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Jersey and Nevada regulatory approval for the acquisition,
since ownership in a Caesars stake has already been cleared.
In June 1986, Sosnoff requested a seat on the Caesars World
board, a request that has not yet been granted. In September
1986, Sosnoff, who is chairman of <Atalanta/Sosnoff Capital
Corp>, filed for clearance under U.S. antitrust laws to raise
his interest in Caesars World to 25 pct.
Sosnoff said, in a letter to Caesars World chairman and
chief executive officer Henry Gluck, that "The decision to go
directly to the shareholders was made at the urging of may
financial and legal advisors, who repeatedly stressed to me the
lack of responsiveness of the management in the past."
Sosnoff, who said he has made numerous efforts to express
his views to management on ways of maximizing shareholder
values, said Caesars twicce refused his request for a board
seat. "My advisers felt that, had I given you advance notice,
you would have used the time to throw up obstacles to my offer
rather than giving it serious consideration," he said.
Sosnoff said he hopes that Caesars World management will be
willing to negotiate an acquisition agreement with him.
"As I have indicated publicly in the past, I believe
operating management of the company has performed well and that
appropriate consideration should be given to a significant
equity interest for them in the company following the
acquisition," Sosnoff said in the letter to Gluck.
MTS said Sosnoff has asked the company to fix March 27 as
the record date for the determination of shareholders entitled
to authorize action without a meeting -- including the election
or removal of directors.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19442" NEWID="3024">
<DATE> 9-MAR-1987 08:51:35.60</DATE>
<TOPICS><D>gnp</D><D>jobs</D><D>cpi</D><D>bop</D><D>dfl</D></TOPICS>
<PLACES><D>netherlands</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
RM
f0913reute
r f BC-DUTCH-PLANNING-AGENCY 03-09 0104</UNKNOWN>
<TEXT>
<TITLE>DUTCH PLANNING AGENCY FORECASTS LOWER GROWTH</TITLE>
<DATELINE> THE HAGUE, March 9 - </DATELINE><BODY>Dutch economic growth is slowing as a
firming guilder cuts competitiveness abroad and industries
reduce the pace of investment, the Dutch official planning
agency CPB said.
The Centraal Planbureau, publishing its 1987 economic
outlook, said Dutch Net National Income (NNI) was expected to
grow by one pct this year, down from two pct growth recorded in
1986 and 2.5 pct in 1985 and 1984.
Dutch Gross National Product is expected to rise to 432.20
billion guilders in 1987 in constant prices, a two pct increase
from last year's 423.95 billion.
The CPB, forecasting an 8.5 pct increase in the value of
the guilder on a trade-weighted basis compared with 10.0 pct
last year, said the dollar was expected to trade at an average
of 2.0 guilders in 1987 compared with 2.45 guilders in 1986.
"The higher guilder is causing a substantial fall in unit
labour costs abroad, when measured in guilder terms, while
these are rising slightly in the Netherlands," the CPB said.
More of economic growth now depended on domestic
consumption, the CPB said, but noting that higher margins set
by domestic producers and importers mitigated the effect on
purchasing power of lower import costs and deflation.
Consumer prices were set to fall by 1.5 pct this year, the
CPB said. Inflation was zero last year.
Gross investment in industry was expected to grow by five
pct this year, a slowdown compared with 11.5 pct growth last
year, the CPB said.
Exchange rate and oil price fluctuations will continue to
condition the Dutch economy in the future as it has in recent
years, the CPB said, noting a continued depressing impact of
these factors on Dutch competitiveness.
In addition, it noted a slight rise in taxation and social
security costs to employers.
The CPB, forecasting a rise in the budget deficit to 7.2
pct of Net National Income in 1987 from 6.3 pct last year,
urged the government to cut expenditure further to bring down
the deficit and reduce tax and social security payments in
future.
Dutch government revenue is being depressed further by
falling income from natural gas sales in 1987, the CPB said.
It said unemployment was expected to fall to 675,000 this
year from 710,000 last year.
While the two pct GDP growth forecast set by the CPB is
within its latest forecast, issued last month, of 1.5 to two
pct growth, the figure is well above recent market estimates.
Dutch merchant bank Pierson, Heldring en Pierson said in
its February economic outlook that GDP growth at constant
prices was expected to be 1.1 pct this year and market analysts
had expected the CPB's final forecast to be below its own
latest estimate.
"It is too early to comment because I haven't seen the whole
document yet, but it would seem we are more pessimistic in some
of our estimates," a Pierson economist said.
The CPB forecast 2.5 pct export growth in volume terms in
1987, after four pct growth last year. Excluding energy
exports, the 1987 figure would be two pct, it said.
Imports were set to rise by 4.5 pct this year compared with
four pct in 1986 in volume terms, the CPB said.
The balance of payments would see a sharp decline in the
surplus, to six billion guilders in 1987 compared with 12.1
billion last year, the CPB forecast.
REUTER
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19443" NEWID="3025">
<DATE> 9-MAR-1987 08:51:49.54</DATE>
<TOPICS><D>acq</D></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
F
f0914reute
b f BC-TRUMP-MAKES-BID-FOR-C 03-09 0088</UNKNOWN>
<TEXT>
<TITLE>TRUMP MAKES BID FOR CONTROL OF RESORTS <RTB></TITLE>
<DATELINE> NEW YORK, March 9 - </DATELINE><BODY>Casino owner and real estate developer
Donald Trump has offered to acquire all Class B common shares
of Resorts International Inc, a spokesman for Trump said.
The estate of late Resorts chairman James M. Crosby owns
340,783 of the 752,297 Class B shares.
Resorts also has about 6,432,000 Class A common shares
outstanding. Each Class B share has 100 times the voting power
of a Class A share, giving the Class B stock about 93 pct of
Resorts' voting power.
More
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19444" NEWID="3026">
<DATE> 9-MAR-1987 08:54:12.02</DATE>
<TOPICS><D>earn</D></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
F
f0922reute
u f BC-IOMEGA-<IOMG>-SETS-MA 03-09 0096</UNKNOWN>
<TEXT>
<TITLE>IOMEGA <IOMG> SETS MANAGEMENT, LABOR LAYOFFS</TITLE>
<DATELINE> ROY, Utah, March 9 - </DATELINE><BODY>Iomega Corp said it has laid off over
a quarter of its professional and management staff and nearly
half of its direct labor force as part of a restructuring and
downsizing of its business.
The company also said it will receive a qualified opinion
from the auditors of it 1986 financial statement subject to the
outcome of two suits. The company is a defendant in a
consolidated class action law suit which seeks damages in an
unspecified amount and is also a defendant in a related
shareholder action.
Iomega said the auditors state in their opinion letter that
both actions are in the early stages of discovery and the
likely outcome can not be determined at this time.
The company said a corporate wide reduction of its
professional, management and indirect labor will result in the
permanent elimination of 183 positions in all functional areas
of the company's business. This represents over 25 pct of
professional, management and indirect employees, it added.
In addition, Iomega announced layoff of about 182
employees, principally from its manufacturing direct labor
force. Those affected represent about 46 pct of direct labor.
Commenting on the layoffs, Iomega said those from among the
direct labor force affects personnel building the Alpha Eight
Inch Disk Drive and Bernoulli Boxes.
"This action is required as we bring our finished goods
inventory and inventory in our distribution channels down to
acceptable levels," it explained.
The company stated this layoff does not affect the
production of its new 5-1/4 inch Beta 20 product which is
currently being built to a backlog of orders.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="19445" NEWID="3027">
<DATE> 9-MAR-1987 08:58:22.38</DATE>
<TOPICS></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
F
f0942reute
d f BC-TECHNOLOGY/NEW-ERA-FO 03-09 0109</UNKNOWN>
<TEXT>
<TITLE>TECHNOLOGY/NEW ERA FOR INFORMATION HANDLING</TITLE>
<AUTHOR> By Lawrence Edelman, Reuters</AUTHOR>
<DATELINE> NEW YORK, March 9 - </DATELINE><BODY>Ground-breaking new systems for storing
and retrieving information are ushering in a new era for
computer companies and computer users.
Within the past few weeks, International Business Machines
Corp <IBM>, Eastman Kodak Co <EK> and others have launched
products that radically increase the amount of data that can be
catalogued and shelved in computerized libraries.
"This flurry of new technology could yield systems that
handle a multimedia blitz of data," said Ian Warhaftig, a
senior analyst with International Data Corp, Framingham, Mass.
"We're developing new systems because our customers are
asking for them," Peter Giles, vice president and general
manager of Kodak's mass memory division, said in a recent
interview.
This demand is expected to soar in coming years. While
estimates vary, industry analysts project that providing
products and services geared for information storage and
retrieval could become a 20 billion dlr a year business by
1995.
A wide range of technologies will be needed to meet the
varying requirements of users.
For example, a large credit verification service would want
a system from which it could quickly retrieve credit data and
relay it to its clients. A law firm, however, may need a
computerized law library in which capacity, rather than speed,
is the key feature. For architects and engineers, the ability
to store photographs, sketches and other graphics would be
crucial.
Regardless of the specific application, the trend is toward
converting information - documents, video or film or even sound
recordings - into to the digital language of zeros and ones
understood by computers.
Saving space is the key goal in digitizing data for
storage. An optical disk the size of a standard compact disk
can store 550 megabytes of data, or about 250,000 pages of
typewritten text.
For this reason, the compact disk read-only memory, or
CD-ROM, is already a popular data storage media. Last week,
Microsoft introduced Microsoft Bookshelf, a 300 dlr program
that contains, on a single CD-ROM disk, a dictionary,
thesaurus, national ZIP code directory, Bartlett's Familiar
Quotations, the World Almanac and other reference works.
Scores of such products are already on the market, but most
are specialty items, such as Lotus Development Corp's <LOTS>
CD-ROM data base of stock information for financial analysts
and investors. "Microsoft Bookshelf is important because it
marks the arrival of CD-ROM packages for the general public,"
said Ian Warhaftig of International Data Corp.
One drawback of the CD-ROM, which uses a laser to record
and read data, is that that it requires a special player.
CD-ROM players for the retail market will appear later this
year.
Moreover, IDC's Warhaftig said CD-ROM's will be integrated
with personal computers.
"Eventually, CD-ROM's will fit right inside the PC box," he
said. "Imagine the advantage of having a spelling checker and
thesaurus at your fingertips when you're writing with a word
processing program."
But CD-ROM's are just the beginning. Also last week, Kodak
unveiled several systems that use 12-inch optical disks. The
largest Kodak system uses a jukebox-like cabinet to hold up to
150 optical disks from which data can be retrieved in a matter
of seconds.
Kodak also announced a 14-inch optical disk with 6.8
gigabytes of memory, five times the memory of a CD-ROM. The
Kodak disk, which will not be available until the middle of
1988, is designed for users who need quick access to very large
amounts of data, said Kodak's Giles.
Meanwhile, N.V. Philips <PGLO.AS>, the Dutch electronics
giant, is preparing to take optical disk technology a step
further with the first disk that can combine text, video and
sound. Philips said the system, called Called CD-Interactive,
will be ready next year. It will include a new kind of CD-ROM
player that can hook up with a television set and stereo.
Additional breakthroughs are expected as the next
generation of computer memory chips are introduced. Last month
IBM said it has made a four-megabyte chip, capable of storing
more data than eight CD-ROM's. Meantime, <Nippon Telegraph and
Telephone> of Japan said it has built a 16-megabyte chip.
Analysts say commercial versions of these chips are several
years away, though some suspect that IBM may start volume
production of its four-megabyte chip sometime this year.
Such chips will enable computer makers to build computers
with immense memory capacities.
Reuter
</BODY></TEXT>
</REUTERS>
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