Houston Business Journal articles from September 1997

Houston Business Journal archives from September 1997

So long, Astros! Hello, Diesels? Wildcatters? Buffs? (Houston Astros)
September 26, 1997... Don't get used to seeing the Houston Astros at the top of the standings. They may be the Astros for just two more summers. As the team prepares to enter post-season play for the first time in 11 years, the Astros front Office is considering a...

Cadillac closeout: apartments to replace oldest Caddy dealer. (Bland Cadillac Co.)
September 26, 1997... After a failed attempt to find a new location, Houston's oldest Cadillac dealership has closed its doors to make way for downtown redevelopment. Bland Cadillac Co., which covers eight acres at the intersection of Bagby and Gray, stunned some...

County doubles fees, builders ask questions; offcials defend permit cost increase.
September 26, 1997... Harris County has quietly doubled the cost of permits for commercial projects in Houston, the first such fee increase in more than a decade. Effective last month, the rate rose from 5 cents to 10 cents per square foot for non-residential...

Puerto Rican bank gains share of Hispanic market: Citizens National selling to Banco Popular.
September 26, 1997... Citizens National selling to Banco Popular A $20 billion Puerto Rican bank holding company has made its first foray into Texas with a Strategic acquisition in Houston. Banco Popular reportedly has agreed to pay a record-setting price for...

Poison pills in oil patch spawn new type of takeover insurance.
September 26, 1997... A growing wave of hostile takeover attempts and unwanted merger overtures in the oil patch have given rise to a new kind of insurance. For the first time, Lloyds of London is offering a policy that will pay for an energy firm's defense...

Public company purchases family-owned tortilla firm; Authentic acquires La Monita in consolidation play. (Authentic Specialty Foods Inc.; La Monita Mexican Food Products)
September 26, 1997... Authentic acquires La Monita in consolidation play A Grand Prairie-based Mexican food supplier has taken a bigger bite out of the local market by acquiring one of Houston's oldest family-owned tortilla makers. Four weeks after completing...

Unpaid tax bill blows Cyclone Anaya's license to sell alcohol. (Mexican Grill and Cantina Inc.)
September 26, 1997... Cyclone Anaya's Mexican Grill and Cantina Inc., which struggled earlier this year to win its liquor license, has lost it again because it owes back taxes. Located on Richmond near Gessner, the restaurant has received a "summary suspension"...

Legal feud leads to bankruptcy for old family printing firm.
September 26, 1997... Beasleys exchange allegations with buyer in ongoing litigation The latest chapter in ongoing litigation over one of Houston's oldest printing companies is now being written in bankruptcy court. Seven years after acquiring the Beasley Co....

Employee staffing company goes public with roll-up plan. (Nationwide Staffing Inc.)
September 26, 1997... Nationwide seeks to raise up to $50 million for acquisitions in 39 states The continuing bull market has spawned another Houston-based roll,up company seeking public financing for its first round of acquisitions - this time in the booming...

Medical schoolmaster: Dr. M. David Low is thriving on change as president of the UT-Houston Health Science Center.
September 26, 1997... Dr. M. David Low is thriving on change as president of the UT-Houston Health Science Center If managed care wasn't changing the way medical schools operate, Dr. M. David Low might be bored by now. As president and chief administrative...

Bedding on success: The Mattress Firm has grown to a king-size operation from a single Houston outlet.(Growth Strategies)
September 26, 1997... In the mid-1980s, Steve Fendrich, Harry Roberts and Paul Stork left their homes in South Dakota to work as salesmen for American Bed, a Houston-based retailer of bedding products. When the trio soon after realized American Bed was in trouble,...

From wagon trains to elevated rail, city has long faced traffic troubles.
September 26, 1997... Transporting people around our city has never been easy. Many modes of transportation have been utilized over the years in an effort to relieve traffic congestion. As the city has grown in population and area, this has become an increasingly...

Collector-quality furniture from the '50s and '60s finds new home at work.(Focus on: Commercial Real Estate/Office Furniture & Design)
September 26, 1997... Small shop in the Heights offers the best designs of recent nostalgic era In an area where 19th century antique furniture shops are as common as convenience stores, a small Heights shop is taking a mid-century modern stand. Tucked away...

Cubicle mazes to private space: firms revamp office design. (includes related article on office remodeling)(Focus on: Commercial Real Estate/Office Furniture & Design)
September 26, 1997... The office interior design pendulum may be swinging back to favor more private quarters. Companies embracing the sterile environment of cubicle mazes may need to personalize and privatize their open concept workspaces to keep employees...

Furniture stores may benefit from bookseller's example. (Barnes & Noble)(Focus on: Commercial Real Estate/Office Furniture & Design)
September 26, 1997... Accessories bring business to furniture merchants A young man or woman relaxing in a deep, comfortable lounge chair, sipping a Starbucks brew and reading contentedly has become an icon of the late 1990s. The image is a symbol, though, not...

Furniture industry analysts say challenges are in store.(Focus on: Commercial Real Estate/Office Furniture & Design)(Directory)
September 26, 1997... The country's furniture manufacturing industry outlook for the remainder of 1997 remains. rosy. A 5 percent increase in manufacturer shipments is forecast by BDO Seidman, LLP, a Grand Rapids, Mich.-based accounting and consulting firm....

Cut furniture costs by leasing or going remanufactured route.(Focus on: Commercial Real Estate/Office Furniture & Design)
September 26, 1997... Businesses today are looking for a way to cut costs while improving profitability, but when it comes to the workplace there are certain costs that are unavoidable, such as computers, phone systems and office furniture. But the "cost of...

Concept-stage desk designs utilize cognitive ergonomics.(Focus on: Commercial Real Estate/Office Furniture & Design)
September 26, 1997... You've heard of ergonomics - typing in the proper position, placing the computer screen a certain distance from the eyes, adjusting a chair to fit the body. Now comes cognitive ergonomics, says Holland, Mich.-based office furniture supplier...

Wall murals bring change of scene to ordinary office.(Focus on: Commercial Real Estate/Office Furniture & Design)
September 26, 1997... Cost-effective wall murals may be a practical redecorating alternative for businesses on a tight budget. Houston home stores such as Lowe's, Sherwin Williams and Home Depot offer a line of 18 vinyl wall murals that range in price from $99 to...

Newfield Exploration Co. (Proxy Report Excerpts)(Company Profile)
September 26, 1997... NYSE NFX 363 N. Sam Houston Parkway East, Suite 2020, Houston 77060 (281) 847-6000 Newfield Exploration Co. explores, develops and acquires oil and natural gas properties in the Gulf of Mexico. Total shares of common stock...

Battle brews over bankruptcy proposals; reform suggestions draw fire as national review panel completes three-year study.
September 19, 1997... Reform suggestions draw fire as national review panel completes three-year study WASHINGTON - Jeffrey Sternklar walked up the steps of a Massachusetts bankruptcy court recently, and all he could see were scores of people: couples with...

Houston became hub of liquidation, reorganization law during energy bust.(Battle Brews Over Bankruptcy Proposals)
September 19, 1997... For many Houston business-people, the mid-1980s conjure images of layoffs, economic slowdown and failed businesses. But not for Henry Kaim. The oil bust and resulting troubles in the real estate and banking markets created tough times for...

Bay Colony begins as legal battles end. (building of a 900-acre tract of land between Houston and Galveston, Texas)
September 19, 1997... After eights years of legal skirmishes, the original developers of a 900-acre tract of land between Houston and Galveston are building what likely will be the last master-planned community between Clear Lake and the Gulf of Mexico. Bay...

Telecom firm closes, files to liquidate. (Total National Telecommunications Inc.)
September 19, 1997... Houston-based Total National Telecommunications Inc. ceased operations last week and has filed to liquidate assets to pay off creditors. The local wholesaler of long-distance service left up to 100 local people without jobs last week when it...

Used car superstore concept revving up market in Houston. (Texas)(Focus On: Transportation)(Industry Overview)
September 19, 1997... Used cars get some of the shine formerly reserved for new car sales National used car lots with polished showrooms and cars without price negotiations are making local used car dealers take notice - but Houston's established dealerships are...

Access offered by Beltway 8 giving a boost to business. (toll road completion)(Focus On: Transportation)
September 19, 1997... Developer David Wolff planned to get a jump start on commercial development along the future Sam Houston Tollway, but he hardly knew how far ahead of the pack he would be. The transactions by Wolff Morgan & Co. seemed rather savvy at the...

Continental cuts costs, injuries with new programs for safety. (Continental Airlines Inc.)(Focus On: Transportation)
September 19, 1997... Continental Airlines reports cutting on-the-job injuries by 54 percent since 1994, slashing worker compensation costs by 45 percent and saving $14 million last year. Adam W. Potter, managing director of ground safety and risk management,...

New York messenger service targets Houston courier firms. (Dispatch Management Services Corp.; A and W Couriers Inc. and Houston Flash Delivery Inc.)
September 19, 1997... Dispatch Management plans public offering in national consolidation play Two longtime courier firms in the Houston market have become acquisition targets of a New York-based messenger service. A&W Couriers Inc. and Houston Flash Delivery...

American General takes IRS to court in dispute over back taxes. (American General Corp.)
September 19, 1997... American General Corp. is involved in a multimillion-dollar dispute with the Internal Revenue Service. The Houston-based conglomerate is denying an IRS claim that the company owes $19.5 million in back taxes and has sued to force the IRS to...

Urban renewal: Francie Willis is out to put the profit back in pampering at Houston's hautest day spa. (Urban Retreat owner)
September 19, 1997... Francie Willis, owner of the Urban Retreat, still recalls the day she walked into the upscale day spa to give 65 staffers the bad news. Armed with the company's financial statement, Willis met one-on-one with hair stylists, manicurists and...

Transocean Offshore Inc. (Proxy Report Excerpts)(Focus On: Transportation)(Company Profile)
September 19, 1997... NYSE, Oslo RIG 4 Greenway Plaza, Houston 77046 (713) 871-7500 Transocean Offshore Inc. is a worldwide offshore drilling company engaged in contract drilling of oil and gas wells. Total shares of common stock outstanding as of...

Bankruptcy lawyers say archaic exemptions ripe for abuse. (Texas' homestead exemption law)
September 19, 1997... WASHINGTON - In the mid-1980s, hundreds of real estate developers around the nation found themselves in serious financial trouble; some were forced to go out of business or file for bankruptcy. But bad luck was not going to deter Melvin Lane...

Jones sought to curb abuse, speed bankruptcy process. (interview with Judge Edith Hollan Jones of the 5th US Circuit Court of Appeals)(Interview)
September 19, 1997... For the past three years, Judge Edith Hollan Jones of the 5th U.S. Circuit Court of Appeals served as a member of the National Bankruptcy Review Commission. Jones has criticized portions of the committee's report, due out next week. The...

Banks and credit card companies find disappointment in proposals.
September 19, 1997... WASHINGTON - Banks and credit card companies perhaps had the most to gain from changes in the bankruptcy code that made it tougher for consumers to write off their debt. But three years later, these financial institutions say they would have...

Despite opposition, review panel chief says initial goals were met. (Brady Williamson, chairman of the US Bankruptcy Review Commission)
September 19, 1997... Chair Williamson stops short of calling committee reform efforts a success MADISON, Wis. - Brady Williamson has been a practicing lawyer for two decades, but for the last 18 months his primary occupation has been a volunteer. "I have...

Small business bankruptcies catch critical eye of reform commission. (National Bankruptcy Review Commission)
September 19, 1997... WASHINGTON - Consider: After three years of toiling hard to make the company work, an entrepreneur falls behind on taxes, bank payments, paying his suppliers, and keeping his employee workers' compensation and pension fund payments current....

Fitting the bill: Triad finds health growth by focusing on hospital collections.(Company Profile)
September 19, 1997... Triad finds healthy growth by focusing on hospital collections When they left their corporate jobs last year to buy their own company, Bill Oppman was a little scared, but not Steve Johnston. The business partners bought Triad, a Houston...

Katy malled by duelling developers. (Katy, Texas)
September 5, 1997... Giant retail rivals go head to head with competing mega-centers The town of Katy is caught in the middle of a retail range war between two developers competing to build major shopping malls. Houston-based Interfin Corp. has broken ground on...

Bankruptcy ruling puts Mexican under U.S. jurisdiction. (Mexican banks)
September 5, 1997... Judge sets precedent, finds in favor of banks A federal judge in Houston has set a precedent with a first-time ruling that puts foreign debtors living in the United States under the jurisdiction of U.S. bankruptcy law. Judge Karen Brown of...

Church votes to sell prime tract to big developer. (Christ Evangelical Presbyterian Church; Tishman Speyer Properties Inc.)
September 5, 1997... Manna from real estate About 200 members of the Christ Evangelical Presbyterian Church have voted to sell a 15-acre tract of prime land in the Westchase District to New York City-based Tishman Speyer Properties Inc. Church members...

Grape expectations. (Cherry Whitley of Ranger Steel Supply Corp. featured in Wine Spectator)
September 5, 1997... Steel executive Cherry Whitley is making waves in the world of wine Houston steel executive Cherry Whitley is carving out quite a niche among wine connoisseurs. The vice president of Houston-based Ranger Steel Supply Corp. is the first...

Quilts Inc. crusader sews up convention win for Houston. (Karey Bresenhan, President of Quilts Inc.)(Meetings & Conventions)
September 5, 1997... Quilting: It's not just for grandma anymore. It's big business, thanks in great measure to one of the biggest supporters of quilts and quilt-making, Karey Patterson Bresenhan, president of Houston-based Quilts Inc. Bresenhan's passion for...

Top 50 woman-owned businesses are honored. (Houston, Texas)(Small Business Monthly)
September 5, 1997... The principal owners of Houston's Top 50 Woman-Owned Businesses, which are ranked by 1996 year-end revenues on a list on pages 16 and 18, are profiled alphabetically in this special edition of "Small Business Monthly." The list is compiled...

Spiking gasoline prices boost refiners' margins, expected to dip by year end. (high crude oil price in August)
September 5, 1997... Talk about the tail wagging the dog. Strong demand for gasoline in the U.S. actually helped increase the price of crude oil in August, according to a report released this week by energy consultants Purvin & Gertz. Usually it's changes in...

Bureau efforts bring more tourists, conventions to city. (Greater Houston Convention & Visitors Bureau)(Meetings & Conventions)
September 5, 1997... Annual report shows how bureau is selling Houston to promote city's economy Major cultural events and renovations revitalizing downtown Houston are making an impact on efforts of the Greater Houston Convention & Visitors Bureau, says Lupe...

Citizens National plans unusual IPO to fund expansion strategy. (Citizens National Bank of Texas; initial public offering)
September 5, 1997... Citizens National Bank of Texas is seeking to raise $10 million in an initial public stock offering and plans to acquire another financial institution within the next year, says Ralph Williams, bank president. In fact, Williams says his...

Firms consolidating specialized oilfield specializing businesses. (TriPoint Inc.)
September 5, 1997... Three specialized oilfield servicing companies have combined their operations to create a new niche player in the oil well perforating business. Headquartered in Houston, TriPoint Inc. was formed by the merger of Advance Completion...

Group Maintenance follows fellow HVAC roll-ups into public markets. (Group Maintenance America Corp.; heating, ventilation and air conditioning)
September 5, 1997... Another local consolidator of heating, air conditioning, plumbing and electrical services is planning a public offering and roll-up of more than a dozen related companies. Formed last year, Group Maintenance America Corp. has filed with the...

New EPA air standards likely to be a boon for Browning-Ferris. (Environmental Protection Agency; Browning-Ferris Industries Inc.)
September 5, 1997... Browning-Ferris Industries Inc. will get a small boost in business from some new environmental regulations governing medical waste incinerators. The Environmental Protection Agency last week released more stringent air emission controls and...

Houston visitors fare well in dining out, renting cars. (restaurants and car rental)(Meetings & Conventions)
September 5, 1997... Houston's rental cars are moderately priced and restaurants are the second most affordable in the nation, according to recent industry reports. Out of 100 U.S. cities surveyed, the cost of an intermediate-sized rental car in Houston is...

Diamond out of the rough. (Bob Rose, CEO of Diamond Offshore Drilling Inc.)
September 5, 1997... Bob Rose's once-troubled offshore drilling company now leads the pack Bob Rose appears soft spoken and slightly built. He blushes crimson with little provocation. But the gentle and quiet demeanor of the chief executive of Diamond Offshore...

Organ dealer pulls out the stops, heats up Dallas market. (Forshey Piano Co.)
September 5, 1997... Houston-based Forshey Piano Co. has entered the Dallas church organ market - one of the nation's largest - and is out to challenge its sole competitor, the Dallas-based Church Organ Association. Forshey will be trying some new tactics in the...

Lawyer takes long time to cash Czech. (Steve Tarry; Czech Republic)
September 5, 1997... Putting together the first independently financed power project in the Czech Republic presented more than the usual challenges for Houston lawyer Steve Tarry. "You always face the quirks of local law in international transactions," says...

More perfect union. (Mann, Frankfort Stein & Lipp)(Growth Strategies)
September 5, 1997... Combination of accounting firms has helped focus on specialized niches The idea for the merger of two Houston certified public accounting firms - to create the largest local CPA firm in Houston - was born on a racquetball court. Arnold...