Houston Business Journal articles from September 1998

Houston Business Journal archives from September 1998

Market fluctuations hit local economy; wild volatility on Wall Street shakes up Houston stocks. (Texas)
September 4, 1998... Wall Street's wild week didn't miss a number of local companies, many of which watched their stock values drop along with the Dow on Monday only to climb considerably the following day. Compaq Computer Corp., for example, fell nearly 10 percent...

Though not grounded, stock slide sends IPOs into holding pattern. (initial public offerings)(Market Fluctuations Hit Local Economy)
September 4, 1998... With the market falling then fluctuating wildly, companies planning initial public offerings found themselves treading water this week and wondering how long they will be in limbo. "As of right now, there is no IPO market," says Sam Humphreys,...

Opinions vary on outlook for oil price slide.(Market Fluctuations Hit Local Economy)
September 4, 1998... In September of 1997, oil was nearly $20 a barrel and oil companies were raiding each other's staffs to find engineers and geologists. Companies were passing out retention packages to keep key people, and salaries and signing bonuses were on the...

Brazilian grills to battle for slice of steak market. (Texas-based Rodizio's and Fogo de Chao)
September 4, 1998... A fresh cut of steakhouse is bidding to beef up restaurant competition in Houston. Two Brazilian-style grills - Rodizio's and Fogo de Chao - are attempting to carve out sections of the local turf. The Brazilian cattle battle began this week...

Dialing for debtors: extended credit has MMI expanding locally. (Money Management International)
September 4, 1998... Credit card debt in Houston is on the rise, and that has meant a boom in business for locally-based Money Management International. In fact, the number of over-extended Houstonians seeking counseling and assistance to erase debt has spurred MMI...

Custom home builder converting downtown building to condo lofts. (GOYA Enterprises)
September 4, 1998... Another downtown loft project is coming through the construction pipeline. Houston-based GOYA Enterprises unveiled plans this week for a 32-unit loft complex in an old office building at the intersection of Texas Avenue and San Jacinto Street....

Olympic rivalry, Texas-style: Big D squares off against Houston for games. (Houston and Dallas' bids for the 2012 Olympics)
September 11, 1998... The city councils of both Houston and Dallas were set to vote this week to endorse their cities' bids for the 2012 Olympics, setting up what could be a classic Texas shootout between the state's major cities. In Houston. the vote was expected...

Pawn shop to the posh: upscale clients put treasures in hock at Third Ward store. (Wolf's Pawn Shop & Department Store)
September 11, 1998... Wolf's Pawn Shop & Department Store proves that occasionally even the rich and famous need fast cash with no questions asked. While it seems unlikely that the city's wealthiest residents would hock their Rolex watches and family heirlooms at...

Telescan litigation pits son vs. father.
September 11, 1998... The son of Telescan Inc. Chairman David L. Brown has sued his father's company, alleging breach of contract and fraud. Scott Brown filed suit in district court last week against Telescan, a Houston-based online information provider, Telebuild,...

Hines returns with new office tower; developer back in action after 14-year absence in Uptown area.
September 11, 1998... Developer back in action after 14-year absence in Uptown area After a 14-year hiatus from developing in Houston's office market, real estate sources say Hines is planning a 550,000-square-foot office building behind The Transco Tower....

What ales them? Village brewpub sacks suds for new concept. (Village Brewery)
September 11, 1998... Popular Orchid Lounge has owners swinging with supper club bid Houston's first brewpub is hopping out of the microbrewed beer scene to make way for a New York-style supper club. The Village Brewery, the city's oldest brewpub at 2415 Dunstan,...

Facing high debt, Panaco consolidating here, Forcenergy pulling out.
September 11, 1998... Persistently low oil prices and heavy debt have one exploration and production company leaving Houston and another consolidating its operations here. In an effort to cut costs, Forcenergy Inc. has closed its Houston office, laying off about...

Enduring banker: Joe Musolino survived the biggest bailout in U.S. history to become head of operations for NationsBank in Houston.
September 11, 1998... It was August of 1988. Texas and Houston were in the throes of economic depression and financial collapse. A North Carolina bank was taking over failed First Republic Bank of Dallas in the biggest government bailout in U.S. banking history....

All the answers: Test Masters gets high marks in the exam-preparation business.
September 11, 1998... Test Masters co-owner Haku Israni says there are contrasts between running a small business and being dean of a university department. The day doesn't end at five anymore, and the weekend doesn't mean the work ends, says Israni, a former dean...

Brothers travel far to print success. (Richmond Printing)
September 11, 1998... The year was 1985. The wreck of the Titanic was found. The Dow closed at 1553.1 Dec. 16, setting a new stock record. And the oil bust still left Houston struggling with layoffs, economic slowdown and failed businesses. It was also the year...

Greenspoint market lures office developers. (Houston, Texas)
September 25, 1998... Banking on north Houston's comeback, a bevy of developers are entering the Greenspoint area with a collection of office projects. The latest newcomer is Dallas-based McCaslin, which is stepping into the Houston market with a $90-million deal to...

Oil service firms start laying off. (Houston, Texas)
September 25, 1998... Employee cutbacks come as oil prices continue to linger at low levels Houston oil field service companies have begun laying off employees worldwide in response to a protracted drop in oil prices. One industry analyst predicts as many as 5...

Bringing home the bacon: Blue Ribbon beefs up with take-home concept. (Blue Ribbon Packing Co.)
September 25, 1998... Until now, Blue Ribbon Packing Co. was anything but trendy. After all, the company sells such untrendy items as sausage and bacon and uses good ol' boy Bum Phillips as a spokesman. But with a new president and a fresh drive to win new...

Equalnet unit files for bankruptcy after 'months of bleeding.'
September 25, 1998... Telecom firm topped list of fastest-growing small companies in 1993 Equalnet Corp., a unit of holding company Equalnet Communications Corp., has filed for Chapter 11 bankruptcy after what a former officer describes as "months of bleeding."...

The Woodlands launches new village as 25th birthday nears. (Woodlands Operating Co.)
September 25, 1998... Sterling Ridge will include Nicklaus golf course As The Woodlands closes in on its 25th anniversary, the master-planned community's steady growth has prompted development of another village. This week, The Woodlands Operating Co. and...

Golden Eagle, Gamma Biologicals find buyers in consolidation plays. (Golden Eagle Group Inc.; Gamma Biologicals Inc.)
September 25, 1998... Local freight forwarder sells to USFreightways, Immucor acquires Houston biotech firm A pair of small Houston public companies are being snapped up by out-of-state consolidators. Houston freight forwarder and customs broker Golden Eagle...

Opera impresario. (profile of Houston Grand Opera general director David Gockley)
September 25, 1998... Under David Gockley's leadership, Houston Grand Opera has been hitting high notes for 25 years After 25 years as general director of Houston Grand Opera, David Gockley's artistic presence in the downtown theater district remains as constant as...

Local players experience varied impact of stormy stock market. (Houston, Texas-based investment banks)
September 25, 1998... The stock market's recent gyrations have no doubt had a mixed impact on Houston's investment banking community and on local business deals. From investment banks to consolidation plays to law firms, the market's players say they've seen the...

Job security: Engineered Protection Systems founder Dan Weiss has found a way that crime does pay.(Growth Strategies)
September 25, 1998... Five years ago Dan Weiss was pursuing a Ph.D. in criminal psychology when he had a change of heart about what direction he wanted his career to take. As part of his studies, Weiss interned at Massachusetts' maximum-security Walpole Prison....