Houston Business Journal articles from May 1997

Houston Business Journal archives from May 1997

Long-stay lodger plucks prime West Loop land. (Homestead Village Inc.)
May 2, 1997... Homestead Village will replace razed office buildings with hotel One of the last remaining tracts of West Loop land near The Galleria is under contract to a public lodging company with deep enough pockets to pay a high price for the prime...

Pilgrim's progress? (Pilgrim Launderers and Cleaners Corp.)(Company Profile)
May 2, 1997... Cleaning chain frustrates franchisees with new shift in corporate strategy A year after acquiring Pilgrim Launderers and Cleaners Corp. in a $35 million corporate buy-out, Hugh Morrison is working hard to keep the familiar former family-owned...

Club casualty: trendy 8.0 files for Chapter 11. (8.0 Restaurant and Bar)
May 2, 1997... Blaming increased competition close to home, one of Houston's most urbane eating and drinking establishments has gone into bankruptcy. 8.0 Restaurant & Bar on Greenbriar filed for Chapter 11 reorganization in U.S. Bankruptcy Court April 18,...

Two manufacturers seek city abatements for expansion projects. (Houston, Texas; Long Reach Holdings Inc.; Van Leer Flexibles)
May 2, 1997... Van Leer, Long Reach proposals would create 100 new jobs Two growing companies are asking the City of Houston for tax abatements which, if passed, would result in the creation of nearly 100 new jobs and the retention of 300 existing positions....

Wizard of The Woodlands. (Roger Galatas, president of The Woodlands)
May 2, 1997... With low-key efficiency, Roger Galatas has turned a high-profile oilman's risky vision into a thriving new town No matter how much he accomplishes, Roger Galatas seems destined to work in the shadow of his boss, oilman George P. Mitchell. But...

Exxon clears hurdle in bid to build pipeline. (Exxon Pipeline Co.)
May 2, 1997... Exxon Pipeline Co. moved a step closer to getting an ethane pipeline project off the ground in Friendswood last week, with some help from the Texas Railroad Commission. The commission staff ruled that Exxon could put a pipeline any place it...

Cable disconnection: Phonoscope rejects rumors of sale. (OpTel Inc.'s plans to buy cable operator)
May 2, 1997... Dallas-based OpTel outlines purchase plan A Dallas company is making an attempt to buy Houston-based Phonoscope for approximately $34.6 million, but Phonoscope officials say the local firm is not for sale. Dallas-based OpTel Inc. outlined...

Power of suggestion can generate electric shock. (Texas Public Utility Commission's announcement of rights to conduct evaluations of utility investment)
May 2, 1997... Like many others, I have been somewhat taken back of late at the power of words on Wall Street. We are all very familiar with the impact of prophetic pontifications by Federal Reserve Chairman Alan Greenspan. The slightest hint of pessimism about...

Corporate relocations bring parade of new companies, jobs to Houston.
May 2, 1997... List is led by call centers, food distribution facilities, plants for manufacturing In the past two years, call centers, plastic products manufacuturers and food companies have led the trend of corporate relocations and expansions in the...

Personal bankruptcies set to skyrocket, study shows. (Regional Financial Associates Inc.)(Washington Beat)(Column)
May 2, 1997... WASHINGTON D.C. - The nation's personal bankruptcy filings are at the highest level in decades. But hold on to your checkbooks and credit cards - there's more coming. More than 1.54 million individuals will file for bankruptcy in 2007,...

Profiting at property. (Colliers Appelt Womack)(Growth Strategies)(Company Profile)
May 2, 1997... Real estate firm building on measured success with aggressive growth The Colliers Appelt Womack firm has been a closely held company for most of its four decades in Houston. But now, there's a new generation of ownership coming together with...

Pool Energy Services Co. (Proxy Report Excerpts)(Company Profile)
May 2, 1997... Nasdaq PESC 10375 Richmond Ave., Houston 77042 (713) 954-3000 Pool Energy Services Co. is the largest well-servicing and workover company in the world. Total shares of common stock outstanding as of March 7, 1997 ...

Success with unusual diet evolves into new business. (Working Wisdom)(Company Profile)
May 2, 1997... Instead of concentrating on the world of finance, a Stanford graduate with an MBA is looking to establish a niche in food. Joan Ifland, whose undergraduate degree from Oberlin College was in economics, cooked professionally in college and for a...

Houston ranks among top cities for women-owned businesses. (Houston, Texas)
May 2, 1997... Women-owned businesses are growing faster than the overall economy in Houston, according to a recent national study sponsored by Wells Fargo Bank and announced by the National Foundation for Women Business Owners. The number of women-owned...

Paint the town: mural artists changing the face of Houston. (Houston, Texas)
May 2, 1997... Artists David and Susan Frye had $100,000 worth of mural-painting commissions lined up when they decided to quit their "day jobs" and go into the art business full-time. That was 1985. And "within minutes" of their decision, David Frye says, the...

New land rush rejuvenates oil patch; rising rates, busy rigs signal strong rebound in drilling.(Industry Overview)
May 9, 1997... Mike Stone of Big Six Drilling Co. hasn't seen it this good since 1981. The tiny Houston drilling company's two land rigs are already completely booked with jobs into the fourth quarter of 1997. "A year ago, activity was down by 50 percent...

Mergers sweep through industry.(New Land Rush Rejuvenates Oil Patch)(Industry Overview)
May 9, 1997... Big companies are gobbling up smaller competitors as consolidation sweeps through the land drilling industry. Major, publicly traded players such as Nabors Industries Inc., DI Industries Inc., UTI Energy and Patterson Energy have gone on...

St. Luke's to develop satellite health centers; hospital will expand outside TMC for first time. (St. Luke's Episcopal Hospital; Texas Medical Center)
May 9, 1997... St. Luke's Episcopal Hospital is stepping outside the Texas Medical Center for the first time by setting up a series of satellite health care centers throughout the Houston area. Over the next five years, St. Luke's intends to open 11...

Firefighter has a hot business keeping cold drinks cold. (Fred Herrera)(Growth Strategies)
May 9, 1997... Big money-making ideas can come at the oddest times and the strangest places. For Fred Herrera, it came in 1988, while he was water skiing. He noticed that the life jacket he was wearing and the koozie he was holding were made out of similar...

Pogo Producing Co. (Proxy Report Excerpts)(Company Profile)
May 9, 1997... NYSE, Pacific PPP 5 GREENWAY PLAZA, SUITE 2700 HOUSTON 77252-2504 (713) 297-5000 Pogo Producing Co. explores for, develops and produces crude oil and natural gas. Total shares of common stock outstanding as of March 7, 1997 ...

Investor group buying six city blocks: Courtlandt Square office, restaurant sites under contract.
May 16, 1997... A Southwest-based investment group has contracted to purchase portions of a six-block area on the southern fringes of downtown that includes nearly 200,000 square feet of office and restaurant space, according to real estate sources. The...

Earnings at HMOs in decline: most lost money during past year. (health maintenance organizations)
May 16, 1997... With a growing number of players in the local market, more than half of Houston's health maintenance organizations failed to turn a profit in 1996. According to the Texas Department of Insurance, only six HMOs out the 15 that operate in the...

Reselling resale: BCI pursues novel strategy to offer local phone service.
May 16, 1997... A Houston-based long distance telephone company is adopting a unique strategy to tap the local phone service market. BCI Corp. is seeking to become the first reseller's reseller by negotiating a deal with San Antonio-based U.S. Long Distance...

Waste facility shuttered by state. (Malone Service Co.)
May 16, 1997... After wrestling for 20 years with Malone Service Co. over a contaminated site in Texas City, the state last week shut down the business and revoked its hazardous waste permits. At the same time, a Nevada company is negotiating to buy and clean...

Special event planning calls for professional expertise.(Focus on: Meetings & Conventions)
May 16, 1997... The times they are a'changing in the business of event planning. A business that has sprung up rather haphazardly over the years is now booming - and setting professional standards for itself. "In the 1980s, special events developed into...

Metals USA will sell stock to roll up eight metal processing firms.
May 16, 1997... Consolidation attempt backed by Notre Capital Another local company backed by roll-up specialist Notre Capital Ventures is planning a consolidation play - this time in the $50 billion metals processing business. Metals USA has filed with the...

Exxon eyes entire Greenspoint office building for expansion. (Exxon U.S.A.)
May 16, 1997... Consolidation of production units could bring 185 workers from Midland Houston-based Exxon U.S.A. is consolidating two of its production units in Houston and may transfer as many as 185 employees from Midland to an entire building in the...

Denver energy company moves headquarters to Houston. (Chaparral Resources Inc.)
May 16, 1997... Chaparral sells domestic assets to focus on project in former Soviet Union Chaparral Resources Inc., a 25-year old oil and gas company, sold all of its domestic properties, pulled up stakes in Denver and moved to Houston this spring....

Healthcare Congress helping attract medical conventions.(Focus on: Meetings & Conventions)
May 16, 1997... Houston may be in the middle of a "Bermuda Triangle for conventions," but it is waging an aggressive campaign to attract a bigger share of the $7.7 billion that is spent each year for medical meetings, says Houston's official convention...

Indo-American Charity Foundation of Houston.
May 16, 1997... P.O. Box 460669 Houston, Texas 77056 PURPOSE The Indo-American Charity Foundation is a nonprofit, nonpolitical, charitable organization helping the Houston community since 1988. It was founded by a group of concerned Houstonians of Indian...

Socialite sister of charity: Carolyn Farb wrote the book on how to milk millions from corporate contributors for worthy causes.
May 16, 1997... Carolyn Farb's personal phone book would make most business executives envious. Farb has spent years making valuable contacts in a wide range of industries while raising money for her various charities. At her fingertips are the personal phone...

Southdown Inc. (Proxy Report Excerpts)(Company Profile)
May 16, 1997... NYSE SDW 1200 Smith St., Suite 2400, Houston 77002 (713) 650-6200 Southdown Inc. is engaged in the cement and concrete products business: Total shares of common stock outstanding as of March 26, 1997 21,389,500 Stock price as of fiscal...

Practice makes perfect; Dorflinger finds success with eighth company - Partners for International Development.
May 16, 1997... When Glen Dorflinger started his new company five years ago, he didn't have to worry about making it through the lean years like most entrepreneurs. That's because Partners for International Development is Dorflinger's eighth company. He has...

Texas Children's eyes $163 million expansion project. (Texas Children's Hospital)
May 23, 1997... Overcrowded hospital running at near-capacity, officials say Texas Children's Hospital may spend as much as $163 million in a major expansion project that could increase its clinical space by as much as 65 percent. Whatever is decided,...

Businesses find bargains in vacant big boxes. (retail industry buy vacant buildings)
May 23, 1997... When it was time to find more space for expansion, Big 10 Productions Inc. went to Home Depot and bought the entire store. The Houston-based clothing company last week purchased an abandoned Home Depot site on the Southwest Freeway at Bellerive...

Outmaneuvered by Microsoft: the ForeFront Group found that building a better mousetrap doesn't always beat giants. (Internet Explorer World Wide Web)
May 23, 1997... The ForeFront Group Inc. is learning that it helps to have a niche in the land of giants - especially if one of the behemoths you're dodging happens to be Bill Gates. The seven-year-old local provider of computer software applications is...

Healthy economy helps outlook for public companies.(Focus On: Top 100 Public Companies)
May 23, 1997... Across-the-board improvements in the Houston economy are reflected in this year's list of the top 100 public companies that are based here. The four-page list, ranked by fiscal year 1996 revenues, is featured in today's Focus Section....

Low-profile energy guru gives rare talk to investors. (L.E. Simmons, president of SCF Investment Partners Inc.)
May 23, 1997... Investors gathered in Houston last week to hear an informal talk by L.E. Simmons, one of the energy industry's most successful, low-profile leaders. Brother Matt, president of Simmons & Co., is better known for giving strident speeches in...

New Hampshire conglomerate to buy Keystone International. (Tyco International Ltd.)
May 23, 1997... As part of the consolidation sweeping the valve control industry, New Hampshire-based Tyco International Ltd. has proposed to buy Keystone International Inc. in a stock deal valued at about $1.2 billion. Keystone, a 50-year-old Houston company,...

Where's the beef? Steak houses abound to feed red meat mania. (opening of Capital Grille)(Retail Beat)(Column)
May 23, 1997... A battle of upscale beef emporiums is broiling around Houston. Capital Grille, owned by Rhode Island-based Rare Hospitality International Inc., opened its doors last week to a hand-picked, capacity crowd. During its "preview" week, about 300...

HMOs have mixed reaction as state names Medicaid finalists. (health maintenance organizations)(Health Care Beat)(Column)
May 23, 1997... The long awaited announcement of which HMOs will turn the local Medicaid plan into a managed care program came last week - but not without controversy. More than half of the 14 health maintenance organizations that applied to be administrators...

Woodlands firm plans construction of 30 assisted living centers. (Rosemont Retirement Communities Inc.)
May 23, 1997... Another local company is jumping on the bandwagon of the $12 billion assisted living industry, but it's not just staying local. The Woodlands-based Rosemont Retirement Communities Inc. will spend $225 million over the next four years to build...

Chairmen of the church. (Second Baptist Church's pastor Ed Young)
May 23, 1997... Ed Young combined business practices and Biblical precepts to expand his Second Baptist flock Pastor Ed Young is conducting his second staff meeting of the day at Second Baptist Church. Going around the table. each staff member delivers a...

Oil and gas companies take stage in new public offerings.(Focus On: Top 100 Public Companies)(Directory)
May 23, 1997... In 1996, underwriters and local securities lawyers had a busy spring lining up filings for Houston companies, but when the market took a nosedive in July, the volume of public capital seekers followed suit. With the market recovering by...

The death knell for deregulation. (state utilities and energy companies)(Editorial)
May 23, 1997... A bid to open up the state's $20 billion electricity market to competition expired this week as forces on both sides of the issue refused to compromise. State Rep. Mark Stiles, who introduced the original legislation, declared the plan dead...

Trade sanctions stymie U.S. energy industry.(Transcript)
May 23, 1997... Oscar Wyatt made his 42nd, and final, annual address as chairman of The Coastal Corp. at the company's meeting of shareholders this month. In his farewell speech before going into retirement, Wyatt took some parting shots at international trade...

Making change: Butch Butcher has made Watson Van & Storage more than just a family business. (Watson Van and Storage Co. President K.D. Butcher)(Company Profile)
May 23, 1997... When K.D. "Butch" Butcher took over as president of his family's business ten years ago, he had a lot of changes in mind. The young president of Watson Van & Storage Co. wanted the company to grow not only physically but also mentally. But...

Nuevo Energy Co. (Proxy Report Excerpts)(Company Profile)
May 23, 1997... NYSE NEV 1331 Lamar, Suite 1650, Houston 77010 (713) 652-0706 Nuevo Energy Co. is primarily engaged in the exploration for, and the acquisition, exploration, development and production of crude oil and natural gas. Total shares of...

Move over Internet. (National Science Foundation's Backbone Network System)
May 30, 1997... Universities plan second lane on Information Superhighway Three Houston universities are ahead of the curve in the development of a better, faster Internet that could turn into an advantage for some local high-tech businesses. The University...

Kelley Oil rises after long fall. (Kelley Oil and Gas Corp.)
May 30, 1997... Former Shell CEO leads comeback at energy firm When former Shell Oil Co. Chairman John Bookout took the reins at Kelley Oil & Gas Corp. in February of 1996, the small Houston energy firm was in sad financial shape. After flying high in the...

Double-header. (sports agents Alan and Randal Hendricks)
May 30, 1997... Agents Alan and Randal Hendricks are heavy hitters in the world of hardball management The stereotype is well known - the high-powered sports agent is a fast-talking wheeler-dealer with a cellular phone implanted on the side of his face....

Lyondell Petrochemical Co. (Proxy Report Excerpts)(Company Profile)
May 30, 1997... NYSE LYO 1221 McKinney, Suite 1600, Houston 77010 (713) 652-7200 Lyondell Petrochemical Co. is one of the nation's leading producers of commodity petrochemicals and polymers. Total shares of common stock outstanding as of March 12,...