Houston Business Journal articles from November 1997

Houston Business Journal archives from November 1997

Doctor is out in Galveston; Dr Pepper bottling company shutters historic island facility.
November 7, 1997... The oldest business in Galveston closed last week when Dallas-based Dr Pepper Bottling Co. padlocked the gates at its 80-year-old plant. Company executives say employment problems caused the shutdown as the island facility became a casualty of...

Dallas developer buys prime tract. (Blenheim Corp.)
November 7, 1997... Multi-use project planned on newly opened Eldridge link Nearly 100 acres on North Eldridge Parkway and FM 1960 have been bought by a Dallas-based company that will develop the land with commercial, retail and multifamily projects. The tract...

Telecom veteran tries new offering. (Advanced Communications Group Inc. Chmn. and CEO Rod Cutsinger)
November 7, 1997... Houston entrepreneur Rod Cutsinger has returned to the telecommunications industry with plans to take a newly formed consolidation play public. The IPO attempt comes two years after his last venture at raising public capital fizzled....

Bank One could close down 20 branches in Houston area; more consolidation planned in Texas, across country.
November 7, 1997... More consolidation planned in Texas, across country Bank One is planning to close and consolidate as many as 20 of its branches in the Houston area and more across the state, possibly by the end of the year, say industry sources. Planned branch...

Union Pacific troubles putting Tex-Mex railroad back on track. (Texas Mexican Railway Co.)
November 7, 1997... As Union Pacific attempts to smooth out problems caused by its merger with Southern Pacific last year, federal regulators have issued an emergency order allowing the little Laredo-based Texas Mexican Railway Co. the right to use more local...

Accounting rivals agree to join forces. (Lairson Stephens Reimer; Null & Associates)
November 7, 1997... Competitors for government contracts merge to form Top 10 city firm Two Houston accounting firms that compete for government contracts have decided that there is strength in union. Lairson Stephens Reimer, founded in 1970 by Earl Lairson, has...

California investment firm buys Shepherd Place; office condominiums initially developed by partnership of John Connally, Ben Barnes. (R&B Commercial Real Estate)
November 7, 1997... Office condominiums initially developed by partnership of John Connally, Ben Barnes A 14-story building at 2323 Shepherd Drive has been sold to R&B Commercial Real Estate, a Los Angeles, Calif.based company that has owned properties in Houston...

Kelley acquiring oil and gas unit of South Carolina utility; Scana purchase for $110 million a major step in Kelley comeback. (Kelley Oil & Gas Corp.; Scana Corp.)
November 7, 1997... Scana purchase for $110 million a major step in Kelley comeback Kelley Oil & Gas Corp. will acquire the oil and gas subsidiary of Scana Corp., a South Carolina utility holding company, for $110 million. The acquisition is another step in...

Manager with a bedside manner: Judy Novak has risen from the nursing ranks to take charge at Tenet HealthSystem.(Profile)
November 7, 1997... Judy Novak has become one of the highest-ranking women in Houston health care as the new vice president of local operations for Tenet HealthSystem Inc. Novak was promoted to the position in March, but is starting the job full time this month...

All's weld that ends weld; Ray Knight survived the oil bust by specializing in oil field equipment welding. (Well Head Welders owner)(Company Profile)
November 7, 1997... When Ray Knight first set up shop, he refused to put up a sign for months. Keeping a low profile is not standard practice for a brand new business, but Knight's line of work is not exactly in the consumer mainstream. Well Head Welders is a...

Bank United Corp. (proxy report excerpts)(Company Profile)
November 7, 1997... Nasdaq BNKU 3200 Southwest Freeway, Suite 1600, Houston 77027 (713) 543-6500 Bank United Corp. is a broad based financial services provider to consumers and businesses in Texas and other selected regional markets throughout the United...

Waste firm wins round against DOE; federal ruling aids local company, upsets legislators, stirs up industry. (Waste Control Specialists inc.; Department of Energy)(includes related article)
November 14, 1997... A small Houston waste company is taking on the U.S. Department of Energy in a legal battle that could have a major impact on the disposal of low-level radioactive waste throughout the country. Pasadena-based Waste Control Specialists Inc. sued...

Coffee comeback: great-grandson brewing up plans to reheat Duncan name in Houston. (H. Mills Duncan IV; Duncan Coffee Co.)
November 14, 1997... H. Mills Duncan IV used to be known as the great-grandson of an early Houston coffee king. Now he's making a reputation as the entrepreneur who has the 79-year-old Duncan Coffee Co. percolating again. The company founded in 1918 by Herschel...

Dallas firm buying up Greenspoint apartment; Goldman Sachs subsidiary bids for 22 complexes. (Archon)
November 14, 1997... Goldman Sachs subsidiary bids for 22 complexes A subsidiary of New York investment firm Goldman Sachs is negotiating to buy up to 22 apartment complexes in the Greenspoint area. The acquisition by Dallas-based Archon would account for more...

Electrical firms wired to Wall Street; contractors roll up $87 million offering. (Stafford Electric Inc., Pollock Electric Inc. and Summit Electric of Texas Inc.)
November 14, 1997... Contractors roll up $87 million offering Three Houston electrical contracting firms plan to roll up a total of 16 companies in the same industry across the country and take the consolidated company public as Integrated Electrical Services Inc....

American Residential names new CEO in management shakeup. (American Residential Services Inc.; Thomas N. Amonett)
November 14, 1997... In the wake of disappointing results on Wall Street, the board of American Residential Services Inc. has shaken up top management and named a new chief executive officer to replace C. Clifford Wright. ARS named Thomas N. Amonett, a veteran from...

Competitor, MIT file patent suit against LifeCell Corp. (Integra LifeSciences Corp.; Massachusetts Institute of Technology)
November 14, 1997... LifeCell Corp. is being sued by a competitor and the Massachusetts Institute of Technology for alleged patent infringement. Officials of The Woodlands-based LifeCell deny that the company's products use the patented technology listed in the...

Two firms plan new headquarters in growing build-to-suit boom. (Flintlock Inc., Paragon Engineering Services)
November 14, 1997... Flintlock, Paragon expand with construction of office facilities Two Houston-based companies will add about 350,000 square feet to the local office market with the construction of new headquarters facilities. At the same time, they'll free up...

Prime time player: Fred Saunders tries to meld his long-term strategy with Wall Street's short term obsession. (Channelview Bank president)(Profile)
November 14, 1997... Fred Saunders tries to meld his long-term strategy with Wall Street's short-term obsession To Fred Saunders, "risk" is a four-letter word. Saunders has spent 36 years following old-fashioned, small-town banking principles as a Houston bank...

Insurance for a bubbling market: liquor liability.(Focus: Insurance Report)
November 14, 1997... Houston restaurants that serve alcoholic beverages have to be on the lookout for customers who drink too much or are too young to legally imbibe. The safety of a tipsy patron has become the restaurant's concern. They've heard horror stories, such...

Dram shop law changes now favor business interests; it's harder to collect from bars, restaurants in drunk driving cases. (includes related article on restaurants' serving policies)(Focus: Insurance Report)
November 14, 1997... In a typical year, 24,000 Americans lose their lives in traffic accidents involving alcohol and 70 percent of wrecks involving 20- to 24-year-olds are alcohol-related, according to the National Restaurant Association. While purchasing liquor...

Designs that cook: Phoenix of Texas takes Houston restaurant kitchens from start to finish.(Growth Strategies)(Company Profile)
November 14, 1997... Behind every great restaurant is a great kitchen. And behind some of Houston's greatest kitchens has been Phoenix of Texas. The local architectural firm has been designing and supplying kitchens throughout the city for 20 years, recently...

BMC Software Inc. (Proxy Report Excerpts)(Company Profile)
November 14, 1997... 2101 CityWest Blvd., Houston 77042-2827 (713) 918-8800 BMC Software Inc. is a worldwide developer and vendor of software solutions for the management of enterprise computing. Total shares of common stock outstanding as of July 11, 1997:...

State flattens recycled tire industry. (Texas withdraws state subsidy for cleaning up tire dumps due to low demand for tire chips)
November 28, 1997... Subsidy program is scrapped as processors find little demand for chips Fred Wamhoff, general counsel of Rawson-Koenig Inc., arrives at work each day to face mountains of unsightly shredded tires stored next door. The imposing piles of rubber...

Zonagen feuds with short seller. (Asensio and Company Inc.)
November 28, 1997... Report scuttles stock despite lucrative deal Despite signing a lucrative marketing deal with a major pharmaceutical company, Zonagen Inc. has seen its stock price tumble 25 percent over the last two weeks after receiving a negative report from...

Servico adds Ramada Plaza Northwest to growing collection of hotel holdings. (acquires another hotel in Houston, TX)
November 28, 1997... Servico Inc., a West Palm Beach-based hotel owner and operator has purchased the 298-room Ramada Plaza Northwest in Houston to continue the accelerated growth of its hotel portfolio. A purchase price was not disclosed. Bob Caron, regional...

ICO wins litigation over failed purchase of equipment maker. (John Wood Group PLC; NDT Systems Inc.)
November 28, 1997... A Houston jury last week awarded Houston-based ICO Inc. $12.5 million in a breach of contract case against a rival local company and a Scottish conglomerate. That amount could go as high as $16 million when judgment is entered. ICO, which...

Houston Industries, Destec win bids for California power plants. (Destec Energy Inc.)
November 28, 1997... State's electricity market set to deregulate next year Houston Industries Inc. and NGC Corp. have purchased power plants in California to participate in that state's electricity market, which is set to deregulate in January. In its first...

If Lou Rieger's on the phone, most CEOs will take the call. (vice-chairman of Spencer Stuart and Associates Inc.)(includes related article on his most memorable executive searches)(Employment & Employment Benefits)
November 28, 1997... Veteran executive recruiter fills the bill A call from Louis Rieger is one phone call most Houston executives will take. Rieger, vice chairman of Spencer Stuart, is in the business of putting top executives and prominent companies together....

Step by step. (Jerry Hall, president of ADR Services International Inc.)(Company Profile)
November 28, 1997... Standard procedures helped Jerry Hall succeed in the emerging business of arbitration Being in the right place at the right time and recognizing an emerging opportunity launched Jerry Hall into a business that has enjoyed phenomenal growth....

Bellwether Exploration Co. (Proxy Report Excerpts)(Company Profile)
November 28, 1997... Nasdaq BELW 1331 Lamar, Suite 1455, Houston 77010-3039 (713) 650-1025 Bellwether Exploration Co. is an independent energy company engaged in the acquisition, exploitation, development, exploration and production of oil and gas properties....