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Generation Research.
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THERMEX ENERGY CORP. AWARDED $208.5 MILLION IN ANTITRUST SUIT
DALLAS,Texas--July 24, 1995--Thermex
Energy Corp., a commercial explosives company, has been awarded what is believed to
be the largest antitrust verdict handed down in Texas, the company's
CEO announced Friday.
ICI Explosives, USA, the largest explosives manufacturer in the
world, was found to have used monopolistic methods to drive Thermex
into bankruptcy in 1990. ICI-USA is a subsidiary of Imperial
Chemical Industries, PLC, the largest public company in Great
Britain.
After final adjustments, the Wise County jury award could be
more than $400 million.
Thermex became the fourth largest commercial explosives
manufacturer in the United States after it purchased the commercial
explosives division of Gulf Oil in 1984. Shortly thereafter, Atlas
Powder Co. (ICI-USA's former name) began to manipulate materials
prices to undermine Thermex's operation, leading to the Chapter 7
filing against Thermex.
Richard Forsythe, CEO of Thermex, said he's relieved the 11-year
ordeal is ending. "They kept telling us we'd never get to trial,
let alone win. It's a great feeling to look back at the hurdles
we've jumped to get to this day."
Forsythe added that the verdict could trigger a ripple effect in
the construction, mining and the oil and gas industries worldwide.
"This decision should promote competition and hopefully lower prices
for the consumer."
ICI-USA is named as a defendant in the class-action suit
recently filed by the victims and families of the federal building
bombing in Oklahoma City.
Decatur, Texas, was chosen for the trial because one of ICI's
companies has a distribution center in the county. The case was
heard in 271st Judicial District Court, and after hearing eight
weeks of testimony, the jury deliberated one day.
Thermex was represented by Kilgore & Kilgore in Dallas; and the
firm of Woodruff, Wren & Simpson in Decatur, Texas, as well as
Sewell & Forbis of Decatur.
Gardere & Wynne of Dallas, and Brock Smith of Decatur,
represented the defendants.
/CONTACT: Thermex Energy Corp., 214-931-3440; or Kilgore & Kilgore,
214-969-9099; or John Quinn, Read-Poland Associates, 214-760-6066/
COLUMBIA GAS TRANSMISSION PLANS $350 MILLION EXPANSION
CHARLESTON, W.Va.,--July 24, 1995--
Columbia Gas
Transmission Corp., a unit of The Columbia Gas System, Inc. (NYSE:
CG), plans to invest about $350 million to expand the capacity of
its natural gas pipeline system to provide in excess of 450,000
dekatherms per day of additional firm storage and transportation
services over a three-year period starting in 1997. A dekatherm is
about one thousand cubic feet of natural gas.
The company has signed binding 15-year precedent agreements to
provide increased levels of service to 23 customers, most of them
local natural gas distribution companies. Under the agreements,
Columbia Transmission will increase its current level of firm
service entitlements by about seven percent.
Ninety percent of the new capacity is for firm storage service.
The remainder is for firm transportation service.
Customers receiving the additional services are located
primarily in the Mid-West and Mid-Atlantic areas. Tentative plans
for the expansion were announced late in 1994. Customers identified
their firm transportation and storage service needs during an open
season earlier this year. Columbia Transmission is continuing to
explore ways to meet additional customer requests.
Plans call for the expansion to begin in 1997 and to be
completed in 1999 with the first service being available for the
1997-1998 winter.
"Our customers are mainly interested in seasonal storage
service," Chairman James P. Holland said. "We are able to meet
their needs in a cost-effective way because of our extensive storage
operations in the market area. The proximity of storage to markets
provides reliability during the winter when demand for natural gas
is at its peak."
As part of the expansion project, the company will enhance the
performance of its storage operations by drilling new wells and
improving the deliverability of existing wells.
Also, Columbia Transmission will add about 100 miles of pipeline
in about 14 segments along its core pipeline system and install
about 50,000 horsepower of compression.
Columbia Transmission will file with the FERC later this year
for authority to construct the new facilities. Details about the
individual projects will be included in the fling. In addition, a
filing will be made seeking any necessary bankruptcy court approvals
for the project.
The company will propose that expansion costs be rolled into
existing rates. Holland said the effect on existing rates will be
minimal and well within the five-percent-increase threshold recently
established by the FERC.
"We said at the beginning of this project we believed the
marketplace would choose our proposal as the most attractive among
competing proposals to serve new demand in this geographic area,"
Holland said. "The project we are announcing today demonstrates the
strength of our competitive position in the marketplace."
Columbia Transmission is the primary interstate pipeline unit of
The Columbia Gas System, Inc. The company provides natural gas
transportation and storage services to customers in 13 states and
the District of Columbia. It operates 19,000 miles of pipeline, 160
compressor stations and 45 storage fields.
/CONTACT: Dave Dodrill (Media) 304-357-2257, or 304-357-2000, or
Tom Hughes (Analysts), 302-429-5363, both of Columbia Gas/
(CG)
DATA SYSTEMS NETWORK CORPORATION ANNOUNCES ORDER APPROVING LAWSUIT
SETTLEMENT IS ENTERED
FARMINGTON HILLS, Mich.,--July 24 , 1995--
Data Systems Network Corporation (Nasdaq Small Cap Market: DSYS; PSE)
announced
today that a stipulated order approving the settlement of a lawsuit
between Data Systems and 3Com Corporation (Nasdaq-NNM: COMS) had
been entered by the Federal Bankruptcy Court on June 8, 1995 and
that the time in which any appeal of that order needed to be filed
had expired. The Company also announced that all agreements and
releases necessary to the settlement had been signed by both parties
and that it expected the necessary payments required by both sides
to be made this week.
"This completes the process of settling this disagreement," said
Michael W. Grieves, President and CEO of Data Systems Network
Corporation. "We believe this was a very fair and favorable outcome
to this litigation and are happy to put it behind us."
Data Systems Network Corporation provides a wide range of
computer integration services including installation, consultation,
maintenance and training. Data Systems is headquartered in
Farmington Hills, Michigan and has four other midwest offices, with
customers located throughout the United States.
/CONTACT: Barbara Hauswirth, Marketing Manager of Data Systems
Network, 810-489-7117/
(DSYS COMS)
KLH reaches tentative financing arrangement
KANSAS CITY, Kan.--July 24, 1995--KLH
Engineering Group Inc. announced that it has reached a tentative
financing arrangement that will be finalized within the next 10
days.
This arrangement will allow Tomahawk
Construction Co. Inc., a subsidiary of KLH, to follow its Chapter 11 bankruptcy
plan and
emerge from bankruptcy by Aug. 14, 1995.
The conditions of the financing arrangement will greatly improve
the company's net equity and strengthen its overall position.
KLH Engineering Group Inc. is a full-service consulting,
engineering and construction firm based in Englewood, Colo. The
company's common stock trades on the NASDAQ Bulletin Board under the
symbol KLHE.
CONTACT: KLH Engineering Group Inc.
Michael A. Cederstrom, 913/621-4233