Reported by Star-Bulletin staff & wire
Friday, February 14, 1997
Reported by Star-Bulletin staff & wire
Friday, February 14, 1997
Alexander & Baldwin Inc.'s first-quarter earnings will get a boost of about $13 million, or 29 cents a share, thanks to a court-ordered insurance payment for 1989 earthquake damage to its Matson Terminals facilities in Oakland, Calif. Legal settlement
to boost A&B earningsThe company said it received $33.6 million from Home Insurance Co. The after-tax net input is after paying for terminal repairs and litigation expenses totaling $12.6 million, A&B said.
In the equivalent quarter of 1995, A&B had a net income of $7.2 million, or 16 cents a share.
A&B had sued Home Insurance for nonpayment on its claim for October 1989 earthquake damage that warped the container handling area on the Oakland dock, requiring extensive structural repair.
In January 1993, a trial court awarded Matson compensatory and punitive damages of $23.5 million plus 10 percent annual interest until the bill was paid.
A&B said that after ongoing legal arguments, an agreement was reached and the money was received.
NEW YORK - ITT Corp. says it sold nearly half of its 5 percent stake in Alcatel Alsthom, the big French telecommunications company, the first of several asset sales aimed at thwarting a $10.5 billion takeover bid from Hilton Hotels Corp. The sale of the 2.2 percent stake to an unidentified U.S. investment fund came a day after ITT rejected Hilton's offer and announced that it may sell non-core assets to focus on its Sheraton hotel and Caesars casinos. ITT sells off some stock
in defensive moveITT and Alcatel declined to discuss the sale price, but a source close to ITT estimated it to be near the market value of about $300 million.
