Houston Business Journal articles from October 1998

Houston Business Journal archives from October 1998

Capital crunch fells Block. (Block Trading Inc.)
October 2, 1998... Day trade firm loses top office to Momentum Block Trading Inc., which topped the list of Houston's fastest growing small businesses last year, ceased operations Tuesday and began disbanding its nationwide network of day trading offices. The...

Dallas firm buying Banc One Center. (Lincoln Property Co. buys Houston office building)
October 2, 1998... Deal marks Lincoln's first foray into downtown Houston market Dallas-based Lincoln Property Co. has contracted to buy Bank One Center in a deal estimated to be worth more than $68 million. Lincoln Property's senior vice president Charlie...

All's fare in taxi tiff. (Houston City Finance and Administration Dept. recommends major increase in taxi permits)
October 2, 1998... Council members take sides as cab firms feud over city permit process The traditional battle fought every two years over City of Houston taxi permits has taken a sharp new political turn. A proposed change in permitting policy is putting two...

Cartier drops Pavilion on Post Oak for Galleria digs. (famed jeweler leases new space in Houston shopping mall)
October 2, 1998... Cartier Inc., once the jewel of The Pavilion on Post Oak, is leaving its 13-year-old spot for a coveted space in The Galleria. The international jeweler has signed a lease for a 2,100-square-foot store in the The Galleria I, adjacent to Neiman...

Designing duo: Interior decorators turn builders in upscale home venture.
October 2, 1998... Interior designers Joan Marie Rowland and Sandra Ramsey Hale got so fed up with cookie-cutter custom homes, they decided to start their own building company. The owners of San Simeon Custom Homes can take care of everything from the foundation...

Offshore rig orders tread water as company stock prices sink. (offshore drilling companies)
October 2, 1998... Less than 10 rig projects have been canceled out, 57 ordered in the past two years Low oil prices are having a huge impact on the stock values of offshore drilling companies. But new offshore rig projects have barely felt a ripple. Out of...

Crow Holdings enters Houston office market. (Crow Holdings Realty Partners and Westbrook Partners to build new office building in west Houston)
October 2, 1998... Dallas company, part of family trust, breaks ground on new building At a time when many of Houston's proposed projects are hitting the skids, Dallas-based Crow Holdings Realty Partners and Westbrook Partners of New York are moving forward with...

The Italian touch. (Giorgio Borlenghi, CEO of Interfin Corp.)(includes Borlenghi's biographical profile)
October 2, 1998... Giorgio Borlenghi has left his high-rise mark on Houston with un-Texas style Giorgio Borlenghi knows how to do two things well - make buildings rise and jaws drop. When Borlenghi founded Houston-based Interfin Corp. in 1978, he caused an...

Transocean Offshore Inc. (Proxy Report Excerpts)(Company Profile)
October 2, 1998... NYSE, Oslo RIG 4 Greenway Plaza, Houston 77046 (713) 871-7500 Transocean Offshore Inc. is an international offshore drilling company engaged in contract drilling of oil and gas wells. Total shares of common stock outstanding as of...

Auto dealerships skid into bankruptcy; Sam White files after creditor seizes inventory. (Sam White Motor City)
October 9, 1998... Sam White files after creditor seizes inventory Sam White Motor City is a household name to many Houstonians, but now the local auto dealerships are driving to bankruptcy court. The 47-year-old operation filed for Chapter 11 reorganization...

Distressed oil company fails to find buyer. (Rutherford-Moran Oil Corp.)
October 9, 1998... Rutherford-Moran sets annual meeting after extended delay Troubled by debt, poor commodity prices and sinking stock value, Rutherford-Moran Oil Corp. has finally scheduled its annual meeting for Dec. 15 after a delay of more than seven months....

Capital crunch hits real estate market. (Houston, Texas)
October 9, 1998... Global slowdown dries up funding for new projects Economic woes in Russia, Asia and Latin America are drying up capital in the Houston real estate market. With droves of local deals and developments hanging in the balance, much of the...

Wolff reveals plans for sixth Houston-area business park. (developer David Wolff; Westway Park)
October 9, 1998... Westway Park will be 150-acre project on Beltway David Wolff is reaffirming his status as one of Houston's busiest business park developers. This week, the Wolff Cos. unveiled plans for Westway Park - a 150-acre corporate business project at...

Uncle Ben's closing old mill, moving operations to Mississippi.
October 9, 1998... Historic plant processed rice for 53 years Uncle Ben's Inc. has milled rice at the company's Houston Ship Channel plant for 53 years. But the local landmark now will be shuttered as local rice production operations shift to a newer mill in...

With all due diligence: inspecting property and quantifying risk now a profitable niche for Situs. (The Situs Cos.)(Growth Strategies)
October 9, 1998... When an investor wants to purchase a piece of real estate. due diligence is typically the first order of business. And along with running a fully-integrated brokerage, mortgage banking and leasing and property management company, The Situs Cos....

Merger of banking, insurance functions proceeds cautiously; 32 small-town Texas banks now sell insurance products.
October 9, 1998... 32 small-town Texas banks now sell insurance products When a U.S. Supreme Court decision two years ago gave banks the green light to sell insurance, only banks in towns with populations of 5,000 or less were designated for such opportunities....

Are commercial lending standards looser now? If so, what will be the impact on Houston business? What does the market pullback add? (survey)
October 9, 1998... Too many loan officers may have short memories Catherine Ghiglieri Commissioner, Banking Department of Texas 'Signs of deterioration in underwriting standards are all around us.' Despite protests from some lenders who say it's not so,...

Convention hotel faces big hurdles. (delay on construction of a hotel near the George R. Brown Convention Center in Houston, Texas)
October 16, 1998... Pressure builds to get project back on track after long delay When the George R. Brown Convention Center opened in 1986, city officials were already mapping plans to construct a hotel next to the new meetings mecca. Now, more than a decade...

Other downtown developers plan host of historical hotel projects. (Houston, Texas)
October 16, 1998... A clique of hotel developers and operators have their eyes squarely on downtown, and many are targeting historical buildings. Marriott International has announced plans to locate a Courtyard and a Residence Inn in the 70-year-old Main Building...

MetroBank goes global in Mexico loan pool.
October 16, 1998... Houston-based MetroBank has joined a global lending consortium pooling resources to fund Mexican export operations. While most small community banks are not involved in international markets, MetroBank has teamed up with such heavy hitters as...

California firm counting on downtown rebound with four acquisitions. (FowlerShore and Flanagan acquires buildings in Houston, Texas)
October 16, 1998... FowlerShore proposes its first loft conversions for three of the buildings Four of downtown's historic buildings have sold to a California real estate firm hoping to cash in on the rebound of Houston's Central Business District. Sausalito,...

Lopez is new executive director at UTMB. (University of Texas Medical Branch executive director David S. Lopez)(Health Care Quarterly)
October 16, 1998... The new senior executive director for University of Texas Medical Branch at Galveston is David S. Lopez, formerly of Corpus Christi. Lopez is responsible for overseeing administrative functions for seven of the eight hospitals on the UTMB...

Rice Epicurean surrenders in trendy supermarket war.
October 16, 1998... Chain will close store, leave Woodway and Voss turf to rivals Surrounded by relentless supermarket rivals, Rice Epicurean is raising the white flag in the tumultuous Woodway and Voss grocery wars. Houston-based Rice Epicurean, which opened...

Crown Castle reaches new millennium with British acquisition. (Crown Castle International Corp. acquires Millennium Communications)
October 16, 1998... Tower firm spends up to $13 million to buy transmission company Crown Castle International Corp. has reached new heights with its acquisition of England-based Millennium Communications. The Houston-based company constructs and manages towers...

First amendment defender. (media attorney Charles Babcock)
October 16, 1998... Media attorney Chip Babcock has played leading legal roles as Oprah's advocate, Wayne's warrior Houston media attorney Charles "Chip" Babcock is known for having a great sense of humor among friends and fellow lawyers. But Oprah Winfrey says...

BFI stock buy-back plan may backfire. (Browning Ferris Industries Inc.)
October 23, 1998... A year ago, Browning Ferris Industries Inc. began a massive stock repurchase program with plans to acquire more than $1 billion of the company's publicly traded shares. The Houston-based waste giant at the time bought 15 million shares at $39...

Software firm sued as global deal dies. (GK Intelligent Systems Inc. sued by Capella Computers Ltd.)
October 23, 1998... Shareholder says GKI inflated stock in class-action suit A fizzled business deal with an Israeli technology firm has dragged Houston software developer GK Intelligent Systems into class-action litigation. A lawsuit filed this week in local...

Residential projects fill up prime Post Oak Park. (commercial district in Houston, Texas)
October 23, 1998... Premier property was once envisioned as office hub Post Oak Park, once one of Houston's trophy properties, is filling up and selling out. In the 1970s, Tenneco Inc. began developing the 43-acre tract at San Felipe and Loop 610 as Houston's...

Moving company president carries on family tradition. (A-Rocket Pres./CEO DeAndre Sams)(Minority-Owned Businesses)
October 23, 1998... A-Rocket Inc. DeAndre Sams president/CEO 1998 emerging E-10 Award Winner Although he heads a moving company, DeAndre Matthew Sams hasn't traveled far from his roots in Houston's African-American community. A native Houstonian, DeAndre...

American Plastic: meeting the challenges of change.(Minority-Owned Businesses)
October 23, 1998... American Plastic Inc. Tony Samper President/CEO 1998 Emerging E-10 Award Winner An ability to adjust to change in the industry has kept American Plastic Inc. n business and enabled company owner, Tony Sampler, to make a significant...

Fort Bend thrift merging with powerhouse Southwest Bank of Texas. (Fort Bend Holding Corp.)
October 23, 1998... Union will create $2.3 billion Houston financial institution Southwest Bancorporation of Texas, the largest independent bank holding company based in Houston, has announced a definitive merger agreement with Fort Bend Holding Corp....

Newly public oilfield firm feels pinch, plans layoffs. (IRI International Corp.)
October 23, 1998... IRI International Corp., one of a slew of energy-related companies to complete initial public offerings during the hot equity market last year, is now bunkering down to wait until industry conditions improve. The Houston-based oilfield...

Speaking up for minorities: BestStaff's David L. Harris. (BestStaff Services Inc.)(Minority-Owned Businesses)
October 23, 1998... BestStaff Services Inc. David Harris President/CEO 1998 Emerging E-10 Award Winner An active advocate for minority business, David L. Harris has taken a strong stance both in promoting his own employee staffing business - BestStaff...

Tejas Energy balks at IRS decision to deny partnership deductions.
October 23, 1998... Shell subsidiary asks tax court to reinstate credit for $1.48 million A disagreement between Shell Oil Co. subsidiary Tejas Energy Co. and its two pipeline partners has wound up in U.S. Tax Court in Washington D.C. Evangeline Gas Pipeline...

Multifamily movers. (Southwest Residential Partners)
October 23, 1998... Southwest Residential Partners go beyond brokering in the multifamily arena The principals of Southwest Residential Partners could easily be called veterans of Houston's real estate scene. But whatever you do, just don't call them brokers....

Pennzoil Co. (Proxy Report Excerpts)(Company Profile)
October 23, 1998... NYSE, Pacific, Toronto, London, Basel, Geneva, Zurich PZL Pennzoil Place, P.O. Box 2967, Houston 77252-2967 (713) 546-4000 Pennzoil Co. is a world class integrated energy company. Total shares of common stock outstanding as of March...

Big players flow into water business: utility moves HQ here to buy small systems.(AquaSource Inc to relocate to Houston, TX, to buy other firms)
October 30, 1998... AquaSource Inc. has been actively acquiring small private water utility systems in Texas throughout the past year. Now the unit of a $4.6 billion Pennsylvania electric utility is moving its headquarters to Houston with plans to pursue its water...

Enron gets ready as city considers privatization.(Big Players Flow into Water Business)(Enron Corp to participate in privatization of municipal water and wastewater system of Houston, Texas)
October 30, 1998... The City of Houston is pondering plans to privatize all or part of the municipal water and wastewater system. And Houston-based Enron Corp. is paving the way to play a part in the process. Officials at the local energy company, which formed...

American General shifts strategy to get S&L.(acquisition of savings and loan institution Standard Pacific Savings)
October 30, 1998... Insurance company drops Utah charter bid, eyes California thrift American General Corp. has changed tactics in attempting to obtain a federal savings and loan charter for the company's finance division. The Houston-based insurance...

Trio of day-trading offices file to force Block into Chapter 7.(Newport Exchange Inc, Millennium Daqcom/Dallas, Rad Holdings; Block Trading)
October 30, 1998... Bankruptcy papers say local SOES firm owes its affiliates $400,000 The other shoe dropped at Block Trading this week when three former affiliates of the one-time day-trading firm filed to force the company into involuntary bankruptcy. ...

Katy Mills becomes lone survivor in war for the west.(developer The Mills Corp to construct mall in Katy, Texas)
October 30, 1998... Developers drop plans for Premium Outlet Mall to accept buyout offer And then there was one. After more than a year of battling it out over Katy mall territory, Arlington, Va.-based The Mills Corp. finally prevailed by paying off...

GeneMedicine finds purchaser in California biotechnology firm.(Megabios Corp to buy GeneMedicine Inc)
October 30, 1998... After nearly a year of seeking a buyer, The Woodlands-based biotechnology firm GeneMedicine Inc. is being acquired by a California competitor. Megabios Corp., which is based just outside of San Francisco in Burlingame, Calif., has agreed...

Houston, London partners plan major expansion in Deer Park.(Texas Development Interests and Sea Containers Properties to expand Seaco Business Park in Texas)
October 30, 1998... New industrial project will add 60 acres to Seaco Business Park The pace of industrial construction in Deer Park is quickening. A partnership consisting of Houston-based Texas Development Interests and Sea Containers Properties of...

Independent thinker.(Swift Energy Chairman Earl Swift)
October 30, 1998... Earl Swift has answered critics by chalking up results in the oil patch Display cases full of pig figurines adorn the office of Earl Swift. But the chairman of Swift Energy Co., a local oil and gas independent, is a stranger to real live...

Regional malls: weak spot in area rates of occupancy.(real estate in Houston, Texas)(Industry Overview)
October 30, 1998... "With the influx of well-to-do Houstonians back towards the Central Business District and Midtown, how much new retail development will follow?" "Can a return of retail to Main Street be far behind, or will developers remain leery that...

Note of caution tempers office market enthusiasm.(Houston, Texas)(Industry Overview)
October 30, 1998... Houston's office market is likened to a race by Grubb & Ellis Co. "The race isn't over, but the 'yellow flag' is slowing the 'drive' of some local and national players," says a report in the company's current "Office Market Insight"...

Robust industrial market keeps developers in gear.(real estate development in Houston, Texas)(Industry Overview)
October 30, 1998... The past five years has shown the industrial real estate sector as perhaps the long-run success story of Houston real estate markets, says Ted C. Jones, Stewart Title Guaranty chief economist. "Strong manufacturing job growth, aggressive...