Health Care System are...

AutoNation stalls local ValuStop dealership. (Republic Industries delays plans for new Houston auto dealership)
March 27, 1998... Republic Industries Inc. has put the brakes on plans to open a ValuStop auto dealership in Houston. The move is the latest in a series of maneuvers to fine-tune the company's local operations since entering the city more than a year ago. The...

International interest. (MetroBank makes $5 million loan to Mexican construction consortium)
March 27, 1998... Mexican consortium taps tiny MetroBank to lend $5 million for Pemex construction MetroBank made a name for itself catering to Houston's minority communities, but the financial institution is branching out in other international directions....

KNWS hits TV homer with Astros. (Houston television station signs contract to broadcast 60 Houston Astros road games)
March 27, 1998... Channel 51 expects audience boost from 60-game package The summer lineup on Channel 51 could read something like "Quincy, Kojak, Biggio, Bagwell and Bell." KNWS-TV, the last of the locally owned and operated television stations in Houston,...

No couch potatoes. (Ladco Inc.)(Company Profile)
March 27, 1998... Family-owned Ladco Inc. has kept up with the ever-changing furniture market If Houston-based Ladco Inc. had continued to do the same business it started out to do in 1968, it probably wouldn't have survived, says President Phillip Ladin....

Team Inc. (Proxy Report Excerpts)(Company Profile)
March 27, 1998... 1019 S. Hood Street, Alvin 77511 (281) 331-6154 Team Inc. is a major international supplier of industrial leak repair, hot tapping, emissions control and specialty maintenance services. Total shares of common stock outstanding as of...