Boston Business Journal articles from August 1991

Boston Business Journal archives from August 1991

Red-hot Pepper's. (Pepper's natural beauty products store)
August 26, 1991... RED-HOT PEPPER'S On a recent Friday morning Paula Pepper and Ken Braun sat in their cramped office near the Children's Museum chatting on the phone to yet another person interested in opening a new Pepper's natural beauty products store....

Pioneer Group ends holdout, whittles down sales fees. (mutual fund company)
August 26, 1991... PIONEER GROUP ENDS HOLDOUT, WHITTLES DOWN SALES FEES Mutual fund firm will tack on 12b-1 charges instead Bowing to market pressure, the Pioneer Group recently became one of the last mutual fund companies in the nation to lower its...

Minute Man lands $2.2 million from FAA. (Minute Man Air Field receives grant form Federal Aviation Administration)
August 26, 1991... Minute Man lands $2.2 million from FAA In an unprecedented move, the Federal Aviation Administration (FAA) has awarded tiny Minute Man Air Field in Stow a $2.2 million grant to ensure its continued operation. Airstrip owner Donald McPherson...

They want their MTV. (Viacom Inc. acquires Maxwell Group PLC's 50.1% stake in MTV Networks Europe Inc.)
August 26, 1991... They want their MTV Dedham-based Viacom, a cable television company, agreed to pay Maxwell Group PLC between $60 million and $65 million in cash or stock for Maxwell's 50.1 percent stake in MTV Europe. This transaction gives Viacom full...

Supreme Judicial Court. (opens bidding for Monarch Life Insurance Co.)
August 26, 1991... Aug. 27 was the deadline set by the state Supreme Judicial Court for parties interested in bidding for the state-controlled Monarch Life Insurance Co. Its parent company, Monarch Capital Corp., is operating under bankruptcy protection.

Continental Airlines. (eliminates 600 jobs and several flights)
August 26, 1991... Continental Airlines announced that it would eliminate 600 jobs and numerous flights, including fall express service to Hyannis, Nantucket and Martha's Vineyard. The airline is operating under bankruptcy protection.

Prime Computer. (cited for contempt in antitrust injunction)
August 26, 1991... Natick-based Prime Computer was cited for contempt by a Michigan federal judge for failing to notify some 350 customers that they can purchase computer maintenance from companies other than Prime. An antitrust injunction was issued last...

Brookline. (Melo-Tone Vending sues town of Brookline over proposed ban on cigarette vending machines)
August 26, 1991... The town of Brookline says it won't go through with a proposed ban on cigarette vending machines, but instead will give remote-control devices designed to lock out minors a six-month trial basis. Melo-Tone Vending of Somerville sued the town...

Markups at Filene's. (Filene's Basement Corp.)
August 26, 1991... Markups at Filene's Wellesley-based Filene's Basement Corp. announced that sales had skyrocketed by 17 percent, at $96.4 million during the quarter ended Aug. 3 compared to sales of $82.5 million during the same quarter last year. Earnings...

Northrop Corp. (end of suspension of Electronic Systems Div.)
August 26, 1991... Northrop Corp. announced that the two-year suspension of the company's Electronics Systems Division by the U.S. Air Force has ended. The military branch put that company's division on suspension from government contracts in July 1989 after...

Filene's Basement Corp. (to sell more than 3.5 million shares of common stock)
August 26, 1991... Filene's Basement Corp., in an effort to finance an expansion plan of 36 stores over the next three years, announced to the Securities and Exchange Commission that it will sell more than 3.5 million shares of common stock. Included in the...

Shotgun wedding seen for BOB and Shawmut. (Bank of Boston Corp.; Shawmut National Corp.)
August 26, 1991... Shotgun wedding seen for BOB and Shawmut At this point in the game, Bank of Boston Corp. and Shawmut National Corp. don't have many moves left. Not only do the two troubled institutions have to contend with a Fleet/Norstar Financial...

More EPO woe. (Genetics Institute Inc.'s infringement of Amgen Inc.'s patent on the drug erythropoietin)
August 26, 1991... Genetics Institute More EPO woe Genetics Institute announced that Judge William G. Young of the U.S. District Court for Massachusetts has granted to its rival Amgen a $25 million attachment to secure potential future damages from...

Trials promising. (Summit Technology reports encouraging results from trials of its holmium solid-state laser for treating farsightedness)
August 26, 1991... Summit Technology Trials promising Summit Technology reported encouraging results from Phase I clinical trials with its holmium solid-state laser for the treatment of farsightedness (hyperopia). "Preliminary results are...

Kitchen Alley remodels its marketing efforts.
August 26, 1991... Kitchen Alley remodels its marketing efforts It wasn't enough that Genesis Custom Cabinetry started up its kitchen cabinet manufacturing business five months ago, in the middle of a building downturn. The West Bridgewater company...

Newsletter targetted at the green investor. (Environmental Investing News)
August 26, 1991... Newsletter targeted at the green investor Despite the recent sluggishness in the environmental industry, a Newton investment-newsletter writer said he's been able to pick winning stocks in that sector over the past year and a half. ...

Chief of HMO is back to battle rising costs. (Thomas Pyle, chief executive officer of the Harvard Community Health Plan; health maintenance organization)
August 26, 1991... Chief of HMO is back to battle rising costs Is it possible for a workaholic to take a sabbatical? Apparently not, at least in the case of Harvard Community Health Plan (HCHP) chief executive officer Thomas Pyle. After his...

John Drew: the Midas touch. (president of Drew Co.)
August 26, 1991... John Drew The Midas Touch Position: President, the Drew Company Education: B.A., Stonehill College, 1965; M.S., Boston University, 1970 Age: 47 This is how John Drew's mind operates. Flipping through Newsweek magazine last year,...

Shippers call tax hike intolerable. (New England shippers; harbor maintenance tax)(Focus: Business on the Waterfront)
August 26, 1991... Shippers call tax hike intolerable New England shippers have been plotting their opposition this summer to a threefold federal tax increase they say has already diverted business away from the port of Boston to Montreal since it took effect...

MBTA adds sixth ship to its water shuttle operation. (Massachusetts Bay Transport Authority)
August 26, 1991... MBTA adds sixth ship to its water shuttle operation On Sept. 3, the Massachusetts Bay Transportation Authority's water shuttle service from Hingham to Boston's Rowes Wharf will add a new ship to its operation. The MBTA previously had...

Brrokline-based Before You Move takes on all your relocation chores. (Company Profile)
August 26, 1991... Brookline-based Before You Move takes on all your relocation chores Overall, Boston's annual moving day doesn't look any easier this year than it has in the past. But Before You Move Inc. of Brookline can eliminate many of the migrating...

Robert McCall. (Services/Education)
August 26, 1991... Robert McCall has been appointed general counsel and chief financial officer of the Planning Office for Urban Affairs Inc. in Boston. McCall formerly served as a vice president of public finance in the capital markets department of State...

Polaroid Corp. (Dividends)
August 26, 1991... Polaroid Corp. declared a regular quarterly dividend of 15 cents per share on its common stock. The dividend is payable on Sept. 28 to shareholders of record on Aug. 30.

Instron Corp. (Dividends)
August 26, 1991... Instron Corp. declared a regular quarterly dividend of 3 cents per share on its common stock. The dividend is payable on Oct. 4 to shareholders of record on Sept. 13.

Houghton Mifflin Co. (Dividends)
August 26, 1991... The board of directors of Houghton Mifflin Co. voted a quarterly dividend of 18.5 cents per share. The dividend is payable on Aug. 28 to shareholders of record on Aug. 14.

Reebok International Ltd. (Dividends)
August 26, 1991... Reebok International Ltd. announced a regular quarterly dividend of 7.5 cents per share on its common stock. The dividend is payable on Oct. 2 to stockholders of record on Sept. 11. Reebok's sales for 1990 were approximately $2.16 billion.

Colonial Group. (Dividends)
August 26, 1991... The Colonial Group announced that its board of directors had increased its regular quarterly dividend from 10 cents to 15 cents. The board declared a quarterly dividend of 15 cents per share on its Class A and Class B common stock. The...

EG&G. (Dividends)
August 26, 1991... EG&G declared a regular quarterly dividend of 21 cents per share on its common stock. The dividend is payable on Nov. 8 to stockholders of record on Oct. 18.

Fitchburg Gas and Electric Light Co. (Dividends)
August 26, 1991... Fitchburg Gas and Electric Light Co. declared a regular quarterly dividend of 53 cents per share on its common stock. The dividend was payable on Aug. 15 to shareholders of record on Aug. 2. The company also declared a quarterly dividend on...

Sepracor. (Health/Science)
August 26, 1991... Sepracor, a Marlborough biotech firm, acquired IBF from French company Rhone-Poulenc. IBF is a supplier of biology and bioseparation products and equipment used in the purification of biological molecules.

Spire Corp. (Health/Science)
August 26, 1991... Spire Corp., a Bedford high-tech company, plans to repurchase approximately 200,000 shares of common stock from shareholders. Spire, a producer of epitaxial wafers, services industries ranging from aerospace/defense to biomedical.

The Niles Co. (Real Estate)
August 26, 1991... The Niles Co. has been selected as broker for 33 Broad St. and 30 Batterymarch St. Both properties are in the financial district; 33 Broad St. offers 37,000 square feet of space on 11 floors, and 30 Batterymarch St. offers 30,000 square feet...

Lynch Murphy Walsh & Partners. (Real Estate)
August 26, 1991... Lynch Murphy Walsh & Partners has negotiated the sale of 180 Boston Post Rd., on 21,943 square feet of land in Marlborough, to Metropolitan Life Insurance Co. The property includes 4,856 square feet of office space; the selling price was...

Bradley Real Estate Trust. (Real Estate)
August 26, 1991... Bradley Real Estate Trust acquired a shopping center adjacent to the trust's Richfield Hub Shopping Center in Richfield, Minn. The trust also entered into an agreement to build and lease to Gateway Foods, the dominant grocer in the...

Earl R. Flansburgh + Associates. (Real Estate)
August 26, 1991... The trustees of the University of Northern British Columbia have commissioned Earl R. Flansburgh + Associates of Boston and Musson Cattell Mackey Partnership of Vancouver to provide a master plan for a new university campus. The university...

Marjam Corp. (Real Estate)
August 26, 1991... The Marjam Corp. has leased 16,500 square feet of warehouse space at 241 Corporation Way in Medford. Marjam, headquartered in New Jersey, is a supplier of building materials and will use the facility as its New England regional office.

Advanced Window Systems. (Services & Education)
August 26, 1991... Advanced Window Systems of Abington opened a lead paint inspection service division. The new service complements the services of replacement windows, vinyl siding and blown-in insulation. The company uses an X-ray fluorescence technique which...

Northern Utilities. (Services & Education)
August 26, 1991... Northern Utilities, a subsidiary of Bay State Gas Co., has agreed to supply natural gas to Public Service Co. of New Hampshire's Newington Generating Station. Public Service Co. of New Hampshire expects to convert the 409-megawatt, oil-fired...

Aquarius Travel Management. (Services & Education)
August 26, 1991... Aquarius Travel Management has been awarded a $2 million air travel account by Haemonetics of Braintree. Haemonetics designs, manufactures and markets automated systems for the collection, processing and surgical use of blood. Aquarius will...

Frank B. Hall & Co. (Services & Education)
August 26, 1991... Insurance broker Frank B. Hall & Co. acquired the book of business of Gilmour, Rothery & Co., a Boston-based insurance brokerage house. Frank B. Hall & Co. is based in Boston and provides insurance and reinsurance brokerage, employee benefits...

Lawyers and AIM in duel over workers' comp. (Associated Industries of Massachusetts; workers' compensation)
August 19, 1991... Lawyers and AIM in duel over workers' comp An expected $100,000 will be spent over the next several months on lobbying by the two special-interest groups that would be most affected by reform of the state's troubled workers' compensation...

Software firm hits jackpot with lottery pick program. (Entertainment On-Line's Complete Lottery Tracker & Wheeler)
August 19, 1991... Software firm hits jackpot with lottery pick program Robert Flint won $7,000 on a Florida Lotto ticket last year when he picked five winning numbers with a software program created by Entertainment On-Line of Westborough. "I though my...

Affirmative action violations on rise in gov construction. (local contractors violate requirements on government construction contracts)
August 19, 1991... AFFIRMATIVE ACTION VIOLATIONS ON RISE IN GOV CONSTRUCTION Four local contractors were stung by state and federal authorities this summer for violating affirmative action requirements on their government construction contracts. Each...

Arches golden at Faneuil. (siting of a McDonald's fast-food restaurant near Faneuil Hall)
August 19, 1991... Arches golden at Faneuil The Boston Landmark Commission unanimously approved the siting of a McDonald's fast-food restaurant in the historic Blackstone Block near Faneuil Hall, despite strong opposition from local residents, historians and...

Zortech. (to be acquired by Symantec Corp.)
August 19, 1991... Zortech Zortech, a Woburn software developer, will be acquired by the Cupertino, Calif.-based Symantec Corp., announced Symantec officials. The deal involves $10 million in stock and allows for some of Zortech's employees to transfer to...

U.S. Commerce Department.
August 19, 1991... U.S. Commerce Department Driven by stronger automobile purchases, retail sales in the country rose 0.5 percent during the month of July - the third month in a row for retail gains. According to the U.S. Commerce Department, total retail...

Boston Edison.
August 19, 1991... Boston Edison Boston Edison put the Boston Housing Authority on a delinquency repayment plan after the agency fell behind by about $2 million in its electric bills. The BHA is reimbursing the utility of $70,000 per week to pay off the debt.

Blue Cross and Blue Shield of Massachusetts.
August 19, 1991... Blue Cross and Blue Shield of Massachusetts Blue Cross and Blue Shield of Massachusetts could raise rates for non-group health insurance by as much as 31 percent for individual and two-person plans and 20 percent for group plans. The state...

Worcester Telegram & Gazette.
August 19, 1991... Worcester Telegram & Gazette The Worcester Telegram & Gazette laid off 60 staff members. The newspaper said the move was needed to offset a 29 percent decrease in advertising during the first seven months of 1991. As of April of this year,...

Bank Five for Savings.
August 19, 1991... Bank Five for Savings Bank Five for Savings announced that an undisclosed institution and the Massachusetts Mutual Savings Bank Central Fund have agreed to pump money into the troubled Arlington bank. The central fund came under fire...

Harold Brown.
August 19, 1991... Harold Brown Real estate mogul Harold Brown reached an agreement with the Bank of Boston to restructure more than $33 million in debt. Brown, who filed for Chapter 11 in March, claims he expects to be out of bankruptcy within six months....

Central Artery.
August 19, 1991... Central Artery Construction of a third harbor tunnel, part of the $5 billion Central Artery transportation project, was given the go-ahead by the U.S. Army Corps of Engineers. Actual construction is slated for the end of this year and is...

American Automobile Association.
August 19, 1991... American Automobile Association This may not come as a shock to most Massachusetts motorists, but the American Automobile Association reported that New England is the most expensive region in the country when it comes to maintaining a car....

Boilermakers Local 29.
August 19, 1991... Boilermakers The Boilermakers Local 29, based in Quincy, expressed outrage at the Massachusetts Water Resources Authority for sending a contract to South Carolina instead of putting unemployed Bay Staters to work. The union had hoped that...

Adweek's Marketing Week.
August 19, 1991... Ad-week's Marketing Week According to a poll conducted by Ad-week's Marketing Week and Warwick Baker & Fiore, a New York ad agency, only 29 percent of 1,004 persons surveyed believe the recession will really be over in 1991. Some 28...

Department of Insurance.
August 19, 1991... Department of Insurance The state Department of Insurance announced that Blue Cross and Blue Shield of Massachusetts could raise rates for non-group health insurance by as much as 31 percent for individual and two-person plans and 20...

Health center aids those sick over hospital costs. (Mariner Health Care)
August 19, 1991... Health center aids those sick over hospital costs In yet another effort to rein in skyrocketing health care costs, a Connecticut company has launched a new rehabilitation center in Boston's Mission Hill aimed at bridging the gap between a...

Hotel underway. (Hyatt Harborside Conference Center and Hotel at Logan Airport)
August 19, 1991... Hotel underway Macomber Development and Massport broke ground last week on the $40 million Hyatt Harborside Conference Center and Hotel at Logan Airport. Last fall Crocker Snow, a former director of the state aeronautics board,...

Execs resign. (Bay State Health Care's three top executives resign)
August 19, 1991... Execs resign In what has been a month of unexpected developments at Bay State Health Care, three top executives of the state's second largest health maintenance organization (HMO) suddenly resigned Aug. 9. Leaving their posts effective...

Dumping charge is no picnic for plastics firm. (Hussey Plastics is being sued for disposal of hazardous wastes)
August 19, 1991... Dumping charge is no picnic for plastics firm Hazardoos waste can come in many forms, but few would suspect the family's plastic picnic cooler to be one of them. Yet it is, according to state and federal agencies that are suing, among...

Elevator gridlock foreseen. (Massachusetts' policy of elevator inspection create controversy)
August 19, 1991... Elevator gridlock foreseen Commercial landlords are worried that a new state policy requiring daytime inspections of elevators will end up with high-rise office workers getting the shaft. "Basically, you'll be stranding people while...

David Cohen: Beacon Hill's Ralph Nader. (State Representative)
August 19, 1991... David Cohen Beacon Hill's Ralph Nader State Rep. David Cohen (D-Newton), the Ralph Nader of Beacon Hill, is on a roll. Cohen, House chairman of the Joint Committee on Banks and Banking, has built a reputation as a champion of liberal causes -...

Superstores deal in bits and PCs. (rise of superstores in computer retailing)(Focus: The Workplace and Office Technology)
August 19, 1991... Superstores deal in bits and PCs Computer retailers have discovered what Stop & Shop and Staples have known for quite some time: Super sells. Large national traffickers in the stuff of bits and bytes are breathlessly marshaling their...

Breaking out of the portable pack. (Northgate Computer Systems's new portable computer)(Focus: The Workplace and Office Technology)
August 19, 1991... Breaking out of the portable pack There's a load of portable computers on the market right now, and it's getting tougher than bowling underwater for laptop makers to separate themselves from the pack. Northgate Computer Systems, of...

HP's palmtop makes the most of your hand. (Hewlett-Packard's computer)(Focus: The Workplace and Office Technology)
August 19, 1991... HP's palmtop makes the most of your hand Not quite 20 years ago, Hewlett-Packard came out with the first calculator. It amazed us all and changed the lives of everyone from schoolchildren to nuclear physicists. HP's newest...

State Street Bank and Trust Co. (Banking/Finance)
August 19, 1991... State Street Bank and Trust Co. State Street Bank and Trust Co. has named Marshall Carter president, CEO and director. For the past 15 years, Carter was with Chase Manhattan Bank. When Carter was head of Chase's global securities services,...

John Hancock Mutual Funds. (Banking/Finance)
August 19, 1991... John Hancock Mutual Funds John Hancock Mutual Funds has promoted Robert Freedman to chief investment officer of John Hancock Advisers and David King to president and CEO of John Hancock Fund Services.

Domain. (Manufacturing/Retail)
August 19, 1991... Domain Domain, a retail furniture chain, appointed Edmond Thomas president and chief operating officer.

Brian Cornell. (Services/Education)
August 19, 1991... Brian Cornell Brian Cornell was named Northeast Region tax partner at Price Waterhouse. Christopher Barry and Albert Lilienfeld were named litigation and reorganization services group partners. Richard Clark was named national office...

Thornton & Early. (Services/Education)
August 19, 1991... Thornton & Early Thornton & Early appointed David McMorris as partner of the firm. McMorris has been with the firm for seven years, working on cases in civil litigation and worker's compensation. He is also a member of the Association of...

Psychemedics Corp. (Health/Science)
August 19, 1991... Psychemedics Corp. Psychemedics Corp. of Boston named Raymond Kubacki president and CEO, also electing him to the board of directors. Psychemedics uses testing procedures involving the analysis of hair to detect drugs such as cocaine and...

Life insurer posts a C- on report. (State Mutual Life Insurance Co. of America gets low rating in asset liquidity based on Weiss Research Inc.'s report)
August 12, 1991... LIFE INSURER POSTS A C - ON REPORT Worcester-based State Mutual Life Assurance Co. of America is among 12 insurers nationwide that are vulnerable to a run on their assets, according to a national insurance rating agency. The company, which...

Bankruptcy a la carte. (Don Levy tries to save the Blue Diner and Loading Zone restaurants which have gone bankrupt) (company profile)
August 12, 1991... Bankruptcy a la carte Don Levy, owner of the Blue Diner and the nearby Loading Zone, is cooking up a scheme to save his two Boston restaurants, which filed for Chapter 11 bankruptcy protection in early July. Levy, a native of New York,...

3i Corp. spins off start-up finance group. (3i Corp. forms Aspen Venture Partners)
August 12, 1991... 3i CORP. SPINS OFF START-UP FINANCE GROUP One of the country's largest venture capital firms, Boston-based 3i Corp., announced recently that it would be exiting the early-stage financing business and spinning off its existing start-up...

Publishers preyed by Fidelity Capital. (Fidelity Capital uses force to buy the Medford Transcript and the TAB Newspapers)
August 12, 1991... PUBLISHERS PREYED ON BY FIDELITY CAPITAL When Fidelity Investments, the nation's largest mutual-fund manager, backed a publishing group that began gobbling up struggling, independent weekly newspapers whose owners were looking for a way out...

Mullen Advertising. (Debriefing)
August 12, 1991... Mullen Advertising Mullen Advertising is the winner of the advertising account for Weebok, Stoughton-based Reebok's line of children's shoes. Mullen took the account from Chiat/Day/Mojo, a New York agency which handled that portion of...

L. William Seidman. (Debriefing)
August 12, 1991... L. William Seidman L. William Seidman, chairman of the Federal Deposit Insurance Corp., will say goodbye to his job on Oct. 16 as he goes into retirement. President Bush has yet to name a successor.

Stock repurchase. (Polaroid Corp. to buy back preferred shares)(Debriefing)
August 12, 1991... Stock repurchase Polariod Corp. expressed interest in repurchasing its preferred shares as one use of the multimillion-dollar patent infringement settlement it won from Eastman Kodak. Corporate partners invested $300 million in Polaroid...

Dun & Bradstreet Corp. (Debriefing)
August 12, 1991... Dun & Bradstreet Corp. According to a survey done by Dun & Bradstreet Corp., the construction and manufacturing industries show little sign of improvement following three months of slow growth.

The scoop at Brigham's. (Milt Namiot and Grotech Partners buy out Brigham's from Bennett LeBow)(Debriefing)
August 12, 1991... The scoop at Brigham's Brigham's president Milt Namiot and Grotech Partners, a Baltimore-based venture capital group, bought out the Arlington-based restaurant and ice cream chain from Bennett LeBow, its owner since 1986. The cost of the...

Morse Shoe. (Debriefing)
August 12, 1991... Morse Shoe Morse Shoe, the Canton company that operates 485 Fayva stores, put together a reorganization plan that turns over a majority of the company from its owners to its bondholders. Morse filed for Chapter 11 bankruptcy protection in...

JWP Businessland. (Debriefing)
August 12, 1991... JWP Businessland Canton will be the new home of the country's largest computer retailer, JWP Businessland. JWP, an engineering and consulting firm based in Purchase, N.Y., paid close to $43 million in a tender offer to acquire the stock of...

Shaw's Supermarkets. (Debriefing)
August 12, 1991... Shaw's Supermarkets Shaw's Supermarkets dropped Blue Cross and Blue Shield of Massachusetts and switched to a health-insurance plan managed by Pilgrim Health Care of Norwell for its 5,000 employees. Blue Cross and Blue Shield has lost...

Massachusetts General Hospital. (Debriefing)
August 12, 1991... Massachusetts General Hospital Massachusetts General Hospital was voted the number-one hospital in the Northeast and third overall in the country, based on a poll that ranked the institutions according to the number of specialties in which...